Eth gas fees and investing

[abel1337]

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

That's exaggerated. They've said the same thing with bitcoin before. If you're a trader and you mostly transfer from time to time, it will disappoint you to transfer because of the fees.
But if you're just a holder and investor, it's not that much issue because if the value increases, the fee isn't a lot if you've got a lot in hold. But if you're just holding a small amount, it's just the same as the traders concern.

You can feel the fee when transacting on a daily basis especially if your timing is bad when there is network congestion. I think that ETH gas fees won't sink Ethereum but it will hinder some users from using eth and eventually, the small users of Ethereum will decrease knowing that there are new projects that are expected to launch their project on a different blockchain with smart contract support that is more efficient.

[5ensei]

It's not even worth moving small tokens out of your wallet as GAS costs more than the token value. It's turning into a platform for wealthy DeFi users only

[tabas]

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

That's exaggerated. They've said the same thing with bitcoin before. If you're a trader and you mostly transfer from time to time, it will disappoint you to transfer because of the fees.
But if you're just a holder and investor, it's not that much issue because if the value increases, the fee isn't a lot if you've got a lot in hold. But if you're just holding a small amount, it's just the same as the traders concern.

You can feel the fee when transacting on a daily basis especially if your timing is bad when there is network congestion. I think that ETH gas fees won't sink Ethereum but it will hinder some users from using eth and eventually, the small users of Ethereum will decrease knowing that there are new projects that are expected to launch their project on a different blockchain with smart contract support that is more efficient.

Yes, it won't sink Ethereum but it will make most of the holders of it just to keep it rather than use it on a daily basis.
That's why it's no longer economical just as before when we trade for thousands and the fees have been priced in into cents but it's too much in today's time.

[forexandcryptoauditor]

Ethereum should urgently bring the solution to the issue of high fees. Even though it is relative to price, high transaction fees is losing the confidence among ETH users. I Hope will get new updates with lower fees soon.

[amishmanish]

I don't think it really matters to people any more. Especially to the new bunch of enthusiasts and money makers from developing countries like Indonesia, Turkey, Eastern Europe. Most want low trading fees for instant and complicated transactions. Centralized solutions are fulfilling the need of the market.
(....)

It will not matter in the early stage, but if it will stay forever and in the long term, it's like a ticking bomb.
The beauty of cryptocurrency is decentralized and why it is being ignored?
Ethereum Layer 2 is the solution, other alternatives especially Binance Smart Chain will get hammered by Ethereum soon and others claiming Ethereum Killer, just a matter of time.
No hater of layer 1 protocols or other Ethereum alternative here, I can say they can somehow help the Ethereum network's scalability temporarily.

Exactly. Without a truly decentralizes network, the whole meaning of having a financial system without a central authority goes up in the air. This is especially true with the BSC. It is basically a private blockchain which benefits one person, Changpeng Zhao. The fees being paid in case of ETH goes to the miners. In case of BSC, they are going directly to Binance.

If you consider that, you will see that the fees on BSC aren't really that low. CZ has just exploited it like the clever opportunistic Chinese businesses everywhere. They give you a cheap alternative at supposedly low prices but it is never beneficial in the long run. It is up to the community to decide. I was not sure about ETH's PoS but now with these antics from Binance, I wish that ETH finds solution to its scaling woes through PoS so that the truly good stuff built on ETH doesn't get copied to BSC in the typical brain-dead, Chinese copy manner.

[lixer]

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

Even I cannot say clearly if the problem is going to be solved in the near future or become even more appalling. What I can suggest you is that move to other coins and tokens as per the market need. I remember a time when BTC confirms were very slow and I am talking about years ago, that time I switched to dogecoins because not this many tokens existed back then, now we have a majority of coins to chose from.

The basic reason behind the high transaction fees on the ETH blockchain, I think, is actually because of the massive number of DeFi projects being made and all the tokens that are generated have their own transactions which has choked the blockchain and its taking longer than usual to confirm transactions. I don't see it improving anytime soon either.

[max6575]

different wallet put limit with the network gas that sometimes trader needs the work of swap bridge to helps as reducing waste of expends on chance as managing plan with the trading and more to find ways as not every token gives with option on feature of swap bridge to work with the transmission.

[deathcode]

This problem has been going on for a very long time. especially the news regarding the very high costs in metamask. many users of the ethereum platform will definitely discourage them from trading. especially for those who intend to sell assets of a small enough value. of course, it will consume their assets.
these issues may affect investment in the ethereum platform if not taken seriously.

[shinratensei_]

different wallet put limit with the network gas

Why don't use the wallet that will make the user can adjust the transaction fees manually? I think that the majority of the wallets were also giving the feature for the user to adjust their fees to make their transaction will be delivered by the block instantly.
I have been trying a bunch of wallets and all of these wallets have the feature to set the fees. It becomes a standard feature that must be available in any wallet dude.
That doesn't make sense if there's still a wallet that will not make its users able to adjust their own fees.

[ice18]

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

I think is hard to sink such kind of network because of high gas fees despite of huge fees still many users want to buy and hodl eth even in Uniswap a lot of traders still trading with huge fees, It will only sink if no updates from devs and no development but the eth 2.0 is coming and eip 1559 and hopefully It will finally reduced fees.

[Lantind]

Ethereum should urgently bring the solution to the issue of high fees. Even though it is relative to price, high transaction fees is losing the confidence among ETH users. I Hope will get new updates with lower fees soon.

True, it can make ETH users go to other platforms that are relatively cheaper when transacting and will obviously make ETH platform users less likely because they will not be able to pay high fees on every transaction they make.

[rodskee]

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

Like how people in the past exaggerating bitcoin , isn't bitcoin is the first currency that experienced this same criticism ? but what happen to the price of bitcoin?
the Main problem are those who uses crypto for SUPER FAST TRANSACTION , they want an instant dealings and cannot afford to spend some time to wait.
If you can't wait then accept the fact of high fee, but if not then use lower fee option .

[triat]

I am not a technologist, let alone a programmer, just an investor and trader.

What do I need to know about Ethereum's high gas fees? I'm hearing some say that this could sink Ethereum. How exagerrated is that?

Like how people in the past exaggerating bitcoin , isn't bitcoin is the first currency that experienced this same criticism ? but what happen to the price of bitcoin?
the Main problem are those who uses crypto for SUPER FAST TRANSACTION , they want an instant dealings and cannot afford to spend some time to wait.
If you can't wait then accept the fact of high fee, but if not then use lower fee option .

this is so, but just before bulran I made transactions with fees of $ 1, then eth began to grow and fees flew away, and so, the transaction is still in progress and it is not known when it will come to the recipient. This is a minus, but I think that in the future we will use other chains for fast and cheap transfers, but the price for eth will not fall.

[Wahyuihib]

Ethereum and the problem of high gas costs are things that don't have the right solution yet. when eth prices are soaring, the costs incurred when transactions using this technology are very high. but if the alt that you own is already on the exchange, then this will not be a problem

[k@suy]

Like how people in the past exaggerating bitcoin , isn't bitcoin is the first currency that experienced this same criticism ? but what happen to the price of bitcoin?
the Main problem are those who uses crypto for SUPER FAST TRANSACTION , they want an instant dealings and cannot afford to spend some time to wait.
If you can't wait then accept the fact of high fee, but if not then use lower fee option .

It is really annoying that eth fee in every gas affects us so very hard and it even makes us wait for the eth gas to subside sometimes, there will be some cases that some projects that originally are under eth chain are now using bsc due to its convenience and fees. I really hope that when eth 2.0 will release can be helpful and will help us to choose eth projects again for us to invest.

[isaac_clarke22]

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Disagree, many of community here prefer decentralized project over a centralized one. Also, Centralized project will benefits the team most over the community.

Agree. Let alone corruption in the authorities is insane. While corruption is anywhere that involves money, decentralized projects is one way to almost be out of it.
This is another reason why I invested in crypto rather than just being on banks.

[Sendi blackspade team]

Agree. Let alone corruption in the authorities is insane. While corruption is anywhere that involves money, decentralized projects is one way to almost be out of it.
This is another reason why I invested in crypto rather than just being on banks.

I think the OP is not referring to the discussion as you are currently doing.

This is related to the increased transaction costs of ethereum as well as the effect of the increased transaction costs themselves on ethereum.

The real effect on traders or those who want to sell their stored assets is an increase in prices but no one sells because the costs are too high. what happens is to keep holding assets until costs fall. or there is a possibility that the transaction fee will decrease when the ETH price in the market also decreases.

the effect on ethereum chain users such as projects with ethereum tokens can move to other blockchains such as BNB, ADA, and many more.

[jaberwock]

when you aren't in good term with this technology you can switch into Binace-chain or ADA which have the latest cheap fees for transactions.

Even Tron (TRX) is a good option for faster and cheaper transactions, basically free transactions.

yes maybe if ethereum can't solve this problem it can sink, take a look at now a lot of projects are starting to switch to using BSC. but from the news circulating that the fee issue will be resolved in the next few months, so now we should see that the vitalik team can keep their promises

BSC looks like the future and the huge spike in the prices of BNB, I think only confirms it. There is no reason to pay higher fees for the transaction which can be done on some other chain at a cheaper price.

It's not even worth moving small tokens out of your wallet as GAS costs more than the token value. It's turning into a platform for wealthy DeFi users only

Looking at the current circumstances, yes its near impossible to make small transactions unless that's the last option and you are able to afford more on the transaction fees than the actual value being transacted or you are happy to wait for weeks for transaction to confirmation.

[rosebrand]

Ethereum gas fees is really going insane and this might bring a bad outcome to  the network system if this problem of high fees isn't resolved, users of the blockchain will have no choice but to switch over to other chains and not only Ada there are more networks which have very low transaction fees like the Binance smart chain network, TRC-20 network and with the look of things these networks might replace the Eth network If it's gas fee keeps increasing.

[meldrio1]

Ethereum would be sink if the team can not solve this problem about the gas fee. Many people using ethereum as payment but with this high gas fee people will prefer other coins that has cheap transaction fee. The team should solve this problem in the near future or else we will see ADA in the top 2 spot in coinmarketcap.