ETH Gas transactions price is about to hit 300

[MonsterV]

i know its sound crazy but its really happend to ETH when i try to send my 0.01 eth to gambling website, im getting shock when see the ethereum gas price is about hitting 300 , currently if you want to get confirmed faster with ETH chain, you need to use 275 GWEI for your transactions is getting confirmated in 2 minute, tell me what are you gonna do with your ETH if you hold some, are you gonna sell and move to other altcoin like in 2017 when smartcontract are very popular with the kitty on ethereum chain?.

dont you think we are on same situations as 2017-2018 when the gas for eth is high people start move to litecoin & dogecoin which have small fee and the both coin getting very pump.

[forexandcryptoauditor]

You are absolutely right. Due to a very high gas price, my few transactions are on hold at the moment. I am thinking to stay with ETH and move on once the gas price is lowered. But as you said, investments can move to other coins due to such high transaction fees by ETH.

[abdulodoi]

The current gas fee is ridiculous, paying about $10 for a transaction is just way overboard. This needs a resolution asap else Ethereum will start losing investors

[Ryker1]

Well, there are various conclusions to this reason why the gas fee of Ethereum is quite high. There is a rumor that the reason is due to the Defi app that could lead to the Ethereum network congestion, --once the network was congested, the fee will be affected and the gas will increase that we think this is new for Ethereum and the miners are not capable to cover those loaded network. Perhaps this was the new ATH of Ethereum in volume 2.0, there is a huge fee just like bitcoin.

[BeManga]

i know its sound crazy but its really happend to ETH when i try to send my 0.01 eth to gambling website, im getting shock when see the ethereum gas price is about hitting 300 , currently if you want to get confirmed faster with ETH chain, you need to use 275 GWEI for your transactions is getting confirmated in 2 minute, tell me what are you gonna do with your ETH if you hold some, are you gonna sell and move to other altcoin like in 2017 when smartcontract are very popular with the kitty on ethereum chain?.

dont you think we are on same situations as 2017-2018 when the gas for eth is high people start move to litecoin & dogecoin which have small fee and the both coin getting very pump.

i use myetherwallet today to send some token
my fee is almost $8 so i try to use around $2 at first and it failed then i try $3
what i didn't realize is when the transaction failed the fee you use for gas will also be loss in the end i use $13 with one transaction
if the fee continue to rise many user will try to look for alternative
its not really good idea to use ethereum right now when the fee is high

[MonsterV]

i use myetherwallet today to send some token
my fee is almost $8 so i try to use around $2 at first and it failed then i try $3
what i didn't realize is when the transaction failed the fee you use for gas will also be loss in the end i use $13 with one transaction
if the fee continue to rise many user will try to look for alternative
its not really good idea to use ethereum right now when the fee is high

that's why i said that im very shocked when im trying to send small amount of ETH but the fee is already exceeds the transactions value, the GWEI price its already hitting 300, most of user who use ethereum daily because of thier speed and fee is cheap a few month ago, i think they will definietly move to other altcoin like doge,trx,lite that having cheap and fast transactions compare with ethereum current situations.

The current gas fee is ridiculous, paying about $10 for a transaction is just way overboard. This needs a resolution asap else Ethereum will start losing investors

nah, they will not lose investor but on the other hand, if you can see when ico is very trend on 2017 - 2018 , ethereum is very necessary to buy because most of those tokens are on ethreum chain and they Ethereum to send the token to investor, now the same thing happened in the DeFi era where everyone need ethereum to buy tokens at uniswap, I expect the price of ethereum to remain rising, perhaps ethereum will exceed the previous ATH.

[pilosopotasyo]

dont you think we are on same situations as 2017-2018 when the gas for eth is high people start move to litecoin & dogecoin which have small fee and the both coin getting very pump.

I've delayed two of my past transactions because  sometimes fee is much higher than Bitcoin but it's not always the case and not all the times there are just times that Ethereum fee is very higher I would not not send my $10 for a $1.70 fee I would just wait for some hours for it to settle down.

[aprilnot]

yes ethereum gas fees are crazy now. sooner or later it may exceed bitcoin fees. if there is no solution to this, there will probably be many people who will start doing the same things as they used to. they will switch to coins that have a lower fee.

I'm a little disappointed because currently Ethereum is on the rise, but their transaction fees has risen very high.

[judeafante]

yes ethereum gas fees are crazy now. sooner or later it may exceed bitcoin fees. if there is no solution to this, there will probably be many people who will start doing the same things as they used to. they will switch to coins that have a lower fee.

I'm a little disappointed because currently Ethereum is on the rise, but their transaction fees has risen very high.

I'm also surprised it is Ethereum's biggest attraction until this happens many made a switch from Bitcoin to Eth because of much lower fees but now people will look on other coins for options if this does not fix that will be one of the drawback of using Ethereum now.

[bgaf]

I like ethereum so much but this fact is really killing me. I dont know but the only thing I dont like about them is this crazy high fee. What happened on the improvement on scalability? If this continue people will realize to transfer to another smart contract network that has more efficient and has low fee. By any means, anybody know a good network with low fee but very fast and secure to transfer tokens. Im betting trx is on the line and eos. But I dont like eos ram style.

Im thinking to jump on klay network and even this new project avalanche. Any thoughts about these two?

[lizarder]

I like ethereum so much but this fact is really killing me. I dont know but the only thing I dont like about them is this crazy high fee. What happened on the improvement on scalability? If this continue people will realize to transfer to another smart contract network that has more efficient and has low fee. By any means, anybody know a good network with low fee but very fast and secure to transfer tokens. Im betting trx is on the line and eos. But I dont like eos ram style.

Im thinking to jump on klay network and even this new project avalanche. Any thoughts about these two?

Klaytn is good in my opinion because the network is similar to ethereum, transaction fees are very cheap and also transaction speed is very fast, it's just that there aren't many tokens made using Klaytn network not many and also not yet developed like projects that use ethereum network, but for Klaytn tokens themselves currently they are almost chasing the ATH they have ever achieved, for Avalanche I'm not following this project but as far i reminder they currently developing their token and also avalanche blockchain network.

[qwizzie]

Why on earth are people still using Ethereum for transactions, when they know (or should know) :

ETH network is congested (95% network utilization)
ETH network has an exponentially rising gas price, that is breaking ATH records every day (currently $6,04, which is the highest fee since 2015) --> https://www.coindesk.com/decentralized-finance-frenzy-drives-ethereum-transaction-fees-to-all-time-highs
There is no short term scaling solution, ETH 2.0 phase 1 and 2 are years away and phase 0 contains no scaling solution and only has a soft target for end of this year. Truth is Ethereum was never designed to handle such loads of transactions traffic, it was designed to be a decentralized smart contract platform. With such rising gas price, Dapps developers and users will feel forced to leave Ethereum.Which means Ethereum primary use case (smart contracts / Dapps) will be under threat.
 
Lets take a look at Dash :

Average transaction fee : $0,004 cents (https://terminal.bytetree.com/dash, featured charts)
Avarage transaction time from sender to receiver and with amount getting spendable by receiver : 2 to 4 seconds
Transactions are protected against doublespending  
Network can scale rapidly on-chain safely by increasing its blocksize from 2MB all the way to 8MB (this has been thoroughly researched and tested), which can be done quickly through Dash governance system (which already approved a blocksize increase from 1MB to 2MB way back in 2015)
Network is protected against 51% attacks

Focused on providing in the short term : an user-friendly experience by introducing blockchain names (making it so easy that your grandma can use it), blockchain identites, a decentralized api, a decentralized drive for data storage,
data-driven smart contracts, a payment wallet Dapp called DashPay that will utilize the above. All through Dash Platform, which will be on Dash testnet end of this year.

Be smart, use Dash.
Dash is digital cash.

[Dhoe]

I'm also surprised it is Ethereum's biggest attraction until this happens many made a switch from Bitcoin to Eth because of much lower fees but now people will look on other coins for options if this does not fix that will be one of the drawback of using Ethereum now.

Of course, people would leave ETH and switch to other coins with lower transaction fees. Currently the Ethereum network is indeed congested, making the required gas higher than usual. But I think this is a sign that the ETH price will increase dramatically like in 2017.

[tangtangup]

I hope ETH 2.0 will be released soon and transaction fee issue will be solved. We can't switch to another coin because most of altcoins now are based on ETH blockchain network.

[qwizzie]

I hope ETH 2.0 will be released soon and transaction fee issue will be solved. We can't switch to another coin because most of altcoins now are based on ETH blockchain network.

Maybe you should take a look at what ETH 2.0 exactly is : https://consensys.net/knowledge-base/ethereum-2/faq/

What is the Ethereum 2.0 roadmap? What are the phases of Ethereum 2.0?

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.

Now guess which phase will have the scalability solution for the whole network ?
Developers could introduce some ad interim solution to get a grip on gas fees, but so far nothing conclusive has emerged and i doubt all users will see the benefits from that.

And there are enough Altcoins out there that have their own blockchain, and don't rely on Ethereum network.
Switching will be a simple case of reviewing Altcoins on speed, transaction fee cost and usability.

With Dash that will be : 2-4 seconds, $0.004 cents, high usability

[MUG1WARA]

i was surprised when you post this and i went straight to https://ethgasstation.info/ and it is very expensive gas I also don't know with eth I have now whether I should switch to LTC or Doge. this really kills us

[Akiko]

i know its sound crazy but its really happend to ETH when i try to send my 0.01 eth to gambling website, im getting shock when see the ethereum gas price is about hitting 300 , currently if you want to get confirmed faster with ETH chain, you need to use 275 GWEI for your transactions is getting confirmated in 2 minute, tell me what are you gonna do with your ETH if you hold some, are you gonna sell and move to other altcoin like in 2017 when smartcontract are very popular with the kitty on ethereum chain?.

dont you think we are on same situations as 2017-2018 when the gas for eth is high people start move to litecoin & dogecoin which have small fee and the both coin getting very pump.

If you plan to transfer your balance regularly then its better to move to other altcoins to lessen the fee you need to use for every transaction. If you are just a holders and want only profit you can stay in ETH since its for investment not for regular use.

I hope ETH 2.0 will be released soon and transaction fee issue will be solved. We can't switch to another coin because most of altcoins now are based on ETH blockchain network.

no only tokens is base on ETH we have many altcoin that can be use for low fees like tron and trx .

[MonsterV]

If you plan to transfer your balance regularly then its better to move to other altcoins to lessen the fee you need to use for every transaction. If you are just a holders and want only profit you can stay in ETH since its for investment not for regular use.

i use ethereum just to gamble, i have never held an ethereum since GWEI is increasing day by day because i know one day i will have difficulty sending the ethereum due to the transaction fee is too high, well for, but for now I lock up the intention to move ethereum from my wallet so that GWEI is back to normal as before.

[bitcampaign]

i prefer to hold transaction of some erc20 tokens, because high fees make me hold it temporarily, rich people think ETH transaction fees are cheap, for us small players it is very expensive, I want to sell my tokens on UNISWAP exchanges but I think it will large transaction fees

[Bitbtc8]

i know its sound crazy but its really happend to ETH when i try to send my 0.01 eth to gambling website, im getting shock when see the ethereum gas price is about hitting 300 , currently if you want to get confirmed faster with ETH chain, you need to use 275 GWEI for your transactions is getting confirmated in 2 minute, tell me what are you gonna do with your ETH if you hold some, are you gonna sell and move to other altcoin like in 2017 when smartcontract are very popular with the kitty on ethereum chain?.

dont you think we are on same situations as 2017-2018 when the gas for eth is high people start move to litecoin & dogecoin which have small fee and the both coin getting very pump.

Eth lovers will prefer to hold no matter what, most especially the whales but I believe things will change with eth network after 2.0 get launched soon, this gas fee issue won't affect the big players, only those with small eth coins will be affected