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I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.
When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?
What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?
When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?
What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?
Many people, especially the typical person, may be discouraged from adopting cryptocurrencies for regular transactions or even for investing because of high transaction fees.
Scalability is one of the main issues with cryptocurrencies, especially Ethereum, which is a well-liked blockchain for DEFEI applications. With Ethereum 2.0, which strives to increase network capacity and lower fees, and layer 2 solutions like Optimistic Rollups and sidechains, this issue has been addressed. Ethereum has also been working on ways to solve high petrol fees.
We can anticipate the emergence of more user-friendly applications and interfaces as the crypto ecosystem develops. These platforms will attempt to remove the customer from the technical details of petrol fees, resulting in a smoother, more user-friendly experience.
The cryptocurrency industry is really cutthroat.Additionally, a number of other blockchains and networks are emerging that provide quicker processing times and lower transaction fees. If the exorbitant fees on the current networks continue, users might begin looking at alternatives.
Changes in regulations can have a big impact on the bitcoin industry. Petrol prices and the whole user experience may be affected if governments impose stronger rules on cryptocurrency exchanges and DeFi platforms.The problem is recognised by the cryptocurrency industry and its developers, who are working diligently to find solutions. They are aware of the necessity to increase public awareness about cryptocurrency.
