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Author Topic: The cost of transferring money on the Ethereum network is too high  (Read 512 times)
livingfree
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August 28, 2020, 10:52:30 PM
 #81

-snip-
I have sent ethereum 3x with gas 58 gwei, 78 gwei and 86 gwei all transactions pending I was a little frustrating at the time
-snip-

My advice, before making a transaction on Ethereum Blockchain, firstly you must be checking how many gas for regular transaction at http://ethgasstation.info

Now
Quote
Recommended Gas Prices in Gwei
67       I      FAST< 2m
59       I      STANDARD< 5m
48       I      SAFE LOW< 30m
Other Ethereum holders and users don't check it.

And if they do, it's surprising them why their transactions are being stucked but they have never consulted or checked the current fees of the network.

Checking it is needed to be aware what's recommended gas to pay and what low gas amount you have in your mind to avoid.

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August 30, 2020, 02:41:53 PM
 #82

Honestly I see 2.3 dollars right now, and that is a big step down from what it was a week ago or so and even with that it is still a thousand percent higher than last year.

We really need to go back to like 20 cents per transaction levels, without that we are really not going to see anything ethereum related picked up too much, people will try to look past that and find something else with another blockchain, otherwise why would they want to be involved with anything that even just the fee costs over 2 dollars, few sends and receives and they are already at 10 dollars loss from the situation without even having to make any profit or loss, that is just the start. That is why I believe we need to find a way to make it a lot lower, and I mean really a lot.


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kerjakuat
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August 30, 2020, 02:48:32 PM
 #83

That will be happen when the traffic get overload with transaction.. Its mean a lot of peoples using ethereum witch is good for your investment as when we see something crowd wih peoples it mean the market will be grow. So it has a good side and a bad side as the cost will be keep on rising and any low gas will make your transaction on pending for days.

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August 30, 2020, 08:08:25 PM
 #84

Everyone is worried about Ethereum network high fees. The primary benefit of cryptocurrency is low transfer costs. If the user is paying high fees for their little transactions, then the purpose of cryptocurrency is dead. Ethereum network should resolve the high fees issue; otherwise, people will go to the other blockchains instead of Etherium network. So the purpose of swap is to minimize the exchange fees, but if paying in Uniswap high fees, this should not be used for trading and swapping.

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August 30, 2020, 08:25:39 PM
 #85

In particular to uniswap, the transaction fee is too high and has discouraged alot of people from using the platform. I think if everyone calls them out they might adjust it. Decentralization should offer low transaction fee with speed.

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August 30, 2020, 08:45:05 PM
 #86

not only you, I also feel the same way even the eth gas fee is much more expensive than the token I sent at that time. I realized this because considering the ever-increasing Ethereum price it could impact shipping costs as well. I hope this won't last long, if this problem persists it will likely impact ethereum users, I mean, users can switch to another altcoin with cheaper shipping costs.

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August 30, 2020, 09:01:51 PM
 #87

i will suggest to switch to another blockchain for ur transaction. tron will be better or eos. i prefer tron but recently, there was a 70% transaction fee reduction in ethereum gas price. with the ethereum 2.0 testnet on the horizon, the fee might keep going down. The recent DEFI space have created the high gas fees but other blockchain platform are coming to the rescue. DOT and solana will product effective platform to battle the gas fee.

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August 30, 2020, 09:07:08 PM
 #88

It is very pathetic who send low amount for day to day use. Sometimes it happens that if we bear the fees, our main capital gets hampered. But if we think about price, ethereum is growing everyday.

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August 30, 2020, 09:37:33 PM
 #89

-snip-
I have sent ethereum 3x with gas 58 gwei, 78 gwei and 86 gwei all transactions pending I was a little frustrating at the time
-snip-

My advice, before making a transaction on Ethereum Blockchain, firstly you must be checking how many gas for regular transaction at http://ethgasstation.info

Now
Quote
Recommended Gas Prices in Gwei
67       I      FAST< 2m
59       I      STANDARD< 5m
48       I      SAFE LOW< 30m
Already 5 days is over but my transaction is still pending on the Ethereum blockchain. My transaction cost has already been taken, but I don't get tokens on centralized exchange. I followed this gas recommended prices, I chose safe low. Cost could increase more after making transactions, that's why my transaction is pending.

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August 31, 2020, 12:05:33 PM
 #90

Already long time, the price of transactions has been growing due to the expected release of Ethereum 2.0 and, of course, due to the popularity of DeFi, and therefore you should always catch the moments when the price of gas falls and make transactions at these moments.

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August 31, 2020, 12:25:42 PM
 #91

Honestly I give up on ethereum for now, I'm not going to make any transaction for now unless I have more than 100$ worth of ethereum or tokens, the gas fee is really killing me right now

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August 31, 2020, 12:40:35 PM
 #92

It is very pathetic who send low amount for day to day use. Sometimes it happens that if we bear the fees, our main capital gets hampered. But if we think about price, ethereum is growing everyday.

We are talking about fees and indeed it's very annoying, you need to adjust the fees if you want to make it more quicker.

Sending your token / coin using the the regular fees will take longer, if you are in such a hurry you'll need to adjust. I was able
to send $70 worth of tokens paying $4+ and still take some time before reaching the exchange.

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friends1980
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August 31, 2020, 12:55:38 PM
 #93

That is what happens when something gets popular, it is not as high as few weeks ago for example, you want to know why? Because ethereum got popular and the transaction costs went up super high and after a while that hype died down and now it is still higher than it used to be but lower than what it was a couple weeks ago. Do not really worry that it happened, be happy that it happens.

Because when that happens it means that there are tons of people exchanging ethereum, there are actually sooooo many people doing that it actually causes the blockchain to be clogged and you need to pay a ton more in order to get your transaction passed. That means there are people who like it and use it, that is what we want right? We want the whole world to use it, so blockchain being clogged is a popularity thing and we should be happy about it.

This is certainly not the first thread about this issue, and the big question is of course: how will you get "the whole world to use it" if you have to pay huge fees?

Basic conditions for users who are not interested in the whole blockchain behind-the-scenes story are simply: 1. is it faster than my bank? 2. is it cheaper than my bank?

It used to be faster and cheaper, but times have clearly changed (for certain coins like ETH, I mean).

I'm not saying that's a good or a bad thing (which is not the point here), but it does mean the whole world will not become more enthusiastic to use it in the current circumstances.

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August 31, 2020, 01:00:23 PM
 #94

It is very pathetic who send low amount for day to day use. Sometimes it happens that if we bear the fees, our main capital gets hampered. But if we think about price, ethereum is growing everyday.

We are talking about fees and indeed it's very annoying, you need to adjust the fees if you want to make it more quicker.

Sending your token / coin using the the regular fees will take longer, if you are in such a hurry you'll need to adjust. I was able
to send $70 worth of tokens paying $4+ and still take some time before reaching the exchange.
Well, if it is from bounty hunting tokens then there is no problem with that though 4$ is literally high. I think there is a need of more miners now because the higher the demand for this miners the higher fees they will get.

The best thing about high transaction fee is all about ethereum and bitcoin. Users will tend to hold instead of selling it seeing that bitcoin and ethereum has a good market price.

I am an ethereum lover here but for now I sell them already. I guess I need to wait for another market crash for cryptocurrency so that I could buy ethereum and bitcoin again.
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August 31, 2020, 02:14:27 PM
 #95

Honestly I give up on ethereum for now, I'm not going to make any transaction for now unless I have more than 100$ worth of ethereum or tokens, the gas fee is really killing me right now

You are dramatizing. Transaction fee has declined about a week ago and transactions are not soo expensive. Transaction fees were always cheap. Of course it is expensive to pay for 1$ worth tokens transactions, but when you send something that worth 50-100$, paying a dollar is normal.

Besides, take a look on ethereum price. It grows, same does transaction price. Its balance. You cant just expect that ethereum price doubled, and transaction price would not do it.   

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CuriousGeorge
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August 31, 2020, 02:16:33 PM
 #96

Honestly I give up on ethereum for now, I'm not going to make any transaction for now unless I have more than 100$ worth of ethereum or tokens, the gas fee is really killing me right now
Even if you are having more than $100 and then you must think for a twice to make a transaction use ethereum. As you can see the fees is very high and imagine when you are sending $100 worth of ethereum and you must pay up to $20 for a tx. that's crazy

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August 31, 2020, 04:29:35 PM
 #97

Honestly I give up on ethereum for now, I'm not going to make any transaction for now unless I have more than 100$ worth of ethereum or tokens, the gas fee is really killing me right now
Even if you are having more than $100 and then you must think for a twice to make a transaction use ethereum. As you can see the fees is very high and imagine when you are sending $100 worth of ethereum and you must pay up to $20 for a tx. that's crazy
We like to use and hold cryptocurrency for low transaction cost from the rest of the transaction. For this high cost now I'm becoming ERC-20 tokens holders. For one transaction 5 USD cost huge. This high cost is forcing us to hold altcoins. We can buy another coin from Ethereum or ERC-20 tokens in centralized exchange.

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September 01, 2020, 03:38:36 AM
 #98

Currently, i saw on https://ethgasstation.info/ the gas fee of Ethereum network is 245 for safe low.
The gas fee seems keep increasing, meaning there are many transactions on Ethereum network occurring.
If you have some eth or eth token in exchange, i suggest you to convert it to other coin before you withdraw it.

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September 01, 2020, 07:28:20 AM
 #99

Currently, the trend of using DEX is blossoming and there are many projects with huge transaction volume on the UNISWAP platform. At such a high cost they can only suit the wealthy, for those who trade under $ 500, this will be a huge drawback. Theoretically, if ethereum 2.0 launches then the problems related to cost should be solved. I'm waiting to see if it solves the problem.

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September 02, 2020, 07:31:45 AM
 #100

Gas costs are at a new level. I am wondering when Ethereum 2.0 will launch and will they solve the problem of high cost, slow sending speed?
There is a GAS war on decentralized trading platforms.






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