Bitcoin Forum

How well does it pique people's interest?

It's pretty good. Ethereum enables the decentralization of everything. The concept of smart contracts, in which transactions occur when certain conditions are met, is appealing because it eliminates the need for middlemen. Consider this: if you have a smart contract that states that you will be charged 1 eth when the contract expires, it will happen automatically.

Ethereum has the potential to play a significant role in the next-generation Internet. Developers are well aware of this. Ethereum is used to power the vast majority of dApps (over 75 percent )

How well does Ethereum function?

The cost of a transaction is currently about $9, which is very high when compared to the likes of doge, Ripple, and Litecoin, which are all typically under a dollar.

Hopefully, the EIP 1559 update in the coming months would result in lower fees. This is due to the fact that some of the payments would be burned instead, thus removing them.

Ethereum performs admirably, and the trend is upward. Over 1.5 trillion has been resolved using ethereum so far this year.

What are the more reasons you think of using ETH?

Liquidity, easy for us, supported by all of exchange sites and custodial wallet. Ethereum has also so many bridge to the another platform like BSC, matic and many more.
TBH i doubt if we will see EIP 1559 can be implemented easily. Did you see the conflict between miners and developer?
There are lots of reasons for me to use ethereum platform right now.
I think that mostly people still use it caused by ethereum is the second largest coin with very big ecosystem.

Just think of the following, if you are a newcomer to this market, I believe you will look for things that people are interested in. And of course first BTC, and then we will hear about ETH, which is why its position is never replaced in this market. I know there are many projects created with the goal of surpassing ETH :), all will just be chasing, do you understand what I say about its position in this market.

I'd say the ecosystem within the blockchain is already mature enough with all defis, NFT, dapps in general etc that make it worth to use or stick onto. If they succesfully increases their transaction per second to atleast 100K it's already enough to scale well in the future.
I know BSC is selling like a hot cake but the condition of BSC's market seems kinda chaotic with all the massively generated pump and dump shitcoins, rugpulls and not to mention the purely hype driven massive price pumping just because it has partnership with binance somewhat, it just doesn't seem to be right for a long term unlike ETH.

I agree and understand your thoughts on ETH, indeed its current position in this space will help it attract many people interested. Its problem in the pastime is also very easy to understand because the demand is too large to lead to slow transaction fees, and when everything is solved by them, the confidence in using it will be great. I think next time it will be the time when ETH really explodes in price.

Main reason is due to its decentralization, if you're talking from a development and project perspective. But the competition is strong nowadays, lots of chain like Fantom, Harmony, Solana, is doing really good to lower fees with enough decentralization to resist attacks (at least for now).

Ethereum needs the scalability update, if they don't achieve it, it will be hard to survive.

If some service providers insist on using ETH, then I can't do anything other than to pay them with ETH. Yes, If I'm lucky, I can get a substitute service that accepts other altcoins. As long as these "fanboy" service providers do that, there is always demand of using ETH, but until other competitors catch up with their level of services.

Agree, decentralization is a strong reason to buy for Bitcoin, not ETH.

the reason for using ETH may be its decentralization which is quite good. but in the past, now there are many competitors from ETH itself at a cheaper and more friendly cost
but if eth has a cheaper cost I will return to using eth again

The reason for using ETH today is almost zero. Transaction costs on the blockchain network are too high and that benefits the miners more than the users. Projects on ETH are shifting to BSC to reduce transaction costs. ICO, IDO activities are more organized than on BSC.
In the future, if ETH upgrades its network to reduce costs, it can bring users back.

The current Gass fee is much better than in the last 6 months. ethereum would be more and more favored by the entire blockchain community if only they could solve the gas fee problem sooner (because it looks like it will take longer than scheduled). Besides that ethereum has very good scaleability, which makes developers still choose ethereum even though there are other options with tx and also cheaper gas fees (for now)

the reason for using ETH may be due to its decentralization which is quite good, and can be accepted by everyone besides that eth is an altcoin that is very popular with everyone, even though many competitors have come ETH still persists, and with starting to decline again the price of gas on ETH will definitely many more are holding onto it, and hope we all have very high prices and low gas prices like last year.

For me personally, the Ethereum coin has been and will be the most relevant for business development in the crypto industry. And now, when the coin rises in price, the Ethereum coin is becoming very popular. I believe that Ethereum will serve for a very long time in the crypto market for the development of many promising projects.

as developer works on project to deliver use with offers of product and service, with the following terms the work on table of marketing helps as gathering attention from public of audience to put with decision of involvement with the project that they might gains returns of difference on consequence with investment.

The good news for those who like the Ethereum network is that the ETH gas price has started to go down. Previously ETH gas price could not be seen below 100 gwei.  But now it stays around 50 gwei almost all the time. If ETH gas price decreases and becomes normal, ETH competitors will decrease.  Then all projects, ICO, IDO will be launched on this platform again.

ethereum is one of my favorite altcoins it has really many erc20 and erc21 tokens on its blockchain which is very maleable and has smart contracts that can have a thousand uses is in short a complete and complex blockchain with which we can do many things, but almost anything vanishes in front of fees that are too high for transactions an average of $ 9 is too much on bsc the average is 40 cents that's why more and more users are abandoning eth and its blockchain and using bnb / bsc

ETH is ETH. In my eyes, ETH is head of altcoin. ETH reserved a place in cryptocurrency markets. So much popular tokens are in ethereum platform. If you want to use them, You must need to use ETH also.

Becoming a store of value, that's what I think of ETH. Just as bitcoin, the value is getting higher and there are more people believing on it that it's one of the best altcoin to be held as a long term crypto to hold. There's no doubt that due to that fact, there are more transactions that happens on its chain that causes it to increase in fees. And aside from that, the popularity of NFT have also contributed to it and that's the next trend that's being coped by ETH.

The smart chain is gradually taking over from ethereum as the high transaction fees and network congestion in the ethereum blockchain persist. Ethereum is the mother of all altcoins and from it, blockchain comes to a smart chain that has low fees and faster transaction confirmation.

I agree with you right now ETH is not smart to be used. The fees are too high at the moment. When the ETH 2.0 comes around we can speak about using ETH again. Until then there are other options like Cardano, Tron etc.

For meI don't see the need to use Ethereum because it is too expensive to use interms of transaction fee and cost of running Dapps on Ethereum is very high, but the first mover advatange that Ethereum has, has positioned it at the fore front in the space, we see what BSC has achieved and other blockchaains like Polkadots, Solana etc if they keep pushing for marketshare in the smart contract and Dapps space, they will give Ethereum real fight for its money

I'm not sure about that, ETH is the smart contracts coin, so, people need it... People are trading tons of tokens and NFTs nowadays, so, people will keep using them full day by day.

I know the GAS sometimes goes crazy, just as bitcoin fees do, but that will not stop people from using it. ETH 2 is in the way and that will bring a big change, a lot of people will get it for stacking. So, right now we have reasons to use it, and in the future, we will have more reasons.

Being a decentralized platform it cannot be denied that sometimes the price of ETH gas fees goes crazy due ito the fact that thousands of people are using it. Usually it happens after the price hike goes like this but will abruptly went back to normal after network updates.

I rarely even I never use crypto currency as mean of payment system. It means, I just using it for invesment only, as for when I want to withdraw it then I'll sell the ETH to my money fiat directly in the binance exchange. So as I only use arround $0.1 when I withdraw it.

There are so many alternative when you send crypto currency even bitcoin. Just move to the altcoin that still has a low fee and send it. Also, the transaction fee will be depend on the altcoin itself, I mean the transaction will high if the altcoin price is increase as well.

Take a look a few years ago when ETH price is still low, there are so many people who using it as a transaction tool. But, when ETH price is increase and there are so many project who use ETH network and its network become busy then its transaction fee is increasing as well.

Did you aware about that? https://etherscan.io/gastracker

The gas fees quite stable at this moment althought there is huge increase in the price of ethereum. The daily average transaction is not moving to the bottom but it's increasing a little bit.
Something weird happened with ethereum. I think your statement was not true at all because this time the fees is very stable.

This is what I am curious about also, am reading that the gas fee has been reduced.
But never had any eth transactions lately, so I can't attest that they indeed drop in fees.
It maybe owed to the berlin hard fork this month. They do really address the gas efficiency problem.

https://www.coindesk.com/berlin-hard-fork-is-now-live-on-ethereum

This is great news for those eth users who want to transact their eth tokens.
They have been waiting for this long time.

It does have a good history.
Cheapest and fastest transaction I have ever seen.
But look at how many altcoins are there now and Binance is creating almost the same thing with an offer of how good Ethereum is before.
I say they should make haste on this update or else they will be forgotten for usage and just be another asset.
Lack of usage may ruin the value of the coin.

Simple reason, there are lots established token(ERC20) that uses ETH blockchain so this one is good enough to use ETH.  This simply means ETH is successful in making itself useful even though it is lagging behind in fixing its transaction fee problem.


True that but if you are referring to ETH, I think it has established its use, one of the reason why people still use it even though there is already an alternative chain to use in regards of cheap tx fee.  They just can't leave ETH because ETH usage had already been rooted through its thousands of ERC20 tokens.

I think Etherium is so promissing because etherium have so many token that also use ETH for transaction.
There is so many project use ETH token that indicate ETH still have long term to live on crypto world. Today, Etherium on second of the crypto price list. I think Etherium always go hand in hand with the mother of crypto, Bitcoin.

because the system is decentralized, but now its rivals BSc have looked to many people to use their platform, they are taking advantage of the low fees to take over, and bsc users have so far increased very rapidly.
But eth recently made changes and arranged for a lower fee payment and it turned out to be effective for some time until the transaction was solid again and I was required to pay a fee that was quite high or not different from before.

50 gwei is still considered expensive at this time. if you look at the normal fee on the ethereum network it does not reach more than 15 gwei. so this is not a good situation. I appreciate the reduced costs that have occurred, but when compared to competing platforms, this is still not good. Ethereum fees are still quite expensive and due to the Berlin renewal there are many pending transactions or have longer confirmation times. So the current situation is not a good thing for ethereum.

The picture in the current market when someone is just starting to invest in crypto, for sure he will see the highest coin which is definitely BTC, because the price is very high for now, some people will look for a rank after that which means ETH, and not that. Inevitably, there are indeed many projects created to outperform ETH, but ETH's position is hard to shake as a queen in crypto.

but what is currently the problem is the high transaction costs if using the ethereum platform and whether it is recognized or not, nowadays there are indeed many projects that have started to migrate from the ethereum platform to bsc and if this continues it will certainly make the ethereum platform later abandoned by the fans, when talking about the most expensive altcoins, of course, nowadays there are many altcoins that are more expensive than the price of ethereum in the market

What actually matters most to me is ease of running full nodes and taking part in full network consensus for the sake of decentralization and fully controlling my assets on the network.
If the poorest person in the world with a laptop/phone can easily do those^ then I will be confortable investing longterm in the cryptocurrency.

Hope this is achieved without sacrificing on efficiency and speed.

ETH is leading the trend and creating many products that other blockchains must follow. Look out for blockchains like FANTOM, BSC, WANCHAIN they are recognizably replicating ETH's explorer.
ETH is the leader, but it is gradually learning other blockchains as it moves from POW to POS.
The high cost of ETH is the point that kills the project if they don't upgrade the blockchain for lower costs and faster confirmation speeds.

I think you said right the blockchain are using for many token which actually make the pressure of transactions and making it high. At the recent the new project are coming with Binance smartchain which actually decrease the pressure and gradually the fees are going down.

actually its normal for a traders and investors to tends to use such way because of ETH gas is so high and unacceptable at this moment . But perhaps all of this replacement when it come making transaction is only a temporary way , wherien soon or later when ETH is back to its normal process, for sure all clients will be back also to rely on it again.. Indeed ETH is very convenient to use and its been years on its service so there's no way they cannot fix this thing in my opinion..

To solve the problem with high transaction fees on the ethereum network, we have to wait a few months. During this time, this coin is unlikely to lose its current position and popularity. Moreover, now the whales are very actively buying it and it is now growing well in price. It even shows much better growth rates compared to Bitcoin. Ethereum has set an all-time high again today, rising above $ 2,700. I think that this year we may well be able to see its price of $ 5,000, especially if in October its scalability increases, as planned, 25 times.

Although there has been a decrease in transaction costs on the ethereum network, this has not yet been maximized. I still see the transaction fees moving up and down again. it is influenced by the number of transactions on the ethereum network. because more and more are using this network.
but the question is whether the same problem could happen to BSC in the future?

It is simply because all the good things are there, that is the only reason I have. I mean sure BSC is also great, but I am using that too, nobody forces you to use ETH and nothing else, if you like some others use them too. I personally have some funds saved aside so that I can test things, I see that money as money spend on education and that means I get to do whatever I want in something brand new and learn how it works and get better understanding of it.

This is why I was capable of checking everything and they looked all great, that means if you want to use ETH go ahead and do that, there are many good things there, if you want to use something else, like BSC or Tron then go ahead and add that too, as long as you have enough money to do two things, like even 100-200 dollars, that is fine to divide into two and spend it on two different places.

Fees are probably at the lowest point they can get. I managed to make a few transactions with 50 gwei and even lower, but it is rising again, and I don't know if any proposal will save Ethereum.
Sadly, this instability in fees creates vast problems that will become a burden for developments. Maybe some people don't care and value Ethereum at 200 billion but I don't and while the hype last, everyone is a hero.
There comes a time of realization again after the euphoria and maybe next time (third time) will be a charm.

Eth when viewed from the number of tokens that adopt it is very promising because it is still trusted and many still have it, unfortunately the high transaction fees are an obstacle for ETH, the large queues in the transaction make the fees more expensive, besides that there is no significant problem for ETH.

Well current gas fee was really low comparing to 1-2 months before and on upcoming London Fork on August 4 on block height 12,965,000 there will be significant change and improvement on the chain, One of them is EIP-1559 where it will be reduces the gas fee and the others thing too, Let's just wait until it happens.

Honestly speaking At first I was only using Ethereum just because many of the ICO projects are using the erc20 algorithm. But that's before because my perspective about Ethereum today has changed.

Most crypto users know how Ethereum changed the smart contract services and revolutionized it as what we have seen today. And that particular reason why, Ethereum is very popular and continuously growing bigger and bigger, even if some problems related to expensive gas fees have brought negativity to the Ethereum network and become one of the hottest topics in the crypto space recently. But besides that challenges, Ethereum has still managed to grow, along with the layer 2 solutions like Polygon, BSC, and many others.  

Is 27 Gwei to 30 Gwei in one transaction on ETH expensive? because when the number of Gwei reaches 500 to 1000 in one transaction is said to be expensive, then the number of Gwei transactions that are currently in the tens is a very cheap thing, I think, so try to wash your face first before you comment here. :D

There are alternatives now in using ETH especially if for payment transactions only. But we can't deny that many still prefers to do projects using ETH platform even the ICO Crazy is now since they find using it easier at the same time many uses it due to it's popularity as well much easier access.

Yes, and now the issue of transaction fees on Ethereum has been resolved and is no longer worthy of being called a problem because it is already very cheap, for proof, try it for fun to send a coin to an exchange wallet, and see how much it costs you, I'm sure the cost is already very cheap.

The adaption was in full swing until the transaction fees started to spike and seeing the opportunity there are other projects trying to take advantage especially Binance who took the opportunity and ran with the situation and now all the new projects are using BSC rather than using ETH and in the future we might see all the projects using multiple chains in the project as some are using multiple chains .

many new projects are under bsc but there are a few that is created under etherium .
 their devs can be a die hard eth fan and they still believe on the potential of eth and about the project with multiple chains so far i joined one of it and they are partnered with kuckoin  .
 soon this can be a thing but it was a little hassel to create a new network and transfer to one chain from another when transacting.

Because Ehtereum is the largest cryptocurrency by volume and Ethereum was built on the principles of decentralized finance. Etheruem is available to anyone who can access the internet

however, ethereum is a pioneer for the growth of smart contract networking platforms. ethereum has been the inspiration for the development of several other smart contract networks. even BSC and RSK are also built from the development of the ethereum smart chain.
that's why until now ethereum is still too strong even for BSC which got the biggest adoption this year.

Now you know why there are so many competitors although BSC isn't a proper competitor. Even though we use BSC for new altcoins, tokens will split faster than Ethereum. Holders wallet increase means price must increase. Day after day we needed a lower transaction cost when we saw low transaction cost offering in the other blockchain. 27-30 GWEI is high because we have the lowest blockchain.

It was quite low although at times it goes, but if you want Ethereum work at a very large scale with a huge number of applications, the fees need to be very low 24/7. A lot of applications are designed to work all around the world and you can't just be forced to wait for 6 hours because otherwise you operate an application or a business at a deficit because you charge micro amounts with too high fees. That needs to be improved.

I only use Ethereum to invest in the long term. I chose to hold Ethereum because Ethereum users can own their own data and any apps they own can't snoop and steal from their users. I am afraid to transact using Ethereum because the fees in each transaction are very expensive, therefore I just choose to hold it until the price of Ethereum becomes very expensive.

Ethereum is proven and dominant in the crypto marketplace for so many year. In any flatform, ethereum always valuable with his partner bitcoin. I have no doubt for this coin, its all secure and profitable at all times.

The adoption of ETH is already wide, thats the main reason why I keep using it despite all the high fee although the fee itself fluctuates a lot. It could cost $10 to send a transaction today and it could cost $0.5 to send transaction tomorrow, but overall ethereum is still conpletely usable and still useful, the high fee itself also means so many people using ETH that theres too much transaction and ETH cant handle it.

eth was like a bitcoin.
 if btc is considered as the father of all cryptos,  the eth is also the father of all the smart contracts. this is why some projects are still under the eth because they show a respect but not only new projects,  
i believe even the founders of other chains do also have a respect to etherium but we cant see it because they dont show it publicaly.

That's clear, and if Ethereum could be available to anyone with access to the internet, then Bitcoin would have come first because Bitcoin was available to anyone who could access the internet and know what Bitcoin and cryptocurrencies are, because many people can access the internet but they don't know what cryptocurrency is.

It's not just because a coin is the father or the oldest or whatever, but all the development and scrutiny that has been put into writing the code. These platforms have a history of security and proven that they work. Ethereum works, but that doesn't mean smart contracts built on top of it can't be hacked. That has nothing to do with the base layer itself. Bitcoin and Ethereum proved they work and can't be hacked. That is a major reason why people use the two a lot.

It's very cheap but another platform was offering the cheaper transaction than ethereum. A single transaction of ethereum consumes around 50 cents but another second layer solution was consuming less than it.
Some people may still think if that's quite a lot for them as they were the small traders.
that's why it must be reduced and also the tx fees of ethereum is not steady. Once the market got flooded and then it will be jumped too.

I am sure that many people are still putting their high interest in Ethereum. Moreover, the gas fee is decreasing.
And here are about some reasons:
- easiness
- High market cap
- Big community
- Trusted top coin
At least, they are some of the big points to still use ETH

We should not consider the gas problem and how expensive the gas price can be resolved until the price not always changing significantly because in my opinion today the gas price can be cheap but tomorrow it could be different thing.
Also the gas required always varies on every smart contract, just because it's cheap to send eth doesn't mean it's also cheap to send erc20 token or even using uniswap.

Talking about Ethereum mainnet there is no point in using it because of high fees compared to Binance Smart chain or Polygon as well. New sidechains carry the same functions, I mean providing space for different DAps, but they give you an opportunity to use them with lower fees, so I prefer them.

But I still hold ETH and I will do it in the future as well, because it is the second crypto currency in the market and devs are still developing their project, so I believe in it.