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Author Topic: Will the ETH 2.0 Solve the issue of high fees  (Read 165 times)
BayAngelo
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January 20, 2021, 12:58:53 AM
 #1

i think one of the major reason why ethereum remain at the current market price is the current gas fees that has drive new and low fund investors nuts. we are meant to believed that the launch of ethereum 2.0 will solve the issue of gas fees and allow faster transaction. this will be confirmed when the upgrade takes place. currently many projects are gradually migrating to other platform. although this might not affect eth but it is gradually hurting new investors and also ethereum ,marketcap.

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January 20, 2021, 01:44:46 AM
 #2

ETH will get to 5k soon. But will it solve issue with fees, no idea. I hope so because paying 2% to send 100 usd, is kind of expensive.
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January 20, 2021, 01:56:33 AM
 #3

Unfortunately That's not gonna happen.
but there is one solution = ETH price down.
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January 20, 2021, 03:41:40 AM
 #4

i think one of the major reason why ethereum remain at the current market price is the current gas fees that has drive new and low fund investors nuts. we are meant to believed that the launch of ethereum 2.0 will solve the issue of gas fees and allow faster transaction. this will be confirmed when the upgrade takes place. currently many projects are gradually migrating to other platform. although this might not affect eth but it is gradually hurting new investors and also ethereum ,marketcap.

There are reports that Ethereum already touch it's previous high of $1,400 already. So I guess even with a high gas fees, investors are really putting their money on it. And this should start the so called alt season.

Eth2.0 was touted to cover this issue regarding the high fees if I'm not mistaken, but we might not be so sure if the price continues to rise as it might affect it again. So it will another waiting game, I think Eth2.0 is more on the staking side. If I may share my bad experience, trying to swap something, but I was being charge more than $700 for fee on $200 worth of swap token, LOL, not gonna happen.

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January 20, 2021, 04:26:24 AM
 #5

https://docs.ethhub.io/ethereum-roadmap/ethereum-2.0/sharding/

and why not? you should understand more about the sharding implementation that will be happened through that link.
it will increase the capacity for the block to confirm more TPS. It will be coming this year dude. I hope that the scalability problem on ethereum will be solved as soon as possible.

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January 20, 2021, 05:22:04 AM
 #6

I don't think it's like that. In my opinion, the gas fee increases because there are so many transactions that are currently happening, so for us to do fast transactions in queues it requires a large gas fee. That is why the fee has increased, and if we look closely at the large fee, it is not because the amount is high, but because etherium is currently expensive and makes each transaction cost a few $ for shipping costs.

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January 20, 2021, 05:47:36 AM
 #7

i think one of the major reason why ethereum remain at the current market price is the current gas fees that has drive new and low fund investors nuts. we are meant to believed that the launch of ethereum 2.0 will solve the issue of gas fees and allow faster transaction. this will be confirmed when the upgrade takes place. currently many projects are gradually migrating to other platform. although this might not affect eth but it is gradually hurting new investors and also ethereum ,marketcap.

The ETH 2.0 platform isn't out like out on a full scale but we've seen some major improvements compare to earlier period where there is this massive gas price during bull runs. For example I made a wallet to wallet transaction recently and the gas fee was a lot better compared to when I made another transaction to my ETH wallet on Earnbet and another to my Binance ETH wallet. I think it's a matter of time before we get to see the type of scale we hope for, which I think it's due cos considering cost, a lot of people will still be very much skeptical with the future of Ethereum as a transaction blockchain.
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January 20, 2021, 06:01:05 AM
 #8

i think one of the major reason why ethereum remain at the current market price is the current gas fees that has drive new and low fund investors nuts. we are meant to believed that the launch of ethereum 2.0 will solve the issue of gas fees and allow faster transaction. this will be confirmed when the upgrade takes place. currently many projects are gradually migrating to other platform. although this might not affect eth but it is gradually hurting new investors and also ethereum ,marketcap.

There are reports that Ethereum already touch it's previous high of $1,400 already. So I guess even with a high gas fees, investors are really putting their money on it. And this should start the so called alt season.

Eth2.0 was touted to cover this issue regarding the high fees if I'm not mistaken, but we might not be so sure if the price continues to rise as it might affect it again. So it will another waiting game, I think Eth2.0 is more on the staking side. If I may share my bad experience, trying to swap something, but I was being charge more than $700 for fee on $200 worth of swap token, LOL, not gonna happen.

Phase 1 of Eth 2.0 is not fully launched, so maybe that's the reason why we haven't feel its impact yet when it comes to gas fees. What they called this stage is the shard chains -

https://ethereum.org/en/eth2/shard-chains/



Based from above, sharding will reduce network congestion as well as increase txs per second. But it doesn't mention about gas fees. Maybe, they will address also as users are getting disappointed because of high gas fees.

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January 20, 2021, 06:10:36 AM
 #9

ETH will get to 5k soon. But will it solve issue with fees, no idea.
LOL, why cheaper transaction fees can help Ethereum moves to $5k. There are many altcoins with cheap transaction fees and their prices are not at $5k. I won't surprise if Etherum get a price at $5k in FOMO but if you say it is because of cheaper transaction fee, it could be wrong.

Ethereum has been known to be a space for scam ERC20 projects and recent weeks, Polkadot has become the biggest competitor for Ethereum. It is a young altcoin but create a hype with a new altcoin is easier than with a long and bad reputation as Ethereum.

Quote
I hope so because paying 2% to send 100 usd, is kind of expensive.
The smaller the amount you make for your transactions, the higher percent of it will be used for transaction fee. It is true for bank transfer as well.

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January 20, 2021, 06:14:51 AM
 #10

I do not think that will stop the investor, whether it is a new or old investor because they will still invest in ethereum and hold it. But we hope that the gas fee can reduce in the future to make more profit. The gas fee is something that we need to pay to make a transaction, and we have an option to send the ethereum at that time or in the next time. Besides that, if you send through the exchange, the fee is not too high depend you send from your own wallet.


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January 20, 2021, 06:49:53 AM
 #11

ETH will get to 5k soon. But will it solve issue with fees, no idea.
LOL, why cheaper transaction fees can help Ethereum moves to $5k. There are many altcoins with cheap transaction fees and their prices are not at $5k. I won't surprise if Etherum get a price at $5k in FOMO but if you say it is because of cheaper transaction fee, it could be wrong.
I guess he have the impression because the hike in transaction fee in Ethereum have made some new project team and some investors find another alternative. However, I expect Ethereum to experience to increase in price once the ETH2.0 is executed since the community are also bullish about it

Ethereum has been known to be a space for scam ERC20 projects and recent weeks, Polkadot has become the biggest competitor for Ethereum. It is a young altcoin but create a hype with a new altcoin is easier than with a long and bad reputation as Ethereum.
Honestly, I still don't believe the waves making by the DOT to be totally genuine but if it was I don't see the coin as the biggest competitor for Ethereum cause crypto project survive base on community support and if you remember when BCH was forked it makes ridiculous surge in price and people see it as a competitor for Bitcoin but it losess its strength.
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January 20, 2021, 07:00:08 AM
 #12

In other transactions, the transfer fees are very low, but many things are very different in Ethereum. The Ethereum blockchain is very busy because transactions are made very often.
New investors increase the density of Ethereum even more. There will be an update to Ethereum, otherwise we may need another technology  Undecided

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January 20, 2021, 07:30:06 AM
 #13

In other transactions, the transfer fees are very low, but many things are very different in Ethereum. The Ethereum blockchain is very busy because transactions are made very often.
New investors increase the density of Ethereum even more. There will be an update to Ethereum, otherwise we may need another technology  Undecided
It looks like what has happened in the change in Ethereum hasn't been able to change what was really expected of most of those who took every transaction with Ethereum. the principle that large traffic results in large costs seems to be starting to be echoed but why only now this seems to be important to do !!!

Obviously, there must be self-introspection to immediately improve because this involves a very important matter because most users are making small transactions that have a very impactful.
maybe it could be that many have done other alternatives and that might be an alternative way that could be done if there were no significant changes from ethereum itself.

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January 20, 2021, 07:56:24 AM
 #14

The problem is that it really has value and is being used by everyone, despite opinions to boycott it from the market, we still see it dominating the rest of the altcoin. Looking at the amount of ETH locked for ETH 2.0, I can see that people are betting on its future, they believe in what it has done in the market.

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January 20, 2021, 08:04:58 AM
 #15

Considering Ethereum price and how it has grown to attain such price from last year till now, it is perfectly clear that investors hardly care about the high fees but rather keeps buying, because if actually the high fee is not welcomed, many investor would have gone for other coins and the price would not have gotten to its current state, but that's not that case. Also, many upcoming projects still finds it worthwhile launching on Ethereum blockchain, thus showing that, irrespective of the high fees, Ethereum blockchain is still perfect and efficient for them. Nevertheless, the issue of high fees is really a discouraging factor as many people still finds it hard carrying out transactions as they want to, but the Ethereum upgrade has been anticipated to solve that issue, and considering how efficient the team in Ethereum platform want the network to be, they will try their best to solve this issue in order to retain their growth, assume a good spot in the future and maintaining their competitive advantage.

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Maxstl007
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January 20, 2021, 08:10:20 AM
 #16

ETH will get to 5k soon. But will it solve issue with fees, no idea. I hope so because paying 2% to send 100 usd, is kind of expensive.
It looks like many haven't heard about EIP 1559 yet, the high gas fee won't exists anymore I believe, if you want to know more about this EIP-1559 you can go through this link over here https://notes.ethereum.org/@vbuterin/BkSQmQTS8

Also the ETH 2.0 won't be here anytime sooner, it will definitely take longer than ever, it's not the first time buterin prolong the POS algorithm, Ethereum have been planning to switch to POS algo for years now
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January 20, 2021, 09:35:06 AM
Last edit: January 20, 2021, 11:52:46 AM by flagpara
 #17

i think one of the major reason why ethereum remain at the current market price is the current gas fees that has drive new and low fund investors nuts. we are meant to believed that the launch of ethereum 2.0 will solve the issue of gas fees and allow faster transaction. this will be confirmed when the upgrade takes place. currently many projects are gradually migrating to other platform. although this might not affect eth but it is gradually hurting new investors and also ethereum ,marketcap.
Because of high transaction cost, we don't make any transaction from decentralize exchange. For high transaction cost Ethereum blockchain is avoiding low value of money transaction. The main feature of Ethereum 2.0 is high TPS, low transaction cost and proof of staking.

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January 20, 2021, 09:39:29 AM
 #18

The theory is wonderful and we are seeing the beginning of its application and in other words if the theory is actually applied, the rates can be reduced in relation to the quantity of Ethereum but not in a significant amount. So we will see a consistent and effective speed in transactions and perhaps we can even consider an evolution in fees.
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January 20, 2021, 11:09:40 AM
 #19

i think one of the major reason why ethereum remain at the current market price is the current gas fees that has drive new and low fund investors nuts. we are meant to believed that the launch of ethereum 2.0 will solve the issue of gas fees and allow faster transaction. this will be confirmed when the upgrade takes place. currently many projects are gradually migrating to other platform. although this might not affect eth but it is gradually hurting new investors and also ethereum ,marketcap.
Solving the issue of high gas fee isn't the headache here, the ETH 2.0 will take a year or more to fully become activated, if you think I'm wrong why is POW algorithm still working on Ethereum right now? We are told that by December POS algorithm will be here but nothing happened, I don't trust that vitalik guy anymore, he isn't a man of his word, some are even saying it's been years since they keep hearing about proof of stake on Ethereum is coming, lol

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January 20, 2021, 11:16:54 AM
 #20

Unfortunately That's not gonna happen.
but there is one solution = ETH price down.
There is no solution like lowering the price. Instead, I would prefer the price increase to provide me a profit and I agree to pay a fee of $20.
You should research ETH 2.0. ETH update will definitely make transactions cheaper as well.
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