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Author Topic: I'm scared of ethereum gas fee  (Read 1646 times)
Cryptoababe
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September 19, 2020, 09:26:25 PM
 #1

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.

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September 19, 2020, 09:33:41 PM
 #2

dont be scared as $2k is still far from the horizon of eth. right now, you can just opt to other alts to trade with. dont revolve your crypto trading on eth tokens or defi tokens as you may be missing other profitable alts.
 if you cant afford their high gas fees, then go for other valuable alts. dont limit yourself to these tokens just because everyone is crazy about it.

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September 20, 2020, 03:34:26 AM
 #3

dont be scared as $2k is still far from the horizon of eth. right now, you can just opt to other alts to trade with. dont revolve your crypto trading on eth tokens or defi tokens as you may be missing other profitable alts.
 if you cant afford their high gas fees, then go for other valuable alts. dont limit yourself to these tokens just because everyone is crazy about it.

Yes, you are right.. But I only imago my how people will be able to cope ether transaction fees when it get to that price.. You know so many people will still have to use it

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September 20, 2020, 05:01:51 AM
 #4

dont be scared as $2k is still far from the horizon of eth. right now, you can just opt to other alts to trade with. dont revolve your crypto trading on eth tokens or defi tokens as you may be missing other profitable alts.
 if you cant afford their high gas fees, then go for other valuable alts. dont limit yourself to these tokens just because everyone is crazy about it.

Yes, you are right.. But I only imago my how people will be able to cope ether transaction fees when it get to that price.. You know so many people will still have to use it

Well some one will make an idea as alternative to ETH if they know its impossible to others to transact using ethereum for fees reasons. There are always room for improvement if eth know they have such  problem they need to also adjust or upgrade the system or else many choose other platform to create tokens instead of using ETH.


Like what USDT do they will use another platform to create a tokens dual chain or more chains if they really need it . Many will choose what they think is much easier for them and helpful so they can continue transact with low fees.

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September 20, 2020, 05:02:08 AM
 #5

The fee at 100 Gwei (average) to 120 (fast) according to https://etherscan.io/gastracker and https://ethgasstation.info/calculatorTxV.php are not bad as weeks ago. Weeks ago, you have to spend 200 to 300 Gwei to have average transaction speed. That is indeed terrible expensive transaction fee.

If you know how transaction works and what is status of transaction fee on the network (ETH/ ERC20 chain), you will be not scared when your transactions are not yet confirmed and also know which fee you should use.
ETH/ERC20 - Check and select good Gas price
Comparative table on fees among some coins. Pick up one for your need.

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September 20, 2020, 05:08:07 AM
 #6

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.
It looks like you are worried too much. Sure the eth gas fees is too high now but 2000 $ is unimaginable for now. They are developing layer 2 protocols and scaling solutions as well as other blockchain protocols to solve the issue.


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September 20, 2020, 05:11:39 AM
 #7


It looks like you are worried too much. Sure the eth gas fees is too high now but 2000 $ is unimaginable for now. They are developing layer 2 protocols and scaling solutions as well as other blockchain protocols to solve the issue.

They should do this fast everyday the transaction is a big headache for traders, I stopped using Ethereum now I am just small trader and I cannot accept the fact that I will be paying $10 for a $30 transaction, and if I set it to a much lower fee to see if it will go through even if it takes time the transaction will just failed.

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September 20, 2020, 05:24:11 AM
 #8

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.
Yea it's annoying and I had no choice but to stop using Ethereum blockchain for now, I've switched to Tron network, I'm sure that the next 2.0 upgrade will fix this high transaction issue, I read somewhere on the news that it's coming this November 2020, you don't need to be worried, 2000$ per Ethereum is not coming anytime soon

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September 20, 2020, 06:30:02 AM
 #9

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.

By the time ETH will reach 2000+ ETH 2.0 would already be released and I think ETH 2.0 should fix most of the scalability issues that ETH is facing right now. But I truly hope that they are working on some temporary solution to fix the network congestion.

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September 20, 2020, 06:35:12 AM
 #10

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.

By the time ETH will reach 2000+ ETH 2.0 would already be released and I think ETH 2.0 should fix most of the scalability issues that ETH is facing right now. But I truly hope that they are working on some temporary solution to fix the network congestion.

   I agree with you Sy, scalability issues will be solved, high fees will not last forever. This year it's the first time we see so high fees
on Ethereum, and it's hurting all of us, it's not cheap to send Ethereum and all those tokens on Ethereum chain. I try to set the lowest
possible fees when I need to send Ethereum, but I need to wait for confirmation, it's how I deal with high fees.



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September 20, 2020, 06:43:21 AM
 #11

The same question crossed my mind just about week ago when i was doing some transactions on eth, am really bothered about it not for we that have been in the blockchain space for quite some time but for those coming in, the high fees can be an easy put off for some low income earners , i just cant wait for eth 2.0 to be released, i pray and hope that puts an end to the high fees.

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September 20, 2020, 07:02:47 AM
 #12

now the transaction fee is 94 gwei or $ 0.75, right? maybe as the price increases, then the etherum network gets busier, the gas price might also go up.

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psyche.cash


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September 20, 2020, 07:32:20 AM
 #13

now the transaction fee is 94 gwei or $ 0.75, right? maybe as the price increases, then the etherum network gets busier, the gas price might also go up.
You are right man, but this happens most times during the weekend, Ethereum network shouldn't expect users to wait during the weekend before they can make transactions. Miners are earning hyper profits in this run since the emergence of Uniswap decentralized exchange and the others.

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September 20, 2020, 07:40:11 AM
 #14

You are right man, but this happens most times during the weekend, Ethereum network shouldn't expect users to wait during the weekend before they can make transactions. Miners are earning hyper profits in this run since the emergence of Uniswap decentralized exchange and the others.
It should be, because currently all matters relating to transactions under the ethereum platform are delayed and take a long time,
so things like this are a big complaint for everyone.

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September 20, 2020, 07:47:32 AM
 #15

This issue of gas fee is getting really scary. But I don't think it would ever get to $2,000. We may have the issue resolved sooner, if an update is made to the ethereum chain or the ethereum 2.0 project is launched. I've personally learnt how to reduce my ethereum transactions and employ other cryptocurrencies like tron to Carry out some transactions.
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September 20, 2020, 07:53:16 AM
 #16

Sooner or later fees will normalize. If you want to use dapps then ETH is not the only blockchain with them. You could try EOS, there are no transactions fees in general meaning and a lot of dapps. However, not every wallet supports it, i could recommend ownr wallet if you don't like to store your coins on exchanges
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September 20, 2020, 07:59:19 AM
 #17

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.
I'm not really sure if we can touch base $2k, well it's possible but it might take some time. I'm pretty sure you are not the one who are complaining about the exorbitant gas fees, everyone in the market are screaming already. It's either scalability will be solved in Eth2.0 or the devs needs to find a better solution, like LN or some other off chain transactions. Otherwise there could be an exodus of projects moving to other mainnet to propagate. I still remember those days, and ETH has been touted as the fastest that time, however, it is not the case today.

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September 20, 2020, 08:56:33 AM
 #18

What if ether price goes up to more than $2000 dollars.. How will people or new cryptocurrency users be able to cope with the gas fee. As I can see so far, the current gas price has been giving people tough time. I remember when we used to use 2 gwei for gas price.
I don't think the Ethereum network congestion can reduce with time.
while ethereum price that price and network have many trouble ofcourse developers team will do important developtment for network scalability. its already be old problem for ethereum , and core developer very concern to this. we know they will release ethereum 2.0 and maybe its launched to solved current problem.


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September 20, 2020, 09:15:59 AM
 #19

The possibilities  of ethereum price  being 2k $  will take time though.If it happens then another profitable altcoins are here to trade or invest. Forget about ethereum gas fee and  put your attention on other altcoins.Surely,Ethereum gas be will be lower that time.

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September 20, 2020, 09:36:40 AM
 #20

Outgoing remittance fee status occurs because recently people actively exchanged on DEXs and UNI airdrop event. The cost of transferring money is decreasing as people need to send money. You can wait patiently until Gwei drops and transact at a lower cost.

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