Why Gas Fee is too High? - page 3. | Bitcointalksearch.org

Imran232

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Quote from: John_40 on March 15, 2022, 03:18:01 AM

After paying a high fee on ETH Smiley, we sometimes feel bad. But I'm curious as to why this is.

With this, I'm able to express my feelings.

Let me clarify first, I don't have any technical knowledge, but as per my research, I got some information regarding etherum's high fees. First, it depends on the demands of users and how much users are sending or transferring funds through the Ethereum network. Actually, because of the ethereum network, lots of new projects are being built on the networks and they are transferring through the network. Because they need to share funds with other users, they need to transfer funds fast because that is the reason they paid high fees. As a result of the algorithms, the networks generate high fees; however, it is the users who generate high fees.Because of the high volume of transactions, the fees increase.is the simple logic regarding this topic. Actually, I think this, but others' opinions might be different. Thank you.

Silberman

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Quote from: TopT3ns on March 19, 2022, 04:08:24 AM

Right now gas fees or ERC20 coin network have going dump and you can purchase or sending ERC20 coin less fees under $1 and still have possibility later will keep going dump after have close issues will launch eth 2.0. Last day have been increase up after have APE coin airdrop giving for NFT holder but today have going drop again. I think will have chance between BSC and ERC20 network will have same gas fees and good impact for me actually as ERC20 coin arbitrage, now pay much gas fees for sending and swap coin on Uniswap right now and I hope keep stable for gas fee down.

I have not used ethereum for some time so I do not know if that is actually happening, but even if it is then this just means that people mare not interested in moving their coins at the moment since the market is not doing so well, as such right now the mayority of those that are moving their coins are doing so not in attempt to speculate with their coins but probably they are buying stuff they need with their coins, but give it time and once the bull market comes back and people need to move their coins to the exchange to trade the fees will once again be incredibly high.

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Quote from: John_40 on March 15, 2022, 03:18:01 AM

After paying a high fee on ETH Smiley, we sometimes feel bad. But I'm curious as to why this is.

With this, I'm able to express my feelings.

The Ethereum network is very much avoided by people nowadays, because the gas fees for their transactions are quite insane, for bounty hunters this is the most avoided network for now, but strangely this network is still very big and strong for now, personally I also still wonder why this can happen, even though the cost of gas per transaction in their network is very expensive, it is better to avoid transactions on this network, because there are many other networks that are cheaper and more affordable

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Quote from: John_40 on March 15, 2022, 03:18:01 AM

After paying a high fee on ETH Smiley, we sometimes feel bad. But I'm curious as to why this is.

With this, I'm able to express my feelings.

High transaction fee on Ethereum network is a long standing issue because of scaling problem which reduces transaction speed and consequently causes increase in transaction fee. As promised by Ethereum Team complete implementation of Ethereum 2.0 will substantially reduce transaction fee. Let's watch and wait when this long awaited project is fully implemented.

the ghabbar

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Quote from: John_40 on March 15, 2022, 03:18:01 AM

After paying a high fee on ETH Smiley, we sometimes feel bad. But I'm curious as to why this is.

With this, I'm able to express my feelings.

Ethereum network is indeed very expensive for us to use now, even many of these forum people continue to discuss the issue, but if asked why the transaction costs in Ethereum are very expensive, this will be very difficult for us to answer, Daruli first I have used this network several times, even What we receive is much smaller than the results of the transaction, therefore I highly avoid projects that use this network

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Quote from: John_40 on March 15, 2022, 03:18:01 AM

After paying a high fee on ETH Smiley, we sometimes feel bad. But I'm curious as to why this is.

With this, I'm able to express my feelings.

Gas fees have gone down, compared to a few months ago, Ethereum Gas Fees can be up to $50 more when trading on Uniswap,
but now Ethereum seems to have a way to reduce Gas fees, seen in Etherscan Gas Fees it is only around 21 Gwei,
of course this can be a good opportunity to trade on Uniswap because the fees are relatively cheap.

TopT3ns

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Right now gas fees or ERC20 coin network have going dump and you can purchase or sending ERC20 coin less fees under $1 and still have possibility later will keep going dump after have close issues will launch eth 2.0. Last day have been increase up after have APE coin airdrop giving for NFT holder but today have going drop again. I think will have chance between BSC and ERC20 network will have same gas fees and good impact for me actually as ERC20 coin arbitrage, now pay much gas fees for sending and swap coin on Uniswap right now and I hope keep stable for gas fee down.

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Quote from: ?? on ??

Although the current Ethereum gas fee has increased substantially, there are some alternative networks where we can transfer tokens at very low cost.Etherium platform People are now using the unique platform to grow its gas fee enough.BSC Network Polygon Network Tokens are being transferred to all these networks at the cheapest cost. So despite the increase in transaction fees on the Ethereum platform, we are at peace with the alternative method.

Well, I don't see anything as a solution to your reply.
What if I have already an ERC20 token that wanted to move on exchange but I could not move it because of the high fees. I cannot use the other networks as you have said because the BSC network is for BEP20 token/coin and the ethereum network for ERC20.
But I am glad that the gas fee was reduced last few days and perhaps many developers has been humped to other networks like BSC, SOLANA or those low fees network that not already congested.

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Quote from: lenovop-70 on March 18, 2022, 10:14:00 AM

I don't understand why people still use ETH network with their expensive fees

It is because many projects are working under its smart contract, ERC20 and that's why despite the high fees, people are still using it for that sake.

Quote from: lenovop-70 on March 18, 2022, 10:14:00 AM

it should be there to replace the expensive blockchain fees from Bitcoin, but I don't know why it's so expensive, I think there is manipulation there.

There's no manipulation from it but it's the usual problem that exists first when it become crowded and the network is traffic and clogged. But wait until they've shifted from PoW to PoS. They're all telling that it'll make the fees cheap. But anyway, if you check the fees lately, they're quite considerably low.

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Quote from: xzone on March 15, 2022, 11:40:43 PM

Quote from: ?? on ??

Quote from: John_40 on March 15, 2022, 03:18:01 AM

After paying a high fee on ETH Smiley, we sometimes feel bad. But I'm curious as to why this is.

With this, I'm able to express my feelings.

For the ETH network it is indeed very expensive for now, in fact almost many people avoid transactions on this network, even the latest ETH development also has a very high cost if we use it, for now many people are switching to BSC, because in this network the cost is still very cheap and can be reached by anyone, but if asked why the cost is expensive, it will be difficult to explain, because network development is very different in determining the cost

Now there are many networks with low fees, people can choose one of them. but there are also cases where you have to use ethereum. I do not find it right to transact over this network unless I have to. Instead of paying such a high fee, you can invest in other things Cheesy

Using it is not because of different needs, there are indeed some cases for bounty hunters to have to use the ethereum network, it is because the project they are involved in uses the network, thus forcing bounty hunters to use it, but if given the choice almost everyone will switch to another network, because the network ethereum requires a very large fee, so it is not balanced with the income we receive

Yeah, that's why most of the bounty hunters can't migrated of Ethereum network to BSC even if they want because their participated projects developed in ETH. If mostly bounty allocation is pretty lower, So that when hunters got their payment which is lower than even gas fees, because of expensive network fees on ETH.

ringgo96

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Currently there are many new networks that we can use to make transactions with very cheap gas costs when compared to the ethereum network, so I think this problem has a way out so we do not have to think about the cost of ethereum gas which is very expensive, try to use the BSC network which is very cheap and currently very safe for us to use, And there are still other networks that we may be able to rely on besides the ethereum network.

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Quote from: John_40 on March 15, 2022, 03:18:01 AM

After paying a high fee on ETH Smiley, we sometimes feel bad. But I'm curious as to why this is.

With this, I'm able to express my feelings.

Actually, practically everyone feels this way after transacting on the Ethereum blockchain, because the transaction fee is obviously high, even when it drops, but it is still not as low as other blockchains.
Because of the gas fee, I am currently not a fan of any token on the Ethereum blockchain. We only hope that the transaction cost will be reduced again in the future.

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Quote from: John_40 on March 15, 2022, 03:18:01 AM

After paying a high fee on ETH Smiley, we sometimes feel bad. But I'm curious as to why this is.
With this, I'm able to express my feelings.

Actually, the gas fee of Ethereum is now not as high as some previous months ago, it is decreasing. I remember when should pay a gas fee above 200gwei to transfer a few amounts, This hurt so much.
But, are there no other options to transfer your token or coin besides using the Ethereum network?
If that is only the Ethereum network available, you don't have any option except to accept that high fee. However, if there is any and the platform that you are referring to is also accepting another network, you can use the options. But once more, ensure that it is only available in those two platforms or wallets.
For me personally, I commonly will check and recheck again before sending any token using the Ethereum network to get the right time for a lower gas fee. But if that is a fixed gas fee of Ethereum, no need to complain, because only that is the way to transfer

7788bitcoin

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Quote from: Silberman on March 18, 2022, 11:25:24 AM

~
If the coin in which they are interested is running above the ethereum network then they do not really have too much of a choice but to use it, however as you state ethereum has failed and the developers have not being able to deliver on their promises, and once they move definitely to POS maybe things will improve in terms of the speed of confirmations but they will do so by compromising their security, so at least in my mind the ethereum project will always be a failed one.

It all depends upon the project as majority of the project are moving to other networks as well and all the new projects are using alternative network than using ETH. Moving to POS smoothly is a huge task and there is no timeline as far as i know about how long it will take for the migration and then improving upon the network fees and sure it will be a centralized hub after the algorithm shift.

Silberman

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Quote from: TheBeardedBaby on March 15, 2022, 04:14:30 AM

I never understood why people still use ETH as there the fees are insane. It was suppose to be a cheaper alternative to BTC but it turned out that it's even worse in scaling and fees skyrocketed. Aside of Bitcoin , until now I see no other better chain alternative to ETH then Binance BSC.
We'll see what will happen after the PoW is replaced, but then the whales will play a big role.

If the coin in which they are interested is running above the ethereum network then they do not really have too much of a choice but to use it, however as you state ethereum has failed and the developers have not being able to deliver on their promises, and once they move definitely to POS maybe things will improve in terms of the speed of confirmations but they will do so by compromising their security, so at least in my mind the ethereum project will always be a failed one.

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Quote from: lenovop-70 on March 18, 2022, 10:14:00 AM

I don't understand why people still use ETH network with their expensive fees, it should be there to replace the expensive blockchain fees from Bitcoin, but I don't know why it's so expensive, I think there is manipulation there.
I was only thinking of using BSC as the main way of moving my assets, so I said goodbye to the ERC20 network with stifling ETH fees.

You can transfer your assets to any ecosystem with cheap fees
Cross-chain Bridge Aggregators
https://bitcointalksearch.org/topic/cross-chain-bridge-aggregators-5389259
Excellent statistics on Layer-2 solutions in ethereum commissions in these ecosystems.
https://l2beat.com/
https://l2fees.info/

lenovop-70

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I don't understand why people still use ETH network with their expensive fees, it should be there to replace the expensive blockchain fees from Bitcoin, but I don't know why it's so expensive, I think there is manipulation there.
I was only thinking of using BSC as the main way of moving my assets, so I said goodbye to the ERC20 network with stifling ETH fees.

Jose Mourinho

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The effect of the high cost of gas from each network is because the use of the network is too high, resulting in system congestion which results in many delayed transactions and the system is very slow, such as the ethereum network where the use of this network is very high but not influence large investors to use it, but also very many ethereum users switch to other networks that have very low fees, such as binance, and matic, on average those who switch are small traders,

henmark

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Quote from: Beparanf on March 16, 2022, 08:22:34 AM

It's not about the amount that you are trading but simply Ethereum network is in demand to crypto investors since there's a lot of big Dapps and NFT that choose to start there that offers a lot of big profit to the early investors. If you will remember, Most of DEX airdrop that bring massive free money and NFT collections that grows skyrocket the price always start in ethereum before they implement a multiple blockchain support. With this huge potential profit, Many investor still choose Eth network despite being high fee and this makes Ethereum network always busy and cause the high fee.

That is the reason why it is still getting all those interests. I mean it is clear to everyone that we are talking about a place that barely gets any attention of itself, but to the projects in its chain. Nobody really buys ETH just to buy ETH, let's not say nobody but not this much, and the gas fee would be so much smaller if it was just investors.

What happens is that there are tons of projects in ERC20 and similar networks, and that causes the gas fee to be high because people end up doing a ton of stuff in there. If we want to see it go down, newer projects should be in other chains but most of them are afraid you won't look at them. This is what happened to tron for example.

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It is normal to see why people keep asking why the ETH gas fee is high. Not a new issue for those who come earlier before 2018. We indeed hear a lot of possible right answers, however, we wanted to hear the truth behind this from ETH creator Vitalik.

Quote

Crypto billionaire Vitalik Buterin has suggested a new short-term solution to curb soaring gas prices on the Ethereum network. The solution involves a new network upgrade that reduces the transaction calldata cost as well as limits the total transaction call data in a single block.

Surging gas fee prices on Ethereum have constantly plagued the network where investors have been paying a very high transactional gas fee to execute a crypto transaction on the network. The explosive surge in gas fee prices has prompted many users to migrate to other cost-effective blockchain networks and has compelled many investors to ditch the network indefinitely.

https://cryptoslate.com/ethereum-founder-vitalik-buterin-proposes-fix-for-high-gas-fees/

Maybe they are working on this issue but for many years have been passed, I don't think there is something we have to expect from them. They are supposed to look for a long-term solution, not short-term, otherwise.

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