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Title: Ethereum Fees Post by: Get-Paid.com on September 02, 2020, 06:13:02 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"?
Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Title: Re: Ethereum Fees Post by: Coin_trader on September 02, 2020, 06:21:00 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Same as bitcoin, Ethereum is suffering from heavy pending transaction due to DeFi hype transaction. This is the same old problem of ETH before during 2017 hype. The fee will go back to normal or cheaper once ETH v2.0 was release. For the meantime, we can't do anything about fee and it might get worser soon because the volume of transaction in ETH is still increasing. It's better avoid decentralized exchange right now and trade only in CEX. ETH blockchain can't handle DeFi volume honestly speaking. Title: Re: Ethereum Fees Post by: Get-Paid.com on September 02, 2020, 06:30:49 AM Coin Trader, do you have any estimate when the fees would go back to normal? How many days from now?
Title: Re: Ethereum Fees Post by: Folio on September 02, 2020, 06:34:58 AM Ethereum is totally centralized.
1. you remove Vitalik and ethereum is over. 2. there are very few full nodes, easy to shut down. Title: Re: Ethereum Fees Post by: dansus021 on September 02, 2020, 06:43:59 AM Coin Trader, do you have any estimate when the fees would go back to normal? How many days from now? It take time now since ethereum price goes high same like bitcoin when the price up i see flooding of transaction happen. When people keep transfer the eth, the fees will very high. anyway you can still send your eth with low fees but miner will be choose the high fee for their priority. when you look back at 2017 when bitcoin reach ATH the miner become shower with money due high demand of transaction with high fee. Title: Re: Ethereum Fees Post by: Casdinyard on September 02, 2020, 07:10:20 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! It will go back to normal lol. It's the gas that are costly in ETH in which was affected due to the spike and fork of Sushiswap. Better read: Quote from: https://cointelegraph.com/news/ethereum-gas-fees-reach-500k-as-eth-price-hits-a-2020-high-at-486 Transaction fees on the Ethereum network have recently reached a new hourly record. According to Glassnode, an on-chain analytics firm, miners on the network earned over $500,000 in just one hour today as Ether (ETH) rallied. Currently sitting at its 2020 high of $486, Ether rallied 10% today. The spike in network activity is thought to be related to the launch of Sushiswap, a fork of Uniswap that has hit $1 billion in total value locked in less than 24 hours. The news may sound good for Ether miners whose revenue is increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached its 20-month high recently, despite the recent controversy regarding a proposal that aims to reduce block rewards by 75%. Therefore, never panic. ETH was never centralized. It's just that it was the 2nd most powerful and used crypto system in many projects. NOTE: This should be in Altcoin Discussion board, better move this. Title: Re: Ethereum Fees Post by: Get-Paid.com on September 02, 2020, 07:21:38 AM anyway you can still send your eth with low fees Hypothetically if we would use a Transaction Speed aka a fee of 25 Gwei - would the transaction go through eventually after several days or it could drop? i.e. should we just wait for fees to go down or we can use low fees now and the transaction would eventually go through? (Enclosed a screenshot from MyEtherWallet showing the lowest suggested fee is 480 Gwei at the moment) https://i.imgur.com/fMyi0pu.png Title: Re: Ethereum Fees Post by: BeManga on September 02, 2020, 08:12:52 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? it is because of the large transaction in the ethereum networkWho dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! there is thousand of token inside the ethereum network while the TPS(transaction per second) of ETH is 15 if thousand of token moved at the same time there will be a lot of pending transaction and when there is a lot of pending transaction there will be a prioritization of transaction and highest fee will be the first to be included in the block by the miner Title: Re: Ethereum Fees Post by: friends1980 on September 02, 2020, 08:20:32 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! OP, in the meantime there have been several threads on this subject, but they are in the Altcoin Discussion, which is where this thread should go, too. I suppose you (or the mods) will move this thread, so FYI, here are some of the threads to get you your answer: https://bitcointalk.org/index.php?topic=5268030.0 and this one: https://bitcointalk.org/index.php?topic=5271247.0 (among others) Title: Re: Ethereum Fees Post by: raidarksword on September 02, 2020, 08:23:31 AM Ethereum fees are killing it wherein it cost too much for such transfers are still being pending and congested on the network. I have some tokens that are pumping but sad to say i cannot sell it because the gas cost me a lot and the gas is bigger amount than my usual airdrop to sell on exchange. I don't know when it will back to normal to at least 20 gwei and the DeFi trend for sure is one of the cause of this soaring gas fees we are experiencing right now.
Title: Re: Ethereum Fees Post by: Warkop on September 02, 2020, 08:42:40 AM anyway you can still send your eth with low fees Hypothetically if we would use a Transaction Speed aka a fee of 25 Gwei - would the transaction go through eventually after several days or it could drop? i.e. should we just wait for fees to go down or we can use low fees now and the transaction would eventually go through? (Enclosed a screenshot from MyEtherWallet showing the lowest suggested fee is 480 Gwei at the moment) https://i.imgur.com/fMyi0pu.png In my opinion, to use 25 Gwei, maybe the transaction can run but you have to wait a long time to be confirmed or the transaction you made failed and couldn't go down. It all depends on you, whether you want to wait until they seem really low or you want to insist on following them at exorbitant fees to actually get your transaction confirmation, as I saw a few months ago to date for ETH transaction fees haven't been seen there was a decrease and it seems that the transaction costs are still very high. Title: Re: Ethereum Fees Post by: (o)(o)ilikeboobs(o)(o) on September 02, 2020, 09:16:24 AM DEFI projects are overburdening the ethereum network, transaction costs have increased a lot in the last 2 months and they could add up even further. I find it crazy to spend $ 30 on a trade regardless of the volume, so it's not fair for small traders.
Title: Re: Ethereum Fees Post by: Bitcoin Miners on September 02, 2020, 09:55:02 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I have just paid 4.9 USD for one transaction when transferring ETH to the exchange and this fee will increase as the price of ETH rises in the short term and it will be decrease when the price decrease and transactions on the network decrease Title: Re: Ethereum Fees Post by: Genemind on September 02, 2020, 10:04:41 AM Imagine if you have to move small amounts of transactions, the fee is ridiculously high due to the DeFi hype. The network is clogged and many transactions are not going thru, you will have to increase the gas. This would be a pain for those who are trading and projects who distributes rewards to their investors monthly.
Title: Re: Ethereum Fees Post by: foxy on September 02, 2020, 10:23:47 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I just had to pay around $48 to transfer $8 worth of ETH. The developer team really need to do something about it because it's getting out of hand now. I just hope they will release some update before the launch of ETH 2.0 Title: Re: Ethereum Fees Post by: rdbase on September 02, 2020, 10:28:14 AM Blame it on those defi projects getting their users to make transactions on the ethereum blockchain.
Just look at LNK and what mess it has put their chain in and not to forget about that YAM scam project. ::) These exchanges which use these ethereum based assets to "swap" are causing the gas fees per transaction to go up. I read an article recently about how they skyrocketted to over $500mln in just one day alone. :-[ Title: Re: Ethereum Fees Post by: ReiMomo on September 02, 2020, 10:55:14 AM If bitcoin has mempool that every transaction I guess maybe clogged up anytime. The same as Ethereum network, due to this defi projects and the most projects that operate using the network of ethereum.
Back to normal? I guess this maybe take the time or it becomes never. I suggest if you have a transaction just paid a higher amount because it takes days before it will confirm the network. Title: Re: Ethereum Fees Post by: kayvie on September 02, 2020, 10:59:31 AM Yes it will. The reason is because of defi projects. We can't do anything about that, for the meantime, the only thing we can do is to wait for everything to go back to normal and for the launch of eth v2. This will probably help to get everything back to normal especially the high fees that we are facing right now.
Title: Re: Ethereum Fees Post by: qwizzie on September 02, 2020, 11:07:55 AM Yes it will. The reason is because of defi projects. We can't do anything about that, for the meantime, the only thing we can do is to wait for everything to go back to normal and for the launch of eth v2. This will probably help to get everything back to normal especially the high fees that we are facing right now. ETH 2.0 will be released in phases. Guess which phase will fix Ethereum network congestion and the associated high gas fees ? (Clue 1 : it is not phase 0) Link : https://consensys.net/knowledge-base/ethereum-2/faq/ Title: Re: Ethereum Fees Post by: MonsterV on September 02, 2020, 11:35:57 AM The high fee situations will continue for a several month along the DeFi hype, i guess people will start moving to another altcoin to made daily transactions to have cheap transactions fee for doing any transactions for gamble or trading, personally im not doing any transfer because current gas price is very massive due of DeFi & Uniswap DeFi, to send contract token you need atlease 10$ in fee because contract transactions will consumed you much gas limit or its will be failed to transfer, just avoid to do any transactions regard eth until the gas price is drop.
Title: Re: Ethereum Fees Post by: restuibu on September 02, 2020, 12:15:43 PM of course the gas will return to normal if the Defi hype is over or a little calmer, but we don't know when that happens, now there's nothing we can do, if it only has a little value in the altcoins we want to sell we'd better have to wait a little longer
Title: Re: Ethereum Fees Post by: blckhawk on September 02, 2020, 12:38:24 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Perhaps it will back into normal just wait until ETH 2.0 release. Fees increases because the hype of DeFI and transaction tend to be congested, just for us to sort that out is to increase the gas. Increasing the gas would be just painful especially if you are a small trader. Probably the best solution is to hold that for the meantime or perhaps change to the other platform.Who dictates how much fees are charged? Title: Re: Ethereum Fees Post by: kamadazje on September 02, 2020, 05:39:29 PM Once there are plenty of transactions that happened at the same time, this usually happened as I experienced it last peak of the market but it revert to normal after few days. So you don't have to worry because it will revert back to normal maybe few days from now. You can just use other currencies aside from Eth if the transaction fee of Eth is still that high. You can use EOS or other currencies that has a very small transaction fees also.
Title: Re: Ethereum Fees Post by: Fredomago on September 02, 2020, 05:58:03 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Perhaps it will back into normal just wait until ETH 2.0 release. Fees increases because the hype of DeFI and transaction tend to be congested, just for us to sort that out is to increase the gas. Increasing the gas would be just painful especially if you are a small trader. Probably the best solution is to hold that for the meantime or perhaps change to the other platform.Who dictates how much fees are charged? It's affecting small traders and bounty hunters, with this such high fees most of us are avoiding the process of sending our coins. It's annoying since we are only transacting with small amount of assets but we need to pay more, the bad side is when the token value dumped down, instead of having some good benefit, you'll lose all those opportunities due to this high transaction fees. Title: Re: Ethereum Fees Post by: articlecity on September 02, 2020, 06:00:43 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? The high fee is due to congestion of the network, it is simply happening because the no of transactions are exceeding the capacity of the network that is why miners are charging more fee to validate the transactions first.Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! But i have seen that if you try to make transaction other than peak times, especially late night you will see less fee and fast confirmation. Title: Re: Ethereum Fees Post by: amonymous on September 02, 2020, 06:12:20 PM Same problem we was facing 2017 year. It's really high gas fees to me due to congestion of the network. In my opinion, it is a wall for small traders and bounty hunters to issue tokens with such high fees. I want transfer some token in exchange but it never possible because $5 no small amount for a poor trader.
Title: Re: Ethereum Fees Post by: LazerPanther on September 02, 2020, 06:16:16 PM I don't know when ETH fees can drop again, but if the current situation persists and many people are still interested in Defi projects then I believe ETH fees will go up $ 10 or even high more like that next time
Title: Re: Ethereum Fees Post by: soulripper on September 02, 2020, 06:18:09 PM The fees going too high because the overload transaction traffic that push the gas also high that why the price of fees are ridiculous high and might not even worth for small transaction currently. Better to wait for the gas getting low back before using it again as it not worth for small trader to spent $5-$10 just for gas.
Title: Re: Ethereum Fees Post by: Baimovic on September 02, 2020, 06:44:51 PM In my opinion, the increase in the cost of ethereum gas is due to the many Defi projects that have appeared, I noticed long before the Ethereum price rose and before the Defi project appeared. We can differentiate between this case, but I think one day it will return to normal, if the gas cost gets higher, then this will affect crypto users, especially ethereum investors.
Title: Re: Ethereum Fees Post by: tycsols on September 02, 2020, 07:13:47 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? It is just like paying premium in real life to the products where ready delivery is not available and people pay extra to get the product. Similarly, now in case of ethereum network congestion the real cause is that people are rushing like crazy to pick the coins and tokens in anticipation of big bull run which everyone is sure of now so to do this they are paying extra money but ethereum network should take responsibility and tell people when the transaction fee will be back to normal?Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Title: Re: Ethereum Fees Post by: rajsimran on September 02, 2020, 07:22:23 PM anyway you can still send your eth with low fees Hypothetically if we would use a Transaction Speed aka a fee of 25 Gwei - would the transaction go through eventually after several days or it could drop? i.e. should we just wait for fees to go down or we can use low fees now and the transaction would eventually go through? (Enclosed a screenshot from MyEtherWallet showing the lowest suggested fee is 480 Gwei at the moment) https://i.imgur.com/fMyi0pu.png Title: Re: Ethereum Fees Post by: Get-Paid.com on September 02, 2020, 08:39:11 PM Yes it will. The reason is because of defi projects. We can't do anything about that, for the meantime, the only thing we can do is to wait for everything to go back to normal and for the launch of eth v2. This will probably help to get everything back to normal especially the high fees that we are facing right now. When will ETH v2 be launched? Title: Re: Ethereum Fees Post by: H1N1 on September 03, 2020, 03:30:54 AM There are no one dictating the ethereum gas fee, but there are some users that have using the high gas fee.
You can see here https://etherscan.io/gasTracker , the Uniswap router is the one who using high gas fee. They are using very high gas fee so their transactions can be done quickly. Title: Re: Ethereum Fees Post by: piebeyb on September 03, 2020, 03:40:30 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Everything will return to normal if people stop buying ETH and also don't make any transactions, just my view is why the fee fees are expensive?Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! many mafias take advantage of this situation, for example mining companies or large miners make or collaborate with investors to make ERC20 tokens with different project concepts, they waste money using high gas costs, they buy and sell these tokens on uniswap so that other people also will do the same thing, namely increase the cost of gas to quickly confirm, the advantage is that miners get more rewards from each block as well as investors get other benefits Title: Re: Ethereum Fees Post by: int03h on September 03, 2020, 03:44:02 AM Exactly, it costs $ 5 to send normally, and $ 30 to execute a smart contract. It's crazy, people have to queue up and wait for the transactions to confirm, the miners are bountiful. Given the high-cost situation, I don't think etherem is decentralized because it's actually too bad right now and the benefits are only really for miners and those who pay a lot of money to get a transaction confirmed faster.
Title: Re: Ethereum Fees Post by: foxy on September 03, 2020, 06:09:34 AM What are the chances that Vitalik's developer team will release some sort of fork that will make the network a bit more scalable before the launch of ETH 2.0? Or we will have have to ride a high fee phase until 2.0 launches?
Title: Re: Ethereum Fees Post by: Dedewahyu on September 03, 2020, 08:30:07 AM Hypothetically if we would use a Transaction Speed aka a fee of 25 Gwei - would the transaction go through eventually after several days or it could drop? i.e. should we just wait for fees to go down or we can use low fees now and the transaction would eventually go through? (Enclosed a screenshot from MyEtherWallet showing the lowest suggested fee is 480 Gwei at the moment) https://i.imgur.com/fMyi0pu.png [/quote] You can see safelow gas at ethgasstation.info but I don't recommend you to use lower gas because it will hinder your transactions. It's better if you use standard gas to make transactions, at least it will only take about 1-30 minutes even it can be faster or more long depending on transactions that are on the ethereum blockchains Title: Re: Ethereum Fees Post by: danherbias07 on September 03, 2020, 08:37:42 AM Coin Trader, do you have any estimate when the fees would go back to normal? How many days from now? I don't think there is an estimated date to when it will go back to normal. We will just have to wait for the hype to calm down. Who knows when will that be. ICO's took like a year before everything settled down. But this one. It looks like its going to be short when more scams are found out. Title: Re: Ethereum Fees Post by: Psynthax on September 03, 2020, 08:40:37 AM What are the chances that Vitalik's developer team will release some sort of fork that will make the network a bit more scalable before the launch of ETH 2.0? Or we will have have to ride a high fee phase until 2.0 launches? Slim to none maybe. Considering that they are already busy with ETH 2.0 which takes so many delay until today they don't seem to have any solution to the problem we face as of now and UNISWAP is gonna be a long loong time before the hype fades and traffic from them didn't flood the whole network. The current ETH is literally unbearable with all the high fees even in my opinion we better off without the 2.0 as long as the scalability issue being resolved otherwise it's the same condition as now.Title: Re: Ethereum Fees Post by: Skinny48 on September 03, 2020, 08:47:16 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Ethereum is growing in value and it's certain that gas fee will also grow higher, this is what happens whenever bullrun returns but there is more to this, DeFi projects are mostly running on Ethereum smart contract and that's what's causing the congestion, Ethereum 2.0 will be the solution but we don't know exactly when this will be readyWho dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Title: Re: Ethereum Fees Post by: Henrytrust on September 03, 2020, 08:53:38 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I'm still yet to fathom what could be the reason for the crazy hike in transaction fees in the ethereum blockchain. I'm sceptical if it could be an intensional move by the miners or due to the congestion of the network. As it stands there's great need for scalability. I really hope that something would be done quickly, because people are getting discouraged. Title: Re: Ethereum Fees Post by: Lantind on September 03, 2020, 09:01:34 AM I'm still yet to fathom what could be the reason for the crazy hike in transaction fees in the ethereum blockchain. I'm sceptical if it could be an intensional move by the miners or due to the congestion of the network. As it stands there's great need for scalability. I really hope that something would be done quickly, because people are getting discouraged. I also think so, because the gas costs are so high everyone cannot make transactions via the ERC20 platform, so until now very many people are disappointed with Ethereum, because the increase in gas costs is happening slowly this year.Title: Re: Ethereum Fees Post by: ice18 on September 03, 2020, 09:04:47 AM As long as defi hype is here expect eth fees will be higher in the coming months as more investors throw money into digital currency I saw too many new yield farming projects everywhere almost every hour I see new one like yffi, yfv, yfib,yfbi this makes eth network congested and everyone wants as faster transaction spending more gas each and every transaction and demands goes higher everyday.
Title: Re: Ethereum Fees Post by: sayulita on September 03, 2020, 09:11:19 AM I'm still yet to fathom what could be the reason for the crazy hike in transaction fees in the ethereum blockchain. I'm sceptical if it could be an intensional move by the miners or due to the congestion of the network. As it stands there's great need for scalability. I really hope that something would be done quickly, because people are getting discouraged. I also think so, because the gas costs are so high everyone cannot make transactions via the ERC20 platform, so until now very many people are disappointed with Ethereum, because the increase in gas costs is happening slowly this year.Title: Re: Ethereum Fees Post by: MonsterV on September 04, 2020, 01:17:15 PM Same problem we was facing 2017 year. It's really high gas fees to me due to congestion of the network. In my opinion, it is a wall for small traders and bounty hunters to issue tokens with such high fees. I want transfer some token in exchange but it never possible because $5 no small amount for a poor trader. on 2017, there is diffrent issue with ethereum network, because its only attacked by Dapps contract which its could be controlled , and the gas is not like today, the most high on 2017 that i remembered when Kitten are very populars, its below 200 GWEI, but DeFi trend drive the ethereum gas price to 400+ gwei and its very crazy compare to old tren kitten. Title: Re: Ethereum Fees Post by: Jeger.Kiting on September 04, 2020, 01:53:44 PM Actually this problem is not only once a year, even a few years ago Ethereum transactions experienced something similar which made many people have to wait so long, It is impossible if the working team does not know this, or it could be just their game to block the development of all prices at the market, or indeed there are obstacles that make the transaction system require quite high fees, because the transactions I am doing are hampered by this problem ..
Title: Re: Ethereum Fees Post by: Malam90 on September 04, 2020, 02:12:30 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Ethereum fees is now more than $8 that i have paid in the last few days. This is fraustrating for a single transaction. If this fees continue, Ethereum will lose its popularity and TRON, XLM will gain its place in the future. Recently i have watched its GWEI reached 480 which is the highest record in the ethereum history previously we used only 8-20 GWEI. Many peopler are blaming DeFi for it but i don't want to blame other reason. Title: Re: Ethereum Fees Post by: Beparanf on September 04, 2020, 02:31:14 PM Imagine if you have to move small amounts of transactions, the fee is ridiculously high due to the DeFi hype. The network is clogged and many transactions are not going thru, you will have to increase the gas. This would be a pain for those who are trading and projects who distributes rewards to their investors monthly. The fees maybe higher to the rewards they are going to send. There is a need to create ETH 2.0 as fast as possible due to traffic brought by DeFi Projects its been harder to do transactions, those who only trade small amounts will not feel their profit due to this. Title: Re: Ethereum Fees Post by: Psynthax on September 04, 2020, 02:33:31 PM you can still set the fee at minimum but don't expect it to be confirmed anytime soon. the fee dictated based on the transaction that needs to be confirmed and how much most of them pays nowaday. it's by any means not dictated by centralized party or such.
some exchange might set the fee higher just to make sure that the transaction they send gonna be confirmed regardless how long it takes rather than giving a cheap fee and got the transaction returned. it is what it is and don't expect the high fee to go away soon because i doubt it will. Title: Re: Ethereum Fees Post by: semobo on September 04, 2020, 02:36:52 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? We are deciding the fees! :)Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! When someone see the network is clogged so they are increasing their gas fee for faster confirmation which is getting into a chain reaction as long as number of transaction is in the process is high.Even there won't be any surprise if it reaches $20 for smaller transaction due to defi shits. Title: Re: Ethereum Fees Post by: imstillthebest on September 04, 2020, 02:43:12 PM Ethereum fees is now more than $8 that i have paid in the last few days. This is fraustrating for a single transaction. If this fees continue, Ethereum will lose its popularity and TRON, XLM will gain its place in the future. thats fine if eth loose some users because in that way eth value will decline and its fees are also gonna get lowered while its also a plus point for the coins that you said but i dont know if its also possible for trx and xlm to have an expensive fees when their values are already high . maybe not ? because trx and xlm are known to have a less fees ever since they are created . Title: Re: Ethereum Fees Post by: rajakulam on September 04, 2020, 02:43:51 PM Currently, there are indeed many investors and traders who complain about the high price of gas being charged. Gas costs will usually return to normal when transactions are not as busy as they are now.
Title: Re: Ethereum Fees Post by: ameliana on September 04, 2020, 02:59:25 PM I think it will return to normal, if you observe on the chart the current ethereum price is going down and reducing gas costs a little too. So, it can be concluded that if the ethereum price itself has decreased, it means that the price of gas costs has also decreased.
Title: Re: Ethereum Fees Post by: soulripper on September 04, 2020, 03:37:58 PM I think it will return to normal, if you observe on the chart the current ethereum price is going down and reducing gas costs a little too. So, it can be concluded that if the ethereum price itself has decreased, it means that the price of gas costs has also decreased. As long as the transaction are still high i dont think the gas will be low in anytime. Unless ethereum price stable and that might make the transaction traffic low and could push the gas to lower also..Title: Re: Ethereum Fees Post by: Fredomago on September 04, 2020, 03:40:38 PM Currently, there are indeed many investors and traders who complain about the high price of gas being charged. Gas costs will usually return to normal when transactions are not as busy as they are now. When miners will not choose to get those willing to pay high fees to make the transactions much faster, seems that it will happen after this hypes, for now we can only park ourselves watching and monitoring the current situations. I think it will return to normal, if you observe on the chart the current ethereum price is going down and reducing gas costs a little too. So, it can be concluded that if the ethereum price itself has decreased, it means that the price of gas costs has also decreased. That's the only way we can do now, wait and watch. Things will returned to how should it works, by then we will be able to do the normal transactions that we use to have before this increase happened. Title: Re: Ethereum Fees Post by: Febo on September 04, 2020, 04:01:17 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Now that value of ETH is declining so is value of transaction fees declining. It could go back under $1 soon. But big question is, if $1 transaction fees are not to high. You cant make micro payments with that. You can barely afford normal payments at that level. Title: Re: Ethereum Fees Post by: Coin_trader on September 04, 2020, 05:04:44 PM Same as bitcoin, Ethereum is suffering from heavy pending transaction due to DeFi hype transaction. This is the same old problem of ETH before during 2017 hype. The fee will go back to normal or cheaper once ETH v2.0 was release. For the meantime, we can't do anything about fee and it might get worser soon because the volume of transaction in ETH is still increasing. It's better avoid decentralized exchange right now and trade only in CEX. Right now I want to avoid decentralized exchange but how to move from ERC-20 tokens to centralized exchange. You really think for DeFi hype, Ethereum blockchain is suffering a heavy pending transaction problem? The best choice could be for some new projects centralized exchange for distribution. At least admin could save 1-2 USD for every ERC-20 tokens transaction.ETH blockchain can't handle DeFi volume honestly speaking. There is a project called Serum project which offers a Decentralize Exchange which charge a minimal fee with fast transaction. They used Solano blockchain on there DEX that’s why it was fast and cheap compared to typical DEX like Uniswap which is built on ETH blockchain. Solana blockchain boast a 50k transaction per seconds. Serum DEX is the first exchange that will offer cross chain feature meaning to say, you can trade ERC20 tokens while they are using Solana blockchain. So far, CEX is the best when you are looking for exchange that offers huge liquidity but DEX is the best to buy coins that still not listed on big exchange so that you can still have a chance to have a position before the price pump when it list on big exchange, You can control also your wallet on DEX unlike CEX. Title: Re: Ethereum Fees Post by: Rafiqul on September 04, 2020, 05:27:44 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I just had to pay around $48 to transfer $8 worth of ETH. The developer team really need to do something about it because it's getting out of hand now. I just hope they will release some update before the launch of ETH 2.0 Title: Re: Ethereum Fees Post by: atjiat on September 04, 2020, 05:56:50 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I just had to pay around $48 to transfer $8 worth of ETH. The developer team really need to do something about it because it's getting out of hand now. I just hope they will release some update before the launch of ETH 2.0 Title: Re: Ethereum Fees Post by: Smitty Werben Man Jensen on September 04, 2020, 06:00:03 PM now Ethereum's GAS has dropped to 138 Gwei, this is good because it's not as expensive as yesterday, I'm sure it will drop again below 100 Gwei,
Everyone expected that, unfortunately when altcoin down Ethereum Gas also down too Title: Re: Ethereum Fees Post by: TopT3ns on September 04, 2020, 06:01:57 PM now Ethereum's GAS has dropped to 138 Gwei, this is good because it's not as expensive as yesterday, I'm sure it will drop again below 100 Gwei, I think the fall in fees or gas needed to make transactions on Ethereum is due to the effect of the collapsing bitcoin price and causing Ethereum prices to fall so that gas costs are cheap, I think the conclusion is that ethereum prices must be cheap to be able to make the gas needed not too expensive.Everyone expected that, unfortunately when altcoin down Ethereum Gas also down too Title: Re: Ethereum Fees Post by: Neoterix on September 04, 2020, 06:07:07 PM If I remember correctly Vitalik said somewhere that Ethereum is not to be used for daily payments, this is why I think the fees are so high because is meant to be something else.
Title: Re: Ethereum Fees Post by: danherbias07 on September 04, 2020, 06:24:43 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Now that value of ETH is declining so is value of transaction fees declining. It could go back under $1 soon. But big question is, if $1 transaction fees are not to high. You cant make micro payments with that. You can barely afford normal payments at that level. Holy crap. I just saw that now. Thanks for the update. $100 down already. Yes, this might make the fees cheaper again since we like converting it always to USD before making any transactions. ;D What could be the reason behind this recent dump? :'( Title: Re: Ethereum Fees Post by: Dewi89 on September 04, 2020, 06:45:54 PM I think the fall in fees or gas needed to make transactions on Ethereum is due to the effect of the collapsing bitcoin price and causing Ethereum prices to fall so that gas costs are cheap, I think the conclusion is that ethereum prices must be cheap to be able to make the gas needed not too expensive. The decline in the market today has had a good impact on gas fees that have also decreased, maybe hundreds of thousands of low fee transactions have been confirmed, for small traders this fee is still high and still uses other altcoins as an alternative to cheaper transactions with faster transaction durations.Title: Re: Ethereum Fees Post by: pilosopotasyo on September 04, 2020, 06:53:07 PM DEFI projects are overburdening the ethereum network, transaction costs have increased a lot in the last 2 months and they could add up even further. I find it crazy to spend $ 30 on a trade regardless of the volume, so it's not fair for small traders. Not really fair, I'm still checking from time to time when will the fees go back to normal, because of the DeFi projects the scalability issue of Ethereum has been exposed, and we'll have to wait sometime before things go back to normal right now traders are turning to Tron as a good alternative to Ethereum, many altcoins will shine because of this issues. Title: Re: Ethereum Fees Post by: bussybuddy on September 04, 2020, 07:00:59 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I just had to pay around $48 to transfer $8 worth of ETH. The developer team really need to do something about it because it's getting out of hand now. I just hope they will release some update before the launch of ETH 2.0 Title: Re: Ethereum Fees Post by: amonymous on September 04, 2020, 07:41:32 PM I don't know when ETH fees can drop again, but if the current situation persists and many people are still interested in Defi projects then I believe ETH fees will go up $ 10 or even high more like that next time When goes down eth price then gas fees reduce. Really 5$, $10 not small gas fees for a beginner trader or investors. Yes definitely right hype now and many investors want invest in defi project without analysis lol. Without research for a crazy investors thinking.Title: Re: Ethereum Fees Post by: qwizzie on September 04, 2020, 08:38:32 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I just had to pay around $48 to transfer $8 worth of ETH. The developer team really need to do something about it because it's getting out of hand now. I just hope they will release some update before the launch of ETH 2.0 There are additional fees for DeFi projects. Those fees can run up to $100. https://cointelegraph.com/news/using-a-defi-protocol-now-costs-more-than-50-as-ethereum-fees-skyrocket https://cointelegraph.com/news/99-gas-fees-on-ethereum-are-crippling-defis-growth Quote While the average Ethereum transaction fee is more than the daily income in many countries, the additional smart contract executions needed to engage with DeFi protocols has seen users report fees of up to $100. People are getting stuck in DeFi projects. That is what you get when a lot of token projects rely on one single blockchain, you create a single point of failure. Which in this case are the fees. Link : https://coinmarketcap.com/tokens/ Title: Re: Ethereum Fees Post by: abel1337 on September 04, 2020, 08:40:29 PM I don't know when ETH fees can drop again, but if the current situation persists and many people are still interested in Defi projects then I believe ETH fees will go up $ 10 or even high more like that next time When goes down eth price then gas fees reduce. Really 5$, $10 not small gas fees for a beginner trader or investors. Yes definitely right hype now and many investors want invest in defi project without analysis lol. Without research for a crazy investors thinking.Title: Re: Ethereum Fees Post by: bitmover on September 04, 2020, 08:41:48 PM It is interesting to see this, because it makes people realize that bitcoin isn't slow because it is old. Neither is ethereum fast because it is a high tech.
Bitcoin is slow because the network is congested, and ethereum is now congested and is slow now. Title: Re: Ethereum Fees Post by: Divinespark on September 04, 2020, 08:49:58 PM I don't know when ETH fees can drop again, but if the current situation persists and many people are still interested in Defi projects then I believe ETH fees will go up $ 10 or even high more like that next time When goes down eth price then gas fees reduce. Really 5$, $10 not small gas fees for a beginner trader or investors. Yes definitely right hype now and many investors want invest in defi project without analysis lol. Without research for a crazy investors thinking.Title: Re: Ethereum Fees Post by: forexandcryptoauditor on September 04, 2020, 08:50:53 PM Seems ETH has concentrated on the scalability of other platforms' development on blockchain but not considered huge transactions. With so many projects specifically Defi(due to hype), transactions are enormous such that it is not able to handle it resulting in high fees. This in turn, impacting the growth of these projects as well.
Hope the situation become normal soon. Title: Re: Ethereum Fees Post by: qwizzie on September 04, 2020, 08:57:22 PM I don't know when ETH fees can drop again, but if the current situation persists and many people are still interested in Defi projects then I believe ETH fees will go up $ 10 or even high more like that next time When goes down eth price then gas fees reduce. Really 5$, $10 not small gas fees for a beginner trader or investors. Yes definitely right hype now and many investors want invest in defi project without analysis lol. Without research for a crazy investors thinking.and people will still be stuck in DefI projects that charge additional fees up to $100. These are separate fees. https://cointelegraph.com/news/using-a-defi-protocol-now-costs-more-than-50-as-ethereum-fees-skyrocket https://cointelegraph.com/news/99-gas-fees-on-ethereum-are-crippling-defis-growth Quote While the average Ethereum transaction fee is more than the daily income in many countries, the additional smart contract executions needed to engage with DeFi protocols has seen users report fees of up to $100. Basically you have the gas fee and you have fees for additional smart contract executions needed to engage with DeFi protocols. The last category fees are still very high ($50 to $100). Don't get trapped in DeFi projects !! Title: Re: Ethereum Fees Post by: zasad@ on September 04, 2020, 09:08:54 PM https://cryptofees.info/
Look at these statistics, this has never happened in the history of Ethereum. Smart contracts consume a lot of commissions, and it is still impossible to solve this problem, and the launch of phase 2 of Ethereum will not be soon. L2 solutions use very few projects, so Vitalik's recommendation will not help https://twitter.com/VitalikButerin/status/1300707752335962113 Title: Re: Ethereum Fees Post by: FontSeli on September 04, 2020, 11:13:44 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! As strange as it sounds, the amount of transaction fees is chosen by those who send transactions on the network, i.e. you and I and many other ordinary people. Each of us strives to make sure that his transaction is completed as soon as possible. When miners form blocks, they choose the transactions with the largest Commission amount (the cost of gas) and form blocks from them. Title: Re: Ethereum Fees Post by: BitTraderCute on September 04, 2020, 11:41:43 PM A simple explanation is better than a thousand words, the ETH network works based on hierarchy. Who pays more will get funds faster and the rest will wait until the next mined block clearance happens. The cost of gas has increased a lot and $0.1 worth transactions in 2019 now cost more than $3. ETH2.0 should solve this infinite loop unless the market becomes volatile again. actually we this while checking transaction on tx id. so high gas gwei will confirmed first by miner. i think it is not fair system for all user, system must use similarity in every transaction like other blockchain . many people complaining about this fee , even binance CEO also tweet about it if core developers didnt solved this problem in eth 2.0 it will be serious problem for eth.Title: Re: Ethereum Fees Post by: tippytoes on September 04, 2020, 11:50:35 PM A simple explanation is better than a thousand words, the ETH network works based on hierarchy. Who pays more will get funds faster and the rest will wait until the next mined block clearance happens. The cost of gas has increased a lot and $0.1 worth transactions in 2019 now cost more than $3. ETH2.0 should solve this infinite loop unless the market becomes volatile again. actually we this while checking transaction on tx id. so high gas gwei will confirmed first by miner. i think it is not fair system for all user, system must use similarity in every transaction like other blockchain . many people complaining about this fee , even binance CEO also tweet about it if core developers didnt solved this problem in eth 2.0 it will be serious problem for eth.Let us all hope that ETH 2.0 will resolve some of the bottlenecks that ETH network is experiencing right now. Because if this will continue and will not be resolved, a lot of crypto users will find another network to use. But Buterin will not let this issue be forever, by now they are already finding ways how to address this problem. And hopefully, they will rectify this high gas fees problem. Title: Re: Ethereum Fees Post by: grizmoblust on September 05, 2020, 02:33:14 AM A simple explanation is better than a thousand words, the ETH network works based on hierarchy. Who pays more will get funds faster and the rest will wait until the next mined block clearance happens. The cost of gas has increased a lot and $0.1 worth transactions in 2019 now cost more than $3. ETH2.0 should solve this infinite loop unless the market becomes volatile again. actually we this while checking transaction on tx id. so high gas gwei will confirmed first by miner. i think it is not fair system for all user, system must use similarity in every transaction like other blockchain . many people complaining about this fee , even binance CEO also tweet about it if core developers didnt solved this problem in eth 2.0 it will be serious problem for eth.Let us all hope that ETH 2.0 will resolve some of the bottlenecks that ETH network is experiencing right now. Because if this will continue and will not be resolved, a lot of crypto users will find another network to use. But Buterin will not let this issue be forever, by now they are already finding ways how to address this problem. And hopefully, they will rectify this high gas fees problem. Title: Re: Ethereum Fees Post by: el kaka22 on September 05, 2020, 08:33:05 AM You do realize that you do not have to pay the full price right? Ethereum is not like bitcoin, if you pay a little, like amount you used to pay for example, you could still get it done. Sure it will take some time for it to reach wherever you sent it but if you do not have anything you need to rush for, you should be fine.
I personally still use exactly the same as I used for the past 6 months and I am still doing fine, you can pay like 20-30 cents and it would still pass. It just takes a bit longer and that is why it is not suggested, but it doesn't mean it doesn't come. Instead of having it like in 5 minutes, you have it for like 4-8 hours depending on what you pay, which is a lot of time on a regular shopping or whatever but if you are doing some exchange stuff or whatever, you can wait no problem. Title: Re: Ethereum Fees Post by: xOdiumNostrumx on September 05, 2020, 08:37:06 AM The fees are definitely insane right now, especially when sending ERC-20 tokens, but if you are not in a hurry, you can try to avoid the saturation peaks of the network. Make your transaction at non-prime times, early in the morning or late in the evening for example, that way you can save a buck or two pretty quickly.
Title: Re: Ethereum Fees Post by: Malam90 on September 05, 2020, 08:50:31 AM Ethereum fees is now more than $8 that i have paid in the last few days. This is fraustrating for a single transaction. If this fees continue, Ethereum will lose its popularity and TRON, XLM will gain its place in the future. thats fine if eth loose some users because in that way eth value will decline and its fees are also gonna get lowered while its also a plus point for the coins that you said but i dont know if its also possible for trx and xlm to have an expensive fees when their values are already high . maybe not ? because trx and xlm are known to have a less fees ever since they are created . Already ETH lost its value nearly 30% which is the result of extra fees in transaction. Most investors are trying to avoid Ethereum network transaction or ERC20 token transaction. Hence they are using TRX, XLM transaction for low fees and quick result. In future, TRX and XLM fees may high but people can love to think at present. Title: Re: Ethereum Fees Post by: totoy4741 on September 05, 2020, 09:02:45 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Everything will get back to normal when all the hype with this Defi thing has subsided, but when that time comes I am afraid that we are in a bearish market so everything that you have longed to discharge during the bullish will just go to waste because of Ethereum high. It already happened before, it is repeating the process.Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Title: Re: Ethereum Fees Post by: palle11 on September 05, 2020, 10:36:54 AM Make your transaction at non-prime times, early in the morning or late in the evening for example, that way you can save a buck or two pretty quickly. This is a part of the solution to remedy the high fees. I take this measure when I have no haste to do transfer but at times you need to do a quick one. Maybe sometimes you need a sharp buy when there is a fast drop of a value coin. You have no choice but to take the charge that way. Title: Re: Ethereum Fees Post by: Killrbit on September 05, 2020, 11:57:02 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Yeah its the Defi hype and Uniswap that's clogging the chain right now, but maybe with the recent crash things should calm down a bit. All this just reminds me of crypto kitties and from 2017. It also unfortunately shows that for all the talk Ether still suffers from the same scalability problems as Bitcoin does. Though apart from the short term i wouldn't really worry about it to much, fees will eventually stabilize again and i am looking forward to seeing fees back at a few cents in the near future. Cant really believe the words coming out of my mouth but in the mean time maybe use EOS. ( still unsure if that's wise though lol) Title: Re: Ethereum Fees Post by: ryap12 on September 05, 2020, 12:42:07 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Yeah its the Defi hype and Uniswap that's clogging the chain right now, but maybe with the recent crash things should calm down a bit. All this just reminds me of crypto kitties and from 2017. It also unfortunately shows that for all the talk Ether still suffers from the same scalability problems as Bitcoin does. Though apart from the short term i wouldn't really worry about it to much, fees will eventually stabilize again and i am looking forward to seeing fees back at a few cents in the near future. Cant really believe the words coming out of my mouth but in the mean time maybe use EOS. ( still unsure if that's wise though lol) You can always check the top addresses on the Ethereum network at https://ethgasstation.info/ Uniswap is leading with the most transactions made. I hate it and I miss making a transaction with only 1 Gwei. Here is a screenshot of the recent rankings: https://i.imgur.com/kAAgG8A.png Title: Re: Ethereum Fees Post by: carriebee on September 05, 2020, 01:08:33 PM The fees are definitely insane right now, especially when sending ERC-20 tokens, but if you are not in a hurry, you can try to avoid the saturation peaks of the network. Make your transaction at non-prime times, early in the morning or late in the evening for example, that way you can save a buck or two pretty quickly. This is really the problem the high fees of eth these days. Actually, we can do have an option of waiting to normalize the network becomes low fee. And with these defi types the network is congested. These happen before ethereum fees is expensive so users may choose to pay or pass the days until such time network becomes normal. Title: Re: Ethereum Fees Post by: plr on September 05, 2020, 02:22:35 PM Currently the ETH network is very high and for sure, if you don't fix this, investors will no longer be interested in this coin. I was charged up to $ 30 and this is actually a very high fee compared to what is happening. Hopefully Ethereum 2.0 will put an end to this situation as 90% of projects are using the platform of ETH for development. This cannot run for many more months everywhere people are complaining of a very high fees and late confirmation DeFi is still on all time high if this go on for many more months a new coin will emerge as a temporary replacement for Ethereum, but of course people are not going to leave Ethereum they just want to save fees and transact fast. Title: Re: Ethereum Fees Post by: Neoterix on September 05, 2020, 03:09:28 PM This cannot run for many more months everywhere people are complaining of a very high fees and late confirmation DeFi is still on all time high if this go on for many more months a new coin will emerge as a temporary replacement for Ethereum, but of course people are not going to leave Ethereum they just want to save fees and transact fast. True, Defi won't stop any time soon and Ethereum just can't handle it, like always. The tx are stuck because the scalability problem of Ethereum and the fees are going to be higher and higher. I wouldn't be surprised to see $10 fees in the future. Title: Re: Ethereum Fees Post by: Shasha80 on September 05, 2020, 03:26:46 PM I agree with the opinion that the increase in Ethereum fees was caused by DeFi projects, because this year many DeFi projects are hype
making Ethereum transactions crowded. This caused some Ethereum transactions to be unusually delayed. Therefore, the solution is to increase the Ethereum transaction speed to a minimum of 480 Gwei. It is very expensive, but that's it solution so that the transaction process can run but we have not to wait a long time to be confirmed. Title: Re: Ethereum Fees Post by: ttcsalam on September 05, 2020, 03:34:39 PM The etherium fee is actually not acceptable in any way.Because of this their market value is getting lower day by day.Their fees should be reduced now.In the meantime, TRX and XLM are much faster in their service and their fee is less.If Ethereum is to survive in the market.The charge must be reduced.
Title: Re: Ethereum Fees Post by: escalante28 on September 05, 2020, 03:45:56 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Major reason is Defi project specially those in Uniswap and pyramiding scheme investment. They're causing this heavy traffic in ethereum blockchain that lead the unusual rate of fees. Everything will back into normal once they tired investing in defi and after the release of Eth 2.0. Title: Re: Ethereum Fees Post by: Febo on September 05, 2020, 04:21:41 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Now that value of ETH is declining so is value of transaction fees declining. It could go back under $1 soon. But big question is, if $1 transaction fees are not to high. You cant make micro payments with that. You can barely afford normal payments at that level. Holy crap. I just saw that now. Thanks for the update. $100 down already. Yes, this might make the fees cheaper again since we like converting it always to USD before making any transactions. ;D What could be the reason behind this recent dump? :'( The reason is that Tesla announced stock split and its share went vertical on the announcement and then at the moment of split price dumped. Because of that whole stock market dumped and Bitcoin and all altcoins followed. All is now connected. Tesla stockmarket, Bitcoin, crypto. Pomp and dump. Buy on rumour sell the news. Title: Re: Ethereum Fees Post by: LazerPanther on September 05, 2020, 04:24:37 PM Ethereum fees is now more than $8 that i have paid in the last few days. This is fraustrating for a single transaction. If this fees continue, Ethereum will lose its popularity and TRON, XLM will gain its place in the future. thats fine if eth loose some users because in that way eth value will decline and its fees are also gonna get lowered while its also a plus point for the coins that you said but i dont know if its also possible for trx and xlm to have an expensive fees when their values are already high . maybe not ? because trx and xlm are known to have a less fees ever since they are created . Already ETH lost its value nearly 30% which is the result of extra fees in transaction. Most investors are trying to avoid Ethereum network transaction or ERC20 token transaction. Hence they are using TRX, XLM transaction for low fees and quick result. In future, TRX and XLM fees may high but people can love to think at present. Title: Re: Ethereum Fees Post by: FontSeli on September 05, 2020, 04:25:38 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! As strange as it sounds, the amount of transaction fees is chosen by those who send transactions on the network, i.e. you and I and many other ordinary people. Each of us strives to make sure that his transaction is completed as soon as possible. When miners form blocks, they choose the transactions with the largest Commission amount (the cost of gas) and form blocks from them. All the people are waiting for Ethereum 2.0. Are you sure that it will bring reduction in the cost of transaction fees, and faster speed? Personally, I do not hope for this very much, but I try to adjust my trading based on the existing situation. Title: Re: Ethereum Fees Post by: MonsterV on September 05, 2020, 04:37:47 PM now Ethereum's GAS has dropped to 138 Gwei, this is good because it's not as expensive as yesterday, I'm sure it will drop again below 100 Gwei, Everyone expected that, unfortunately when altcoin down Ethereum Gas also down too its will not drop below 100 if DeFi concepts & uniswap exchange is not stop, the main cause of eth fee are high because of two of that, im very sure if these 2 are stop running on ethereum chain and uniswap will support other token, the eth gas price will drasticly drop below 10. Title: Re: Ethereum Fees Post by: Shohag123 on September 05, 2020, 04:42:52 PM Ethereums co-founder vitalik also concerns about the increasing transaction fee of the ethereum.I think they are working on it.But not sure ethereums fees can reduce after the update of Ethereum 2.0.
https://cointelegraph.com/news/vitalik-buterin-warns-high-fees-threaten-ethereums-security/amp The way DeFi coins are trending on the market if it continues for a year then I think its almost impossible to reduce the transaction fees of ethereum.People wants their transaction to be fast and because of the great interest of DeFi coin total amount of transaction has increased significantly in Eth blockchain.Thats why people are paying more fees to transfer their coin thats why ethereums fees are increasing.So I hope after the update it will be fixed.Because if the fee of 5-6$ we are all suffering. Title: Re: Ethereum Fees Post by: Chukwunonso on September 05, 2020, 04:56:37 PM Transaction fees for ethereum is getting way too high and I've decided to suspend every transaction on ethereum until the value drops. It's been said that the reason for the hike is due to Defi tokens who are always flooding the blockchain with transaction and I learnt that the ethereum 2.0 project would ensure scalability, but the issue is that the launching of ethereum 2.0 project is taking too long. I learnt that it would commence in summer, and summer is almost over and we're yet to see anything.
Title: Re: Ethereum Fees Post by: qwizzie on September 05, 2020, 05:12:05 PM https://consensys.net/knowledge-base/ethereum-2/faq/
Quote Ethereum 2.0 is planned to be rolled out in at least three phases: Phase 0, 1, and 2. Phase 0 is planned to launch in 2020, with Phases 1 and 2 to be released in following years. Phase 0: In the first phase of Ethereum 2.0, the “Beacon Chain” will be implemented. The Beacon Chain stores and manages the registry of validators, and will implement the Proof of Stake (PoS) consensus mechanism for Ethereum 2.0. The original Ethereum PoW chain will continue to run alongside the new Ethereum PoS chain, ensuring there is no break in data continuity. Phase 1: The second phase of Ethereum 2.0 will likely roll out in 2021. The primary improvement of Phase 1 is the integration of shard chains. Shard chains are a scalability mechanism in which the Ethereum blockchain is “split” into 64 different chains, which allows for parallel transaction, storing, processing of information. At its most conservative estimate it will enable 64 times more throughput than Ethereum 1.0, but it is designed to be able to handle several hundred times more data than Ethereum 1.0. Phase 2: The third phase of Ethereum 2.0 will likely be launched in 2021 or 2022. This phase is currently less clearly defined than the above two phases, but will involve adding ether accounts and enabling transfers and withdrawals, implementing cross-shard transfers and contract calls, building execution environments so that scalable applications can be built on top of Ethereum 2.0, and bringing the Ethereum 1.0 chain into Ethereum 2.0 so that Proof of Work can finally be turned off. Many further improvements are planned for research and development after Phase 2 is complete. Vitalik provides insight into some of these improvements in this easy-to-digest diagram. Conclusion : Scaling through sharding takes place in phase 1 & 2. That is when network congestion & associated high gas fees gets fixed (in theory). PoS takes place in phase 0, that is scheduled for end of this year (soft target). PoS will not fix network congestion or fix high gas fee. With phase 0 (PoS) already delayed a few times, i suspect phase 1 (with the scaling solution and planned for 2021) will also get delayed. Always remember that ETH 2.0 is a multi-year update. If you want to have fast and secure transactions with low fees, then find another network. This Ethereum network will stay congested for some years. Title: Re: Ethereum Fees Post by: MonsterV on September 05, 2020, 05:56:26 PM Ethereums co-founder vitalik also concerns about the increasing transaction fee of the ethereum.I think they are working on it.But not sure ethereums fees can reduce after the update of Ethereum 2.0. https://cointelegraph.com/news/vitalik-buterin-warns-high-fees-threaten-ethereums-security/amp The way DeFi coins are trending on the market if it continues for a year then I think its almost impossible to reduce the transaction fees of ethereum.People wants their transaction to be fast and because of the great interest of DeFi coin total amount of transaction has increased significantly in Eth blockchain.Thats why people are paying more fees to transfer their coin thats why ethereums fees are increasing.So I hope after the update it will be fixed.Because if the fee of 5-6$ we are all suffering. new ethereum 2.0 will help ethereum decrease their fee because they are using staking cocepts whcih will not effect the transactions fee even its a million transactions a day, just look at trx or eos, they are not PoW coin and that would not bring the fee high as hell, they have own fixed reward for stakers per day. Title: Re: Ethereum Fees Post by: 7788bitcoin on September 05, 2020, 08:09:00 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? The increase in fees in any network is determined by the amount of users transacting during a period of time and if there are more users sending the transactions simultaneously the gas fees will go higher as the network become congested. Until there is an upgrade that would improve things drastically you need to content with the higher fees.Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Title: Re: Ethereum Fees Post by: Untomabur on September 05, 2020, 08:48:47 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! $5? If it is 5 then it is fair enough. The list I have paid so far in gas fee is $10+. And most times are just cheap assets. I am beginning to be worrisome on this eth gas fees. And I keep asking every expert I see if the fee will ever come back to normal. This is becoming extortion from the part of the miners. Something should be done please Title: Re: Ethereum Fees Post by: nicecrypto on September 05, 2020, 08:50:00 PM It has been a pain this past few weeks to experience the high Gass of eth transactions, I was beginning to wish I can swap my erc20 to other networkwith less transaction fees, if this is what users will continue to experience whenever there is a price increase then there is a big problem, I expect the team to find a solution.
Title: Re: Ethereum Fees Post by: kkofor on September 06, 2020, 02:55:35 AM It has been a pain this past few weeks to experience the high Gass of eth transactions, I was beginning to wish I can swap my erc20 to other networkwith less transaction fees, if this is what users will continue to experience whenever there is a price increase then there is a big problem, I expect the team to find a solution. This is a general situation when you use the Ethereum platform and I also find it very annoying to trade. There will certainly be a fix soon, and Ethereum 2.0 will be what everyone needs in the near future. A few days ago I made a transaction fee of up to $50 when trading at Uniswap and it got me very frustrated using the platform.Title: Re: Ethereum Fees Post by: proscratcher on September 06, 2020, 03:22:02 AM Fees have risen so high that on September 1, ETH miners made a record profit of over $500,000 in just one hour. At the time of writing, it cost about $6.57, on average, to send a transaction over the Ethereum (ETH) blockchain. That compares with fees of just $0.09 in April
Title: Re: Ethereum Fees Post by: Claudio99 on September 06, 2020, 05:45:23 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Ethereum gas free is back to normal, I believe that the fee can still increase in future if Ethereum start surging again, also most DeFi projects are running on Ethereum blockchain so congestion will happen for sure, we have to endure because the 2.0 upgrade won't happen anytime soon Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Title: Re: Ethereum Fees Post by: Jocuserious on September 06, 2020, 06:22:09 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Ethereum gas free is back to normal, I believe that the fee can still increase in future if Ethereum start surging again, also most DeFi projects are running on Ethereum blockchain so congestion will happen for sure, we have to endure because the 2.0 upgrade won't happen anytime soon Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Title: Re: Ethereum Fees Post by: babykika2027 on September 06, 2020, 06:35:38 AM Fees will normalize only after eth 2.0 release or after defi death. I dont know what will be sooner
Title: Re: Ethereum Fees Post by: DarkTrix on September 06, 2020, 07:19:50 AM Good low gas prices today. The hype around defi is over
Title: Re: Ethereum Fees Post by: mr.smith on September 06, 2020, 07:24:25 AM now Ethereum's GAS has dropped to 138 Gwei, this is good because it's not as expensive as yesterday, I'm sure it will drop again below 100 Gwei, Everyone expected that, unfortunately when altcoin down Ethereum Gas also down too its will not drop below 100 if DeFi concepts & uniswap exchange is not stop, the main cause of eth fee are high because of two of that, im very sure if these 2 are stop running on ethereum chain and uniswap will support other token, the eth gas price will drasticly drop below 10. That's unlikely to happen given that all the DeFi projects are continuously making a huge volume in the network we will have to wait indefinitely or we'll have to access the fee as it is and live through it like what we experienced in Bitcoin, this is what happens when the scalability is not given enough attention. Title: Re: Ethereum Fees Post by: warg2017 on September 06, 2020, 09:47:09 AM This high Ethereum Fees problem occurs every time when ETH network is traffic jam.This is not the first time it's happened, and it won't be the last. I think nobody knows when will the transaction fee be reduced to normal fee, what we can do is waiting,no other method. It's said that ETH v2.0 can solve this high fee problem,let us wait its release and see what will happen.
Title: Re: Ethereum Fees Post by: Banulit on September 06, 2020, 10:04:14 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? I also experience that matter when I tried to transfer a token to another wallet which so happen to have a very high fee. I think there is a malfunction in the program of ethereum network and I am hoping that they can fixed this kind of problem and get the normal charge/fee in every transaction because if they not gonna fix it, it will definitely their lost.Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Title: Re: Ethereum Fees Post by: pawanjain on September 06, 2020, 11:47:06 AM Fees will normalize only after eth 2.0 release or after defi death. I dont know what will be sooner These two factors could be the cost recovery of expensive ETH gas, but maybe this is the business game of the big miners. They are still hungry for profit, all will be done when they reach their goal. I don't think we will have to wait that long for the transaction cost to reduce. Things will get back normal soon as the pending transactions in the ETH blockchain are validated in the upcoming weeks. I think the transaction cost will reduce in less than a month. Title: Re: Ethereum Fees Post by: Inkdatar on September 06, 2020, 01:22:58 PM The heavy traffic on ethereum transactions makes the network slow. this requires a solution and gassing up becomes a difficult choice. I guess this is normal and it's not just a business problem. Does that means that the Ethereum chain is not capable of handling large volumes? If that is what you imply, then we should be seriously looking for other alternatives. Because if Ethereum is unable to handle the small number of users it is having now, how can we expect it to perform without any issue when the userbase increases by manifold in the next few years? Title: Re: Ethereum Fees Post by: BITCOIN4X on September 06, 2020, 02:33:01 PM The final solution that exists today is to wait for the developer to resolve this issue and update it. If this situation persist for a long time then I am afraid that Ethereum will lose a lot of user due to exorbitant fees. If this was the case, then it wouldnt be an advantage on their part. As soon as possible they must solve the problem.
Title: Re: Ethereum Fees Post by: cepot9 on September 06, 2020, 03:37:14 PM The cost of sending Ethereum is completely absurd and very expensive, I expect Ethereum price to go up but with normal shipping costs. For now it is best to hold onto Ethereum and resist the temptation to buy the DeFi project which is currently hype
Title: Re: Ethereum Fees Post by: reza7777 on September 06, 2020, 06:18:21 PM I read an article the other day that Ethereum developers are discussing various ways to solve the current situation and the possibility of implementing them in forthcoming update of Berlin. Can you share the article with me? Defi hype is now a little less than before and the gas is now also a little lower, but still far from normalJust waiting for Defi not popular to see gas prices return to normal Title: Re: Ethereum Fees Post by: @baoli on September 06, 2020, 06:26:49 PM I see most of the miners taking opportunity of the ETH lock period for Defi to hike the transaction fee. This is coupled with ETH price going up. However, I see price coming back to normal as the Defi price goes down.
Title: Re: Ethereum Fees Post by: ven7net on September 06, 2020, 06:46:34 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I believe that the high fees for ETH are a consequence of the large number of transactions that the system is unable to process. This is not the first time, similar cases have happened before. All this will surely pass and the commission will return to the usual level. Now we have seen a surge in fees on the ETH network due to the high demand for tokens of the DeFi platforms, but it will not be long and already now we are seeing a decrease in the prices of fees on the ETH network. The main thing is not to worry and understand that the ETH system is not yet ideal, as, in principle, other crypto systems. Title: Re: Ethereum Fees Post by: cheezcarls on September 06, 2020, 06:56:28 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! Recently when I try transfer my ETH to another wallet, it would cost me $6 in gas fees and it's kinda ridiculous. First, high gas fees was due to that Forsage scam and now into DeFi craze that makes these transactions go wild and congested. I understand that a lot of people have jumped in on DeFi by simply converting their Bitcoin and other cryptocurrencies into ETH. I was hoping for ETH 2.0 to come out soon to finally solve these ridiculously high transaction fees. I wish I would convert it to BTC or USDT, but I have faith in ETH that it would go up again without dealing with these high gas fees. Title: Re: Ethereum Fees Post by: Diamond_Darrell on September 06, 2020, 07:21:12 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! I believe that the high fees for ETH are a consequence of the large number of transactions that the system is unable to process. This is not the first time, similar cases have happened before. All this will surely pass and the commission will return to the usual level. Now we have seen a surge in fees on the ETH network due to the high demand for tokens of the DeFi platforms, but it will not be long and already now we are seeing a decrease in the prices of fees on the ETH network. The main thing is not to worry and understand that the ETH system is not yet ideal, as, in principle, other crypto systems. Title: Re: Ethereum Fees Post by: 50 Cent on September 06, 2020, 08:11:04 PM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? for now it is imposible, because so many transaction using eth, uniswap, Curve, KyberSwap, Balancer, etc.Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! and eth cannot handle all. we must waiting ethereum 2.0. Title: Re: Ethereum Fees Post by: oscarftw on September 06, 2020, 08:39:40 PM Fees will normalize only after eth 2.0 release or after defi death. I dont know what will be sooner These two factors could be the cost recovery of expensive ETH gas, but maybe this is the business game of the big miners. They are still hungry for profit, all will be done when they reach their goal. Title: Re: Ethereum Fees Post by: pedpedped101 on September 06, 2020, 10:50:34 PM Fees will normalize only after eth 2.0 release or after defi death. I dont know what will be sooner These two factors could be the cost recovery of expensive ETH gas, but maybe this is the business game of the big miners. They are still hungry for profit, all will be done when they reach their goal. If Ethereum 2.0 can't be the answer to it, why then is it launched? It means it is not fulfilling it's mandate and we do not need it. This is definitely not the case. Let it launch first, it it does not stop it, hen we would know it has no impact. Title: Re: Ethereum Fees Post by: monineklutak on September 06, 2020, 11:03:05 PM Fees will normalize only after eth 2.0 release or after defi death. I dont know what will be sooner These two factors could be the cost recovery of expensive ETH gas, but maybe this is the business game of the big miners. They are still hungry for profit, all will be done when they reach their goal. If Ethereum 2.0 can't be the answer to it, why then is it launched? It means it is not fulfilling it's mandate and we do not need it. This is definitely not the case. Let it launch first, it it does not stop it, hen we would know it has no impact. if it doesn't have an impact, obviously this is disappointing Title: Re: Ethereum Fees Post by: marks1976 on September 06, 2020, 11:05:11 PM Fees will normalize only after eth 2.0 release or after defi death. I dont know what will be sooner These two factors could be the cost recovery of expensive ETH gas, but maybe this is the business game of the big miners. They are still hungry for profit, all will be done when they reach their goal. this is not a business but those crazy defi traders were making this. Title: Re: Ethereum Fees Post by: Perfect35 on September 06, 2020, 11:09:16 PM Fees will normalize only after eth 2.0 release or after defi death. I dont know what will be sooner These two factors could be the cost recovery of expensive ETH gas, but maybe this is the business game of the big miners. They are still hungry for profit, all will be done when they reach their goal. this is not a business but those crazy defi traders were making this. All these abnormalities just have to stop. I can't wait to see Ethereum gas fee come back to normal again. It is just one.of those gimmicks and it will come to an end. Some people are making their money from it already and they are the miners. Nothing goes on continuously for life, an end will definitely be seen, coupled with a new beginning. Title: Re: Ethereum Fees Post by: AlexAtom on September 07, 2020, 06:40:49 AM I guess it can't be helped, the ethereum gas fee is very high because there are many platforms using ethereum network.
They are competing each others to spending more gas so their transactions will be done quickly. As long they are still using high gas fee, we cannot use the low gas fee in ethereum blockchain. Title: Re: Ethereum Fees Post by: matchi2011 on September 07, 2020, 07:02:58 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? for now it is imposible, because so many transaction using eth, uniswap, Curve, KyberSwap, Balancer, etc.Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! and eth cannot handle all. we must waiting ethereum 2.0. It's happening now, the gas fee is no longer $5 you can now set to minimum and it will be transferred. The Hypes of those mentioned transactions might be calmed now and fees are acceptable if you are looking for quicker process, you are capable now to deal with much lower fees and enjoy if you are in the process of transferring your tokens. Title: Re: Ethereum Fees Post by: Michel_Official on September 07, 2020, 07:26:05 AM The fees to send ETH are minimum $5 in fees ... is it going to change back to "normal"? Maybe it backed to normal price if the fomo of defi is decreased.Who dictates how much fees are charged? If ETH is claimed to be decentralized where are those high fees coming from if not from a centralized party?! No, that's not coming from a centralized party. It's high because of more interest on defi space and more users are increasing their gas fee to make fast transections that's why it's increasing.Title: Re: Ethereum Fees Post by: Captain Corporate on September 07, 2020, 11:55:59 AM Well we are getting to that August levels, it is going down from the insane highs, don't get me wrong it is still quite high, who would want to see it this high, but going back a month is a start to going back a year, thats how it works. All of this DeFi and so forth BS will eventually end, people will realize it is a bull shit and not a real thing and people will stop using blockchain to get to that Defi stuff and eventually that will cause blockchain to get easier and the clogging will end. No matter where we end up, we are %75 lower than just a week ago, that is a great movement and I am hoping that it continues, we really need a bit more fall, we need it to go down another %75 on top of this so it would actually be a lot better (or at least normal). Title: Re: Ethereum Fees Post by: distr@yopmail.com on September 07, 2020, 12:02:34 PM It's happening now, the gas fee is no longer $5 you can now set to minimum and it will be transferred. yes, now I see that the cost of GAS has decreased. but I think there will be more adjustments for an even lower cost. had experienced a high increase and it is of course a concern for day traders.The Hypes of those mentioned transactions might be calmed now and fees are acceptable if you are looking for quicker process, you are capable now to deal with much lower fees and enjoy if you are in the process of transferring your tokens. Title: Re: Ethereum Fees Post by: Kamilaz on September 08, 2020, 11:44:04 AM I guess this is happening since there's a defi hype... same old same old, it'll go back to normal sooner or later
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