Topic: Why Gas Fee is too High? - page 6. (Read 1129 times)
Eagerly awaiting updates to the Ethereum network to fix the gas issue. Until then, not much that can be done other than waiting to do transactions when fees dip periodically and making the most of those opportunities, or utilising layer 2 solutions.
Not use again with erc20 coin right now because many bounties project pay me by using bsc coin, last payment from detective bounty coin convert and coin have removed to be bsc, just take fees using bsc about 1$ and more enough for swap coin on pancake and sent to wallet address to withdraw.
Sometimes we feel not good after paying a High Fee on ETH 
But I want's to know why this?
I feel my emotions with this
That doesn't matter if gas fee was too high at least you earned good enough to fund your holdings in a profitable ways. Everytime price of ethereum and bitcoin goes higher with fees it will always continue to rise, depending on the percentage of transaction fee bracket. Unlike the old days, cheaper tx fees was still worry free but if small priced coins that we have will soon come up on that stage I guess we will also be concerned if fees itself will also become expensive. But I want's to know why this?I feel my emotions with this
Would assume you are new to cryptocurrencies and buying ETH at such a high gas fee surprised you the most. A few months back it was much higher than that and it is just something that comes along whenever there's a bull run. The amount of transactions per day volumizes and this increase puts a toll on the machines that compute for these transactions to be processed, thus causing for shortage and whenever there's a high demand and a low supply, a price hike happens.
ETH 2.0 promises to solve this issue anyway, so I'm thinking we should just wait for this issue out until the fix arrives, what you said about profits and paying high gas fees may be true to you but not for others, so I wouldn't fully agree on that. That being said, an issue like this isn't something that you would be forced to deal with everyday anyway, so it's not like you have no choice or agency for when you would time your transactions.
Sometimes we feel not good after paying a High Fee on ETH But I want's to know why this?
I feel my emotions with this
That doesn't matter if gas fee was too high at least you earned good enough to fund your holdings in a profitable ways. Everytime price of ethereum and bitcoin goes higher with fees it will always continue to rise, depending on the percentage of transaction fee bracket. Unlike the old days, cheaper tx fees was still worry free but if small priced coins that we have will soon come up on that stage I guess we will also be concerned if fees itself will also become expensive. But I want's to know why this? I feel my emotions with this
Sometimes we feel not good after paying a High Fee on ETH But I want's to know why this?
I feel my emotions with this
That doesn't matter if gas fee was too high at least you earned good enough to fund your holdings in a profitable ways. Everytime price of ethereum and bitcoin goes higher with fees it will always continue to rise, depending on the percentage of transaction fee bracket. Unlike the old days, cheaper tx fees was still worry free but if small priced coins that we have will soon come up on that stage I guess we will also be concerned if fees itself will also become expensive. But I want's to know why this?I feel my emotions with this
please note that there is always an alternative. check the polygon platform to see if your desired token is listed there. OR you can check if the token is avaliable on solana, avalnche or tron and Binance smart chain. if the token is not listed in any of these chain. please iqnore the chain and look for quality projects on polygon or binance that is a little bit cheap for the transaction fees to charge. currently most projects move into polygon and binance
First, is the short-term crypto market crash as the price falls causing investors to make a lot of transactions on decentralized trading platforms causing GAS to increase in price. and If high gas fees still shock you then you are probably a crypto newbie this always happens when prices go up, if you see the market is all green then you may also encounter high fees , the number of users can also affect gas fees, the higher the user, the higher the transaction. I have been trading in crypto platform for many years so I feel this is very normal.
Honestly, we've been in this situation for quite a long time and there are no changes happen as we expecting to lower the gas fee after the fork but unfortunately, it remains high which is not really acceptable. I feel the sentiment of the people, for bounty hunters, and for the investors as well. And to move their coins to their controlled wallet or even converted to their preferred coins is not easy and they need to pay a few bucks. May the increase of the number of transactions affecting the fees but supposedly this won't happen all the time, however, the fees become consistently high which feels no good at all.
Im looking forward for ETH 2.0 which should fiy this issue hopefully.
There is too much offered in Eth 2.0 but unfortunately there are no confirm dates of launching of remaining two phases of ETH 2.0. So we have to move with current high ETH price.
I'm not really an expert but if you are going to observe the it, the price only goes expensive when it pumps that is because there are many transactions that's going and the Ethereum's pool are heavily loaded. Just like the supply and demand, if there's a demand of transaction the fee will increase since there's only limited supply (Miners). So in other words, a lot of transaction versus small number of miners.
Even the gas fee is volatile just like ETH price. There are times in a day when gas price goes down and you can make a transaction at that moment. There is no confirm time of that dip, so you need to keep checking.
In my opinion, the cause of the high value of gas is because there are too many transactions that occur on the blockchain so that the network becomes narrow and slow, thus requiring additional network capacity to be maximized, namely by increasing the cost of gas, besides the high price of ETH also greatly affects the increase in the value of the gas. , and I think the etherem developers should solve this problem so that the growth of etherem is not hampered in the future.
Congestion of network due to many transactions which often result to high cost of gas this is associated with Ethereum scalability, this issue had been lingering on for long and the only solution to it is an improved network ETH 2.0 which according to the developers will address the high cost of gas by drastically reducing it cost, however BSC Binance smart Chain offers a cheaper gas fee, an alternative for cryptocurrencies users to utilize the service of ETH high fee is becoming too expensive for small transactions.Same goes here as well, you have to be going for that block, and if you are then you are in auction with everyone else to be in that block, if you pay a lot then yours will be fast and taken, if you pay low then you will not be taken and postponed and that is the thing that creates congestion which is why paying more to be fast is the main problem.
The reason is quite easy to know actually. We have said the reason many times so far. The main reason why gas fees are this high is the prices of course. Whenever the price of a coin increases at a high rate, it affects the fees also. People start demanding the coin too much and this causes the network to slow down also. And we witness quite high fees. Bitcoin and Ethereum fees are good examples for this.
Logically right, way back when the price still cheap no one is concern with the gas fee but now that the valu is high the demand of lowering the fess is what most traders are asking, it will be adjusted if the developers see the needs but for now ETH team is still considering the fee is normal for the miners.
When the Eth price increased then the token price will increase and cause many people to be doing transaction, which can lead to congestion on the blockchain
Congestion also play the role when the fees go higher, the more users to transact the congested the network will be.
From my understanding and experience of why gas fees are high is usually because of demand! If you remember the days of the crypto kitties gas fees were high because Ethereum network was constantly engaged and anybody that wanted their coins moved in the next block had to pay a much higher transaction fee to be the highest bidder so that miners could prioritize moving your coins and same thing happening now which is usually during peak hour but to save on fees try sending your coins during the late and early hours of the day,so if you are in no hurry try to take advantage of being the early bird to spend less on TX fees.
Yes, it is right case because right now Ethereum facing too many transactions its case of high gas fees recently we have few updates that Ethereum developers working on this even very long time community waiting for Ethe 2.0, but it's taking more time than we were expecting recently we have some better featured and low fees blockchains which are also giving good competition hopefully after these devs also take this issue as seriously and bring some better and useful features for lower gas fees because still some good number of users having in this project, and they are expecting good work and positive return from them. I thought there is huge changes after the upgrade but it was really disappointing as the fees were still high and it never encourages people to use ETH but instead of finding another platform that could offer low fees.
I'd never think about there is huge demand because if there is, then we also think that Bitcoin fees will also be high but it was not the thing we saw. Only ETH has that surge and honestly, it has become a burden to the user like paying $10-$20 depending on the speed confirmation of the transaction, it finds ridiculous.
The upgrade was there to make sure the blockchain would move on without having any backed up log, not really changing the price all that much. Don't get me wrong it should have helped the fee as well but it is not a permanent solution for it, it is a temporary one. At the early days when it happened the fee dropped a bit and it did cause the price of gas fee to be low, but then what happened? It gradually went back up as more and more people started to use it.I'd never think about there is huge demand because if there is, then we also think that Bitcoin fees will also be high but it was not the thing we saw. Only ETH has that surge and honestly, it has become a burden to the user like paying $10-$20 depending on the speed confirmation of the transaction, it finds ridiculous.
There is really nothing that we could have done to prevent it, that is how the system works. As long as people are willing to pay a lot of gas fee then the gas fee will keep going up. What people do not understand is that, if you or me or anyone in the world declines to pay too much, then the price will automatically fall, the only reason why it is high is that we accept it and pay for it.
In my opinion, the cause of the high value of gas is because there are too many transactions that occur on the blockchain so that the network becomes narrow and slow, thus requiring additional network capacity to be maximized, namely by increasing the cost of gas, besides the high price of ETH also greatly affects the increase in the value of the gas. , and I think the etherem developers should solve this problem so that the growth of etherem is not hampered in the future.
Congestion of network due to many transactions which often result to high cost of gas this is associated with Ethereum scalability, this issue had been lingering on for long and the only solution to it is an improved network ETH 2.0 which according to the developers will address the high cost of gas by drastically reducing it cost, however BSC Binance smart Chain offers a cheaper gas fee, an alternative for cryptocurrencies users to utilize the service of ETH high fee is becoming too expensive for small transactions.
When the Eth price increased then the token price will increase and cause many people to be doing transaction, which can lead to congestion on the blockchain
I think it's because transactions are very dense at the moment because of the current DeFi Trend. And also because many projects build their contracts on the Ethereum network, for example BSC, Polygon, cello, and others
The reason is quite easy to know actually. We have said the reason many times so far. The main reason why gas fees are this high is the prices of course. Whenever the price of a coin increases at a high rate, it affects the fees also. People start demanding the coin too much and this causes the network to slow down also. And we witness quite high fees. Bitcoin and Ethereum fees are good examples for this.
Due to the fact that the cryptocurrency market is now everyday falling down or growing up and the prices of cryptocurrencies change because of this, and therefore cryptocurrency investors constantly make cryptocurrency transactions, and because of this, the price of gas on Ethereum blockchain is constantly growing, unfortunately, nothing can be done about it and you just need to wait for the moments when the gas price is the lowest and then you can make transfers through Ethereum blockchain, but we are also waiting for all the stages of Ethereum 2.0 to be ready, then perhaps the gas price will fall to the minimum values that were many years ago, but for now unfortunately we need to be patient.
When the Ethereum network is experiencing a large volume of transactions, gas can become expensive. The number of transactions that can be included in each new block uploaded to the Ethereum blockchain is limited. Miners are incentivized to accept transactions at greater gas fees due to supply and demand.
Logically I can explain like this.
If we want to go somewhere by taxi, and there are only 10 taxi available, but who want to order and ride the taxi are more than 1000 people at that time, then what happens? of course the taxi will choose which of them can pay more for its services.
That's what's happening at the moment, ETH is being heavily used so the gas fee is very high. Each transaction will be processed if paying a higher fee.
A good example for this problem, more precisely when the demand is too large and the supply is not met enough, it will lead to the marginal criteria being activated.If we want to go somewhere by taxi, and there are only 10 taxi available, but who want to order and ride the taxi are more than 1000 people at that time, then what happens? of course the taxi will choose which of them can pay more for its services.
That's what's happening at the moment, ETH is being heavily used so the gas fee is very high. Each transaction will be processed if paying a higher fee.
But honestly I am always satisfied with what ETH has to offer, of course it cannot be perfect to satisfy everyone, but it is still a market leading product.
Are you sure about this? I think gas fees were already high before the issue of China banned crypto mining. The number of transactions that are increasing massively probably can be one of the factors to trigger the expensive gas fees. But it is only my guess, not really sure whether it has a big influence or not, for the gas fee price. Well, let's just wait for what Vitalik and his team do, to deal with the expensive gas fees.
Don't think that the China issue had a big impact, but it played some part in the higher transaction fee. Even before the latest move from China, there were two separate instances when there were localized closing down of mining farms in two provinces (first Inner Mongolia and then Xinjiang). But the core reason for the high gas price is lack of scalability from Ethereum. The developers are not interested in finding a permanent solution and they always go for patchwork that lasts a month or two. Also, they now seems to have realized that most of the projects will remain in the ERC-20 chain, even if the gas prices climb to unmanageable levels.
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