Will competitors overcome ETH due to ever-increasing gas fees? - page 3.

tarable

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Quote from: Sterbens on January 27, 2022, 09:55:33 AM

Quote from: tarable on January 27, 2022, 12:06:33 AM

Quote from: fadil46 on January 26, 2022, 04:59:11 AM

Quote from: tarable on January 26, 2022, 01:36:02 AM

during this time or in the last few days have you made transactions through the ETH network so you say that the gas costs on ETH will remain the same.
the high cost of ETH gas because the price of ETH is also high among other altcoin prices. if the price of ETH is cheap, of course gas costs are also cheap.

What you are saying is very true because in the past when the price of ETH was still $100, the cost of Gas was very cheap even though the amount of Gas limit for transactions was not much different from today so what really feels right now is when the price of ETH continues to increase, then influence on the cost of Gas will also be there.

So it was no longer suitable to discuss the high expensive gas ETH. If if binance and matic have prices adjacent to the price of the Ethereum, of course the cost of BSC and Matic gas will also be expensive on each transaction.

If we often play with Ethereum fees, it might be familiar to take advantage of the FTX exchange which is quite friendly with its fees that do not pose a barrier to its users. As far as I'm concerned, it's a pretty good alternative to always using Ethereum fees for one or 2x deliveries. Btw, almost everyone complained for a long time, but Ethereum remains deaf and only prioritizes the big merchants.

ETH 2.0 which was planned to be released has not yet happened. maybe ETH 2.0 will be the same as what happened to BTC at that time the problem of high transaction fees.
from the ETH 2.0 plan which many people say will be a solution to the high cost of gas, then we'll see if it really will be a solution or not.

globalpain

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Quote from: rozak on January 27, 2022, 10:18:23 AM

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It will not necessarily be cheap if Ethereum 2.0 is successfully launched in the near future because the gas count on each transaction will also be the same according to the price of Ethereum.
The current competitor of Ethereum will also suffer the same fate as Ethereum regarding the cost of gas at some point if the price of the competitor's coin equals the price of ETH.

that's not necessarily the case either. not because the price is expensive and transaction costs also increase.
Bitcoin used to have a pretty hefty transfer fee as well. but now it's been greatly simplified.
Ethereum 2.0 attempts to address this issue. Success or not, it all depends on how the result will be. if it's still high, I think this is indeed an opportunity for BSC, Polygon, and Solona who will continue to increase their adoption.

Let's wait if it's true that Ethereum can simplify gas costs when we make transactions like what happened with Bitcoin. But I still doubt that the team from Ethereum is willing to do it because the issue of releasing 2.0 is not current but has been on the table for a long time.

We'd better leave this matter completely to the team and hope they really get over the high transaction fees,
I realize it's not an easy job but I still believe in the Ethereum team,
The most important thing is to just follow the developments

zulfi125

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The delay in ETH 2.0 will increase the growth of ETH competitors because most of the crypto community not using ETH network due to high gas fees and there is a new solution of ETH network is layer 2 but you need to high pay gas frees from transfer funds from L1 to L2 but can save gas fees on L2, gas fees issued should be fixed on ETH network soon so that user can use the ETH network instead of others networks.

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Quote from: bounceback on January 26, 2022, 02:11:30 AM

Quote from: topbitcoin on January 26, 2022, 01:23:53 AM

Overcome or vanquish maybe still need longer time, since ETH still be top of coins although people start to change to new coins, we can see although BEP20 network already launched for year but ETH still dominate and price still much more than BNB. I am not said that it is impossible to happen, but maybe need longer time than we expected.

Yes, so far ETH is still the king of all altcoins on the market, so in my opinion even though transaction fees continue to increase, it certainly will not make the price of this coin lose its value, because on the other hand ETH has become one of the most popular coins and many investors interested in investing with it so it will continue to help the price of the ETH coin become more valuable in the future.

People keep said about fee, but ETH itself have feature which maybe attract their investor like more coin to mining or maybe when in POS, ETH can made people start to buy it and make demands. (to be honest i am not really know when is POS, or maybe POS already started because not follow ETH progress) but my amateur opinion says that it can create demands for ETH.

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Quote from: Nancy0@ on January 25, 2022, 02:20:11 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?

The three strongest Ethereum challengers I know of are Cardano, Solana, and Avalanche; I see these three currently as the biggest challengers, but I still don’t think that any of them would be able to beat Ethereum, because has the first movers advantage over all of them. It’s just like the same advantage that bitcoin has over every other coin there is in the market.

So, Ethereum would continue to beat them for now, and possibly for good, because of the new ETH 2.0 that is going to be launched soon and is believed to be far much better than the current version of ETH. So for me, Ethereum still stays at the top and winning.

rozak

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It will not necessarily be cheap if Ethereum 2.0 is successfully launched in the near future because the gas count on each transaction will also be the same according to the price of Ethereum.
The current competitor of Ethereum will also suffer the same fate as Ethereum regarding the cost of gas at some point if the price of the competitor's coin equals the price of ETH.

that's not necessarily the case either. not because the price is expensive and transaction costs also increase.
Bitcoin used to have a pretty hefty transfer fee as well. but now it's been greatly simplified.
Ethereum 2.0 attempts to address this issue. Success or not, it all depends on how the result will be. if it's still high, I think this is indeed an opportunity for BSC, Polygon, and Solona who will continue to increase their adoption.

jc12345

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Quote from: Cornia on January 26, 2022, 06:07:20 PM

Quote from: doomloop on January 26, 2022, 02:45:27 PM

Most of the complaints that we heard are only from the normal users . well they do not need to force them selves of staying here because there are lots of cryptos lying around that also have the same potential as ETH. Time can only tell if when will ETH return to normal.

There is no need to use ETH network for small amount of crypto transactions. Now there are many networks in which the fee is very low such as BSC, Polygon Network, Terra, Solana etc. Normal users can use these networks. Even ETH can be transferred for a small fee using BSC Network.

This is an interesting view, referring to normal users. You dont say what you define the rest of the users as - perhaps they can be called "elite" users? I saw today yet another NFT launched on ETH. Perhaps ETH will remain as the elite alt-coin chain for high value NFTs and big shot contracts, and the rest of the normal users will use the new cheaper chains.

Alert31

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Only the rich in the crypto world can use ethereum because they can afford to pay higher gas. Competitors are taking the opportunity to shine as Ethereum struggles with lowering their gas fee. But despite of higher gas fee Ethereum still the best altcoin to invest. Maybe for now BSC and Polygon is the best alternative to use for making transactions but I still believe that someday Ethereum will come back with the lowest gas fees.

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Quote from: tarable on January 27, 2022, 12:06:33 AM

Quote from: fadil46 on January 26, 2022, 04:59:11 AM

Quote from: tarable on January 26, 2022, 01:36:02 AM

during this time or in the last few days have you made transactions through the ETH network so you say that the gas costs on ETH will remain the same.
the high cost of ETH gas because the price of ETH is also high among other altcoin prices. if the price of ETH is cheap, of course gas costs are also cheap.

What you are saying is very true because in the past when the price of ETH was still $100, the cost of Gas was very cheap even though the amount of Gas limit for transactions was not much different from today so what really feels right now is when the price of ETH continues to increase, then influence on the cost of Gas will also be there.

So it was no longer suitable to discuss the high expensive gas ETH. If if binance and matic have prices adjacent to the price of the Ethereum, of course the cost of BSC and Matic gas will also be expensive on each transaction.

If we often play with Ethereum fees, it might be familiar to take advantage of the FTX exchange which is quite friendly with its fees that do not pose a barrier to its users. As far as I'm concerned, it's a pretty good alternative to always using Ethereum fees for one or 2x deliveries. Btw, almost everyone complained for a long time, but Ethereum remains deaf and only prioritizes the big merchants.

tarable

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Quote from: fadil46 on January 26, 2022, 04:59:11 AM

Quote from: tarable on January 26, 2022, 01:36:02 AM

during this time or in the last few days have you made transactions through the ETH network so you say that the gas costs on ETH will remain the same.
the high cost of ETH gas because the price of ETH is also high among other altcoin prices. if the price of ETH is cheap, of course gas costs are also cheap.

What you are saying is very true because in the past when the price of ETH was still $100, the cost of Gas was very cheap even though the amount of Gas limit for transactions was not much different from today so what really feels right now is when the price of ETH continues to increase, then influence on the cost of Gas will also be there.

So it was no longer suitable to discuss the high expensive gas ETH. If if binance and matic have prices adjacent to the price of the Ethereum, of course the cost of BSC and Matic gas will also be expensive on each transaction.

Saisher

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Quote from: masterrex on January 25, 2022, 07:46:58 AM

IMO, I believe if the Ethereum developers will remain deaf to the appeal of its users and still not fix those expensive transaction fees, they might wake up someday that most of its users are gone and already jump to other cost-efficient networks. as we observe today the crypto industry nowadays has changed a lot because of the strong competition that's why the more they delayed the Ethereum 2.0 implementation the more they will loosen its grip and the dApp market domination.

It's already happening look at new projects coming in their token is hosted in Binance or Polygon chain and if they are hosted n the Ethereum chain the creators also created a bridge in the Binance smart chain, they are the ones that started the smart contract technology but with the growing numbers of users they cannot keep up with it, they should act fast and address the issue I have some tokens that I cannot trade because the fee is half of the value of the tokens I'm trading.

TimeTeller

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Quote from: Cornia on January 26, 2022, 06:07:20 PM

Quote from: doomloop on January 26, 2022, 02:45:27 PM

Most of the complaints that we heard are only from the normal users . well they do not need to force them selves of staying here because there are lots of cryptos lying around that also have the same potential as ETH. Time can only tell if when will ETH return to normal.

There is no need to use ETH network for small amount of crypto transactions. Now there are many networks in which the fee is very low such as BSC, Polygon Network, Terra, Solana etc. Normal users can use these networks. Even ETH can be transferred for a small fee using BSC Network.

This is the reason why these new networks are getting popular because of cheaper fees.
I am seeing that several exchanges are including these networks already - BSC, MATIC, SOL.
For now, they may not surpass yet the popularity of ETH. But it seems their usage is growing.
If ETH will continue to have expensive fees, these networks will gain more users specially those small traders.

bhooscream

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Maybe it will. Although it may not replace, the trust and usage of Ethereum platform will be exactly decreased.
We can compare how the fee of transfer in ethereum network is crazy high enough. We can compare how high we must send USDT with ethereum network from an exchange or wallet to others. It needs very high feee. COmpared with the BSC network, TRC, and other networks, it is so damn high. If ethereum cannot solve this problem, many new projects may leave this and prefer to use another network.
I so far always try to use network that uses lower fees, and moreover they also have quite similar speed on transactions.

Cornia

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Quote from: doomloop on January 26, 2022, 02:45:27 PM

Most of the complaints that we heard are only from the normal users . well they do not need to force them selves of staying here because there are lots of cryptos lying around that also have the same potential as ETH. Time can only tell if when will ETH return to normal.

There is no need to use ETH network for small amount of crypto transactions. Now there are many networks in which the fee is very low such as BSC, Polygon Network, Terra, Solana etc. Normal users can use these networks. Even ETH can be transferred for a small fee using BSC Network.

jaberwock

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Quote from: bhadz on January 25, 2022, 04:57:19 PM

These competitors have also their bad description that others are seeing. I don't think that they'll be able to overcome eth just because of the fees.
Because if they have to overcome it, long time ago, they should already overtaken ethereum. But as much as we see in the market, still, there's no overtaking that's happening because eth is solid and still favorite of many despite the ouchy fees.

That is right, beating Ethereum at this time would be a really difficult thing to achieve. Ethereum has already reached a level where it would be very difficult for any other cryptocurrency to replace it.Now we are also about to have a new version of the blockchain which is the ethereum 2.0, and most people believe that this new version of ethereum is going to be far much better than the current one, and that means that it is going to beat every other competitor that there is in the market hands down.

So, the chances of all these altcoins that are called the ethereum competitors, beating ETH, is at 0%. And I don’t think that the organization is ready to give up on this fight, because as time goes on they would likely continue to upgrade the platform making sure that it stays up to the level it is meant to.

doomloop

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Quote from: Cornia on January 26, 2022, 12:34:04 AM

Quote from: Nancy0@ on January 25, 2022, 02:20:11 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? Your input will be enormously acknowledged. Thank you.

ETH is not a coin that competitors will vanquish. If it had, it would have vanished long ago. ETH is a very popular coin. ETH developers are trying to reduce its gas price. Not only ETH network but other network fees are slowly increasing. However, for those who do big amount transactions, gas fee is not a big issue yet.

ETH did not dispensary before because it was a good coin once but it changed slowly as the gas fees starts to increase uncontrollably. ETH is a coin that already built a strong foundation and it wont break easily just because of that problem and like you said there are big supporters left and they do not care paying extra bucks just to process a transaction because they can still benefit with it.

Most of the complaints that we heard are only from the normal users . well they do not need to force them selves of staying here because there are lots of cryptos lying around that also have the same potential as ETH. Time can only tell if when will ETH return to normal.

jc12345

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Quote from: Nancy0@ on January 25, 2022, 02:20:11 AM

Developers are rolling organize overhauls, however gas expenses on ETH stay the same. It's exceptionally costly to perform exchanges on the Ethereum blockchain compared to other competing chains. The ETH 2.0 overhaul will lighten the circumstance but engineers keep postponing the same. Individuals are getting wiped out and tired of ETH's "slowing down" as expenses proceed to rise like there's no tomorrow. On the off chance that I'm not mixed up, engineers will delay the trouble bomb once more (by December) in arrange to drag out the PoW blockchain. The longer it takes for expenses to decay on ETH, the greater its competitors will grow.
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? Your input will be enormously acknowledged. Thank you.

There are several reasons why ETH will remain for now. Some in my view:

It is the main Alt-Coin with BTC status of the alts. This has some goodwill value
Lots of big contracts on it
There is a ton of money in ETH with 185m accounts, 500k+ daily active as at the time of posting, even with these high fees
They will fix the transaction fees problem over time
Crypto Punks and Crypto Apes apes on ETH and if you have that type of money paying huge fees does not matter (tongue in cheek)

Having said this the longer the fee problem takes the more other platforms will develop. Other platforms have their own problems though and will also eventually suffer the same effect to some extent that ETH is suffering. Take Polygon for example. Poly suffered the recently due to Sunflower Farms and is still congested a lot. If you analyze the Polyscan explorer and look specifically at the gwei and pending transactions you can see it is also see delays building up and sometimes take long to process if the fees are too low. For some transactions you can see people just putting high fees in tx, just because they dont care and want their tx processed. As at time of posting Poly has 132m unique addresses and 300k-400k daily active addresses based on Polyscan graphs. Perception does play a big role and if ETH overplays its hand and is too complacent, you never know what might happen if perception becomes too negative on ETH and the ETH ecosystem cross-chain swaps on mass so to speak.[/list]

Sterbens

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Quote from: Nancy0@ on January 25, 2022, 02:20:11 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? Your input will be enormously acknowledged. Thank you.

This problem has become very tiring for us who are waiting for changes in gas costs. But it will never end. No matter what Ethereum does, I will avoid them, and there are bigger profit opportunities out there. We still have Solana, Polygon, Terra, and Avax which are quite a cause for concern. Ethereum will only monopolize the market being unfriendly. As a small crypto user who only plays for under $100, it makes someone sick of dealing with the Ethereum network.

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Quote from: Nancy0@ on January 25, 2022, 02:20:11 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?

I think it is very much possible when we have a competitor who can really take them out, because those I see now actually can't do that. Look at Solana that people thought could do something already has issues and this is why People keep using ETH network amidst its high gas fee because it keeps delivering for people when they need it the most. It is reliable and it is also very fast, the only problem I see is the high gas fee that I believe Ethereum network team should be working on.

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1 Million daily transaction from Ethereum Blockchain Vs. 6 Million daily transaction from Binance Smart Chain.
That itself is enough that most of the projects are either migrating or choosing Binance Smart Chain over Ethereum.

Not all users of these 2 coins are rich and most are just only have a small transactions so they are choosing a low transaction fee blockchain like Binance over high gas fees like Ethereum. There is no martyr that will spend a hundred dollars on gas fee for a ten dollar transaction. This high gas fees has been the problem of Ethereum for a long time already. Sharding is the solution of this but until now, it hasn't been implemented yet. Ethereum is slowly withering because they can't even solve this high gas fee problem that they are facing but hey.. there are still projects who are choosing Ethereum blockchain for some reasons.

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