Will competitors overcome ETH due to ever-increasing gas fees?

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: Sanitough on February 18, 2022, 05:01:33 PM

~
But the question is when will it definitely take place? Because this has been the users' problem in the previous years and up to the present, and until now there are still no definite time when will developers can fix it. Yes, they have come up with rebranding which tends to make ethereum more useful from its users but the main problem which is to reduce the gas fees which is until now not given a good solution.

Do they really have a solution for the high gas fees, i doubt they already have one nor a time frame when that would be solved, if they already have a solution, they would have implemented that because they were really vocal when the transaction fees of BTCitcoin were rising in the past and was mocking us, so they better find a solution ASAP or other networks will have a share of the userbase which they already have as many projects moved to multiple chains.

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: Sanitough on February 18, 2022, 05:01:33 PM

Quote from: FLoving on February 18, 2022, 02:44:38 PM

Quote from: ?? on ??

I think it is very difficult to beat Ethereum, it can be said that ethereum and the ERC-20 platform are the rulers in cryptocurrencies, for example USDT which has become the price standard with the largest transaction volume beat bitcoin.

If we talk about the usage of platform for other projects then other platforms found it easy to compete Ethereum because the problem appeared to ethereum was the high gas fees. If that was not happened to ethereum platform then it would be difficult for other platforms to compete it. Now binance, solana etc are accepted by people. But polygon is also an alternative of them which we can put in the support of ethereum. Along with that the developers of Ethereum are working to decrease the gas fees and then it will be difficult for all other projects to compete it.

But the question is when will it definitely take place? Because this has been the users' problem in the previous years and up to the present, and until now there are still no definite time when will developers can fix it. Yes, they have come up with rebranding which tends to make ethereum more useful from its users but the main problem which is to reduce the gas fees which is until now not given a good solution.

^ Is the volume 2 version of ETH has been already release?
That is the main problem of ETH as now the same problem with the BTC before when the gas fee becomes increase. I think there is no solution for that, the network of the ETH becomes congested because of many uses of this. So the only way for ETH not to become congested is to use other networks that can be used like ETH. There could be a potential competitor but when it comes to network it seems ETH is a perfect one.

Sanitough

hero member

Activity: 2856

Merit: 673

Quote from: FLoving on February 18, 2022, 02:44:38 PM

Quote from: ?? on ??

I think it is very difficult to beat Ethereum, it can be said that ethereum and the ERC-20 platform are the rulers in cryptocurrencies, for example USDT which has become the price standard with the largest transaction volume beat bitcoin.

If we talk about the usage of platform for other projects then other platforms found it easy to compete Ethereum because the problem appeared to ethereum was the high gas fees. If that was not happened to ethereum platform then it would be difficult for other platforms to compete it. Now binance, solana etc are accepted by people. But polygon is also an alternative of them which we can put in the support of ethereum. Along with that the developers of Ethereum are working to decrease the gas fees and then it will be difficult for all other projects to compete it.

But the question is when will it definitely take place? Because this has been the users' problem in the previous years and up to the present, and until now there are still no definite time when will developers can fix it. Yes, they have come up with rebranding which tends to make ethereum more useful from its users but the main problem which is to reduce the gas fees which is until now not given a good solution.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: ?? on ??

I think it is very difficult to beat Ethereum, it can be said that ethereum and the ERC-20 platform are the rulers in cryptocurrencies, for example USDT which has become the price standard with the largest transaction volume beat bitcoin.

Comparing a stablecoin with bitcoin is not entirely correct, since initially they have a completely different purpose. Therefore, based on their purpose, stablecoins have a very large volume of trade and the number of transactions, and this applies not only to USDT, but also to other stablecoins.

FLoving

hero member

Activity: 1022

Merit: 521

Quote from: ?? on ??

I think it is very difficult to beat Ethereum, it can be said that ethereum and the ERC-20 platform are the rulers in cryptocurrencies, for example USDT which has become the price standard with the largest transaction volume beat bitcoin.

If we talk about the usage of platform for other projects then other platforms found it easy to compete Ethereum because the problem appeared to ethereum was the high gas fees. If that was not happened to ethereum platform then it would be difficult for other platforms to compete it. Now binance, solana etc are accepted by people. But polygon is also an alternative of them which we can put in the support of ethereum. Along with that the developers of Ethereum are working to decrease the gas fees and then it will be difficult for all other projects to compete it.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: ?? on ??

I think it is very difficult to beat Ethereum, it can be said that ethereum and the ERC-20 platform are the rulers in cryptocurrencies, for example USDT which has become the price standard with the largest transaction volume beat bitcoin.

To me that is a bad example, after all where most of that volume comes from? Will that volume exist if bitcoin was not created on the first place? And finally are people actually using USDT for anything other than trading and speculating with the price of other coins? Bitcoin is the coin that is actually being used to make purchases on the Internet and the huge volume that we see for USDT and other stable coins is entirely dependent on it.

eXtremal

sr. member

Activity: 2106

Merit: 282

👉bit.ly/3QXp3oh | 🔥 Ultimate Launc

Ethereum competitors always offer solutions to problems that occur on ethereum, all projects based on their blockchain network are competing to create a network that is simple, inexpensive, and easy for anyone to use. So far SOL and BNB are projects that look capable of competing with ethereum.

lvsca

sr. member

Activity: 1792

Merit: 293

👉bit.ly/3QXp3oh | 🔥 Ultimate Launc

Of course projects that have similarities with ethereum will compete to overcome ethereum problems, such as BNB and SOL. So far, they have been able to overcome the high gas costs with their own network but have little in common with the ethereum network, so it is not difficult for newcomers who want to learn about their network because they have mastered the ethereum network before.

coinsycrip09

full member

Activity: 910

Merit: 100

Quote from: ?? on ??

Many people think that expensive gas costs make ETH users will be abandoned by users, the fact that almost a year is happening but ETH is still strong, I think expensive gas will not be used to create a scam project, so the other side is many projects that use the ERC-20 network and get Great appreciation of investors.

agree with you. expensive gas will make the project scam naturally reduced. from the beginning i knew cryptocurrency, i was more interested in ethereum and bitcoin. although many other altcoins have appeared, i still use ethereum.

and look at how ethereum is currently developing, the results are really very good. so the high price of ethereum gas will not reduce their interest in using this network.

Vaculin

hero member

Activity: 2912

Merit: 613

Quote from: South Park on February 10, 2022, 01:55:05 PM

Quote from: TheGreatPython on February 02, 2022, 04:59:00 PM

Quote from: South Park on February 02, 2022, 01:46:03 PM

Without a doubt the ethereum network is in problems, years ago it did not really had any competitor so they could get away with whatever fees you needed to pay as there was no alternative, but things have changed since then, I do not know if it is because the developers always thought this was going to be the case or it is just another case of ineptitude but they cannot allow this to continue, otherwise people are going to move on permanently from their platform, and that is not something they want.

It wouldn’t be much of a challenge to them in the sense that people wouldn’t leave their platform to start making use of another cryptocurrency. There are already lots of alternative to it (Ethereum); lots of good currencies that we see these days that are known as the ethereum killers, but none of them has been able to leave up to that name, they are no where close to that idea of beating Ethereum to the top position.

So, ETH still maintains its position as king of the altcoins in the market. People are not ready to switch, and very soon the ETH 2.0 as the OP has said, would be released and that would also give ethereum a better edge over other cryptocurrencies in the market.

Ethereum is too big to fall just because there are other alternatives, however it could happen the same thing that happens to old trees, they look great on the outside but on the inside they are completely dead, ethereum is still doing fine, but if something is not done to solve their problems then the competition will keep on taking projects and users out of them, until a breaking point is reached from which it could be impossible for ethereum to recover.

But i believe before it happens, the development team of ethereum are already fixing the problem. But since the problem is not yet fixed, this will give more chances for the other alternatives to improve their services so that they can attract or worst pirate those ethereum users who are seeing the current problem as a big barrier. Though ethereum is still the leading network, and its still the most secured and established one, but that does not guarantee the loyalty of all users if even the most basic problem cannot be resolved.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: TheGreatPython on February 02, 2022, 04:59:00 PM

Quote from: South Park on February 02, 2022, 01:46:03 PM

Without a doubt the ethereum network is in problems, years ago it did not really had any competitor so they could get away with whatever fees you needed to pay as there was no alternative, but things have changed since then, I do not know if it is because the developers always thought this was going to be the case or it is just another case of ineptitude but they cannot allow this to continue, otherwise people are going to move on permanently from their platform, and that is not something they want.

It wouldn’t be much of a challenge to them in the sense that people wouldn’t leave their platform to start making use of another cryptocurrency. There are already lots of alternative to it (Ethereum); lots of good currencies that we see these days that are known as the ethereum killers, but none of them has been able to leave up to that name, they are no where close to that idea of beating Ethereum to the top position.

So, ETH still maintains its position as king of the altcoins in the market. People are not ready to switch, and very soon the ETH 2.0 as the OP has said, would be released and that would also give ethereum a better edge over other cryptocurrencies in the market.

Ethereum is too big to fall just because there are other alternatives, however it could happen the same thing that happens to old trees, they look great on the outside but on the inside they are completely dead, ethereum is still doing fine, but if something is not done to solve their problems then the competition will keep on taking projects and users out of them, until a breaking point is reached from which it could be impossible for ethereum to recover.

lenovop-70

full member

Activity: 1190

Merit: 108

I think the Ethereum devs will act as if they haven't heard our complaints about high gas costs, and they will delay 2.0 until when they don't want to know because as long as the blockchain is running, it's enough for them to see us suffer.
I'd rather hope for another blockchain development company with a more reasonable fee than rely on cheap gas fees on the Ethereum blockchain.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: Farma on February 06, 2022, 04:35:20 AM

hope it actually happens in the near future. maybe, there will be a lot of coins that are currently an alternative, will return to dim if ethereum has made the fee cheap again. however, it seems that even when the ethereum fee returns to a low price, the BSC will still be around and used. ..

Naturally, after the launch of ETH-2.0, all these alternative blockchains will continue to work, since they have their own infrastructure built in these networks. But under equal conditions, users and developers will choose the Ethereum blockchain, as it is currently the most reliable.

casperBGD

legendary

Activity: 2156

Merit: 1151

Nil Satis Nisi Optimum

transaction fees will not ruin Ethereum, it will make it more resilient to spam messages
L1 is not for retail users anymore, you have L2 to use it with low fees, but security attached to Ethereum platform

alternatives that have lower fees are mostly centralized, since you cannot have decentralization, speed and security without compromise on any of them
always DYOR prior to investment

Farma

legendary

Activity: 2492

Merit: 1001

Leading Crypto Sports Betting & Casino Platform

Quote from: tvplus006 on February 05, 2022, 05:46:03 PM

Due to the low fees in alternative networks, they have an advantage over the Ethereum blockchain. But this advantage will disappear when Ethereum developers solve the scalability problem. And it will be solved if the implementation of ETH-2.0 is not postponed once again.

hope it actually happens in the near future. maybe, there will be a lot of coins that are currently an alternative, will return to dim if ethereum has made the fee cheap again. however, it seems that even when the ethereum fee returns to a low price, the BSC will still be around and used. Until now, there have been quite a number of project developments that have moved their chain from ERC20 to BSC, even for older projects. well, the longer ethereum 2.0 is developed, the more alternatives that currently can make ethereum dim.

bitkanu

hero member

Activity: 2184

Merit: 513

Moonbet.io | Web3 Casino

Quote from: ?? on ??

I don't think so, ETH is the second most popular cryptocurrencies after bitcoin and it has lasted more than 5 years, to shift ETH is certainly very difficult, and most ETH investors don't really make transaction fees a big problem because they buy and hold for the medium term or at least 3 months.

Seriously, don't you ever see the fact that happens in the market right now? People are slowly migrating from ethereum network. You can also check it on etherscan as well and it will give you the accurate data about how much daily transactions that is happening in ethereum network and it's less than 2 millions transactions while another blockchain has been performing more than 6 millions transactions everyday. That means if people are more active using another blockchain compared with ethereum but i can sure that if an ethereum user was also using another blockchain as well.
It's only for the ethereum long term investors but that will quite different when it comes to the people who interested to use it for dapps or play the blockchain game.

Luqman

sr. member

Activity: 826

Merit: 263

Quote from: Nancy0@ on January 25, 2022, 03:20:11 AM

Do you think competitors will vanquish ETH due to ever-increasing gas expenses? In the event that not, why? Are steady delays a result of miners' resistance against lessening gas expenses on the blockchain?

Although the ETH gas fee is very high compared to other network fees, I am still doubtful that they can defeat the ETH network.
So far, the Ethereum network still become the favorite. although some new projects also change into others.
Ethereum networks may have hard competitors if they cannot decrease the fees. Although they have been number 1 for a long time ago, they should also pay attention to their users.
I know that it may be hard for competitors to defeat Ethereum, but, it may be not good if many more users and developers will prefer to use alternative of Ethereum network?

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: freedomgo on February 05, 2022, 05:38:18 PM

...Meanwhile, while ethereum transaction fees is still not resolved, this will give more chances for the competitors to improve their network so the people will have valid reason to shift to them, and thus a healthy competition will rise. Though its still hard to replace ethereum, but if the competitors have better offers, then why not?

Due to the low fees in alternative networks, they have an advantage over the Ethereum blockchain. But this advantage will disappear when Ethereum developers solve the scalability problem. And it will be solved if the implementation of ETH-2.0 is not postponed once again.

freedomgo

legendary

Activity: 3150

Merit: 1148

Fully Regulated Crypto Casino

Quote from: ?? on ??

Quote from: adiebitsler on February 03, 2022, 03:23:50 AM

Quote from: ?? on ??

I think it is too far and too complicated to understand. Almost all people are really looking forward to something that can make Ethereum back into a positive conversation and no longer complain about, especially the high gas costs.

Ethereum transaction gas will always remain high as long as there are no good upgrades to the Ethereum network, because the real Ethereum has needed it for a long time because Ethereum enthusiasts are still very large and large amounts of transactions are still happening very often on Ethereum now.

On the one hand, it is difficult for ETH competitors to beat ETH because the volume of Ethereum is very high. After that, there are also many supporting communities. ETH 2.0 might be a solution, but it won't be this year.

The most awaited upgrade for ethereum will hopefully solve the issue and create ways to reduce the gas fees, though its still uncertain when will it take place. Meanwhile, while ethereum transaction fees is still not resolved, this will give more chances for the competitors to improve their network so the people will have valid reason to shift to them, and thus a healthy competition will rise. Though its still hard to replace ethereum, but if the competitors have better offers, then why not?

stadus

legendary

Activity: 3080

Merit: 1292

Hhampuz for Campaign management

Quote from: ?? on ??

I don't think so, ETH is the second most popular cryptocurrencies after bitcoin and it has lasted more than 5 years, to shift ETH is certainly very difficult, and most ETH investors don't really make transaction fees a big problem because they buy and hold for the medium term or at least 3 months.

If Ethereum is a long-term investment, then your response is correct that big investors don't really care about the cost of ETH gas. However, the Ethereum side should also consider small investors because they make up the Ethereum community a lot.

The high gas fees for ethereum can only be affordable for rich investors but for middle class investors, it will always be a barrier. However, that will not be enough for investors to shift into ethereum's alternatives because as long as ethereum still provides fast and reliable transactions, it will always be worth it. And as the upgrade will be happening soon, thus it will add more growth to ethereum network.

Topic: Will competitors overcome ETH due to ever-increasing gas fees? (Read 555 times)