Ethereum Fees

[Malam90]

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.

[totoy4741]

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?!

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.

[palle11]

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.

[Killrbit]

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)

[ryap12]

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:

[carriebee]

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.

[plr]

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.

[Neoterix]

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.

[Shasha80]

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.

[ttcsalam]

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.

[escalante28]

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.

[Febo]

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. 

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.

[LazerPanther]

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.

The price of ETH collapsed has nothing to do with gas fees. This entire market is bleeding, even bitcoin has gone down below $ 10k today. Given what is showing, I think the market will continue to go down and the price of ETH is likely to fall below $ 300 again.

[FontSeli]

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.

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.

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.

[MonsterV]

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.

[Shohag123]

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.

[Chukwunonso]

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.

[qwizzie]

https://consensys.net/knowledge-base/ethereum-2/faq/

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.

[MonsterV]

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.

[7788bitcoin]

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?!

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.