WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH? - page 3.

chaser15

legendary

Activity: 2688

Merit: 1065

Undeads.com - P2E Runner Game

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

I think the transaction fees are now cheaper but as a pre-requisite, you should have enough more balance on your Ethereum wallet rather than only having an exact amount. Between token transfers, I spend around $20 but I should have a balance of more than $50 as I can't send the transaction with only around $25.

Much cheaper if the transaction will come from Metamask as if it's on an exchange as the sender, expect much higher fees as their fees are not dynamic.

Jackl87

sr. member

Activity: 1722

Merit: 269

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

If you tried to make the withdrawal a few weeks ago or so then you should probably try the withdrawal again now, because in the last few weeks the ETH transaction fees came down quite a bit from around 150 gwei on average to now around 50 gwei. If you are withdrawing from an exchange then of course you have to wait until the exchange is adjusting the fees because that does usually not happen automatically. To your question: Sadly it was the normal case for the biggest part of the lats few months that the Ethereum chain was basically not usable for normal or small investors because the gas fees were higher then the worth of the transaction.

Ararbermas

sr. member

Activity: 2016

Merit: 283

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

its a common issue since day one mate wherein when ethereum gas fees increasing rapidly. That's the reason why as well mostly people who used to make transactions everyday preferred to choose another network in order to save money and that's BSC..so don't be surprised mate because it's normal sinve ethereum still overloaded and if you have problem then find new ways where you can make transactions with low fees.. For me xrp is the best as of now and trc20 network..

Coyster

legendary

Activity: 2184

Merit: 1302

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I really can't tell you the precise reason why the gas fee in ethereum is always high and causes problems for its users, especially those who want to withdraw/send a small amount, but what I'm pretty sure of is that this problem has lingered for quite a long time now and many users are getting increasingly frustrated by it, imo this is one thing that's limiting more people from using the ethereum network. Having said that, there are other alternatives for you to transact with so you don't have to pay that much in fees, and by the way, it is said that eth 2.0 will prolly solve some of this problems, we'll have to wait with fingers crossed and see how that pans out, but for now seek other alternatives or you just have to pay the fees.

aruldaroy

full member

Activity: 686

Merit: 100

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Maybe it's because the fee is still expensive guys so there's a lot of shipping cost cuts, but I think it's also reasonable if the fee is high because the price of ethereum is very expensive right now right.
I saw the GAS to ETH rate today is around ETH0.00150106 and it has dropped -3.2% from ETH0.00155001 since yesterday.
Try taking another network for withdrawal, guys, the fee is not too big like BSC it's pretty cheap.

vermigerous

member

Activity: 489

Merit: 16

www.cd3d.app

Simply because of it's good development as it's market value going up, also it's gas transaction fees are going to get high just like bitcoin platform. Ethereum network are widely use in cryptocurrency industry thus it could handle such great and large network for a crypto business. And by this,many turn into bsc smart chain network aince the gas fee is lower than ethereum network, however if bnb price gets up, it would end up like ethereum network that the gas fee transaction goes also very high.

dansus021

copper member

Activity: 2156

Merit: 983

Part of AOBT - English Translator to Indonesia

the answer actually simple more demand on transcation and the price of ETH spike Up remember NFT Grin

and opensea the boom make network congested and eth price spike and you can see FEES RIDICULOUSLY HIGH

TravelMug

hero member

Activity: 2632

Merit: 833

Quote from: Fundamentals Of on December 17, 2021, 09:25:24 PM

This is happening. And this this getting normal by the day. The Ethereum network is so clogged. Just like you and the rest of us in the crypto community who had to transact with ETH and other tokens built on Ethereum, I don't like what is happening. But this is what looks like if a blockchain such as Ethereum's is so full of projects. This is success in a way for the project but this is a failure to many of us who suffered the consequences of a network with so heavy a traffic. We all know that the fads and craze of crypto are mostly built on Ethereum. But this is hopefully being addressed.

It's not just being clogged, I think the gas fees is somewhat control by the validators now. And this is one drawback for the design of new ETH as it gives them more power and now its investors are suffering and they are the one making huge profits in my opinion.

Although there will be a next phase release, not sure if it will really solved the gas fees issues or not. So we will have to wait for the next iteration.

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

This is happening. And this this getting normal by the day. The Ethereum network is so clogged. Just like you and the rest of us in the crypto community who had to transact with ETH and other tokens built on Ethereum, I don't like what is happening. But this is what looks like if a blockchain such as Ethereum's is so full of projects. This is success in a way for the project but this is a failure to many of us who suffered the consequences of a network with so heavy a traffic. We all know that the fads and craze of crypto are mostly built on Ethereum. But this is hopefully being addressed.

asriloni

legendary

Activity: 3038

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

Small blocksize can't afford all of transactions that was getting stuck or pending before it will be confirmed by the block. that was making people put more money to prioritize their transaction to make their transactions gets confirmed even faster than before, The price of ethereum was also affecting the average daily ethereum transaction fees and by the way are you new in ethereum or is this your first time to use ethereum blockchain?
This is the problem that already faced by ethereum blockchain and ethereum foundation will be proposing a solution to fix this problem. that was making so many people didn't use this blockchain anymore but the demand for ethereum blockchain is still very high at this moment. I think that you can start to read some article about this and I hope you will be getting better answer but that's how much you paid. Sending small amounts of money is not recommended through ethereum blockchain.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Well, sadly, we can say that the high fee in Ethereum is normal today. Until the devs fix it, there's going to be the decrease on its fee. That's what it needs to have.
A fix or upgrade that focuses in the reduction of the fee. But for now, we don't know when they'll implement the 2.0 and if it will be included on that upgrade. Right now, if you want to do a transaction, wait a bit and be patient as you monitor the drop of the fees because they're going up and down a bit suddenly.

makishart

legendary

Activity: 3108

Merit: 1029

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

Because this gabage blockchain was the slowest blockchain among all of smartcontracts blockchains. If you're a small traders and you must not use this garbage blockchain again. Ethereum blockchain is the worst blockchain in thye blockchain history right now. Your transaction fees is worth some burgers whichs totally ridiculous thing to pay some burger just only for a few confirmations.

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

That's normal and it's better you check the average transaction in ethereum blockchain first through this link https://etherscan.io/gastracker

This day each transaction in ethereum blockchain would cost around $30 and i can say that's a lot for the small traders.

meanwords

full member

Activity: 1624

Merit: 163

Quote from: Ceyflix-Rez on December 16, 2021, 11:11:01 AM

It's like ETH network is meant for the rich 🤣 and poor people have to stick with BSC, MATIC Solana and others, imagine investing money only on BSC chain projects 🤣🤣🤣 just to avoid high gas fee

Well I mean, if BCS can accommodate for what is lacking in Ethereum, then people would really flock there. Even I stopped using Ethereum for months now because of its ridiculously high gas fee and I'm not planning to go back anytime soon even if there's a new and hot crypto in Ethereum. There's just no way I'm investing a scent in projects under Ethereum right now.

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Same, a third-party wallet I'm using right now is asking me $100 as gas fee when I'm only going to withdraw $10. This is really getting out of hand.

Ceyflix-Rez

member

Activity: 420

Merit: 13

$CYBERCASH METAVERSE

It's like ETH network is meant for the rich 🤣 and poor people have to stick with BSC, MATIC Solana and others, imagine investing money only on BSC chain projects 🤣🤣🤣 just to avoid high gas fee

hugeblack

legendary

Activity: 2688

Merit: 3983

The problem of gas fees is one of the problems that found many discussions. In short, there are many solutions proposed in ETH V2^[1], which may be launched soon.

Until then why not use the second layer (Polygon^[2]) which is cheap and secure and withdrawal fees are not high.

Check ---> https://withdrawalfees.com/coins/matic-network to choose exchange that have low fees (OKEx^[3] is the best in my option,)

You can also use NEW wallet or MetaMask^[4] if you do not want to use it.

[1] https://ethereum.org/en/eth2/
[2] https://www.polygon.com/
[3] https://www.okex.com/
[4] https://medium.com/stakingbits/setting-up-metamask-for-polygon-matic-network-838058f6d844

indah rezqi

hero member

Activity: 1512

Merit: 874

Because the price of Ethereum is already high, it is natural that transaction fees using the Ethereum network are also expensive compared to transaction fees using other networks such as the Binance Smart Chain (BSC) or the Matic Network which are currently very cheap between BSC and Ethereum.

2girls

sr. member

Activity: 1002

Merit: 254

Tontogether | Save Smart & Win Big

In this case i said that Ethereum gas fee is so high then campare to another coin and that is the biggest reason the people move on in the plate form and they are very good coin but people use and support of a bsc because there Transection fee is so less than compare to etherium.
And my advice to that the etherium community please solve this problem in future all people away for Ethereum.

masterrex

full member

Activity: 1820

Merit: 107

Quote from: Ifunanyawinner on December 16, 2021, 06:03:14 AM

WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH?

I was about making a withdrawal transaction some time ago on the ethereum chain, and the service fee was approximately the amount of the withdrawal I wanted to make.
Is this normal or was the platform dubious?

Thats because the Ethereum Network is busy, and partly affected by the implementation of the EIP-1559 update, the gas fees now are calculated via base fee plus priority fee, but I think the transaction fees now are a little cheaper compared before? because I was able to send an ERC20 token with just $13 dollars worth of Eth as a transaction fee unlike before it was reached from $23-$30 worth of Eth, and I hope it will continue to improve to ease the burden of expensive transaction fees for all users.

apur688

jr. member

Activity: 546

Merit: 4

I think many factors cause that, The high price of ETH itself, many miners are mining right now, and etc. So, we may not say that eth is having high gas fee, because As I say before that it is proportional to some conditions. Yeah we know that a few years ago the gas fee is quite cheap but the eth price is also still cheap. So, I think it ia proportional.

But, I also felt like the gas fee is too high if we compare it with bsc, or matic.

Godwinpaul

jr. member

Activity: 276

Merit: 1

I recall when the gas fee in ethereum was quite cheap. We could have a transaction completed with less than 5 cents. I really don't know the exact reason why we've been having an outrageously high fee lately. It could be because of the network growth we've recorded in the ethereum blockchain and I recall that the ethereum 2.0 project promises to address the challenge, but I really don't know why it's taking this long.

Topic: WHY ARE ETHEREUM GAS FEES RIDICULOUSLY HIGH? - page 3. (Read 406 times)