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Author Topic: ETH and BSC  (Read 4986 times)
nicecrypto
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April 12, 2021, 06:54:20 AM
 #141

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

as long as the fee from BSC is cheaper or equivalent to Ethereum, then I am sure BSC will still be popular and there are some projects that will still use BSC, because for now BSC project has been very widely used by people and there are several projects that have switched from Ethereum to BSC, so I'm sure BSC will remain a competitor to Ethereum forever.
I totally agree with you and the BSC is offering a lot of services and options to investors and Developers alike. Users are enjoying the crazy low fees which was the Base of this problem in the first place and Binance is offering different services on the Exchange as well which investors can benefit from too. BSC has already become a problem for Ethereum and I think even if Eth come out of this high transaction fee problem, BSC has already taking a major share of the market.    

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April 12, 2021, 10:00:55 AM
 #142

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?
Since i see some people said that ETH fee will goes lower in future, that means it is a good thing. So people can choose which coin that they want to use in project or maybe that they will use it as fee. I mean, more options especially more good options not means it must be replacing each other right? So if developer want to use BSC, they can use it, or maybe if they want to use ERC20 network it is their choice.

Said it right! more competitions is better in order not suffer with high fees just like what happened with

ERC20, way  back there's no options and investors and traders needs to pay those huge fees in order to

proceed and execute their trades.

Both chain are useful it will now depends from how developers will look on it and use it for their project.


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April 12, 2021, 04:36:51 PM
 #143

Since its inception, BSC has been heavily leaning towards the DeFi application and has continued to strive to compete directly with the existing Ethereum ecosystem, but in this case BSC dares to offer something different and takes advantage of the existing weaknesses of ethereum, thus offering lower costs for its users and in the competition for business is certainly a strategy that seems to be working well to benefit binance itself
Today several BSC applications have shown tremendous growth and made Ethereum appear completely helpless
Why is Ethereum powerless? hasn't Ethereum also started to go up in price and has even reached a new ATH this year? If you still have doubts about Ethereum, then it looks like you need a picnic for a while because for now Ethereum is still very strong even though the cost issue has not been taken seriously in recent months.


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April 12, 2021, 06:19:03 PM
 #144

Why choose one thing. The crypto market is designed in such a way that you can always take advantage of any of the opportunities, and there are a lot of opportunities in the crypto market. Two networks with different commissions. Obviously, many projects will switch to the Binance network despite the attractiveness of the Ethereum network. The question is what Ether will do with this, whether it will be able to return commissions to lower values.

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April 12, 2021, 09:08:51 PM
 #145

Why choose one thing. The crypto market is designed in such a way that you can always take advantage of any of the opportunities, and there are a lot of opportunities in the crypto market. Two networks with different commissions. Obviously, many projects will switch to the Binance network despite the attractiveness of the Ethereum network. The question is what Ether will do with this, whether it will be able to return commissions to lower values.

If l were you of course prefer investing in ETH than in BSC. However, as you above mentioned it is not necessary to choose only one project for investing in. We can invest in both of them, maybe you can divide your money between these coins if you believe in both of them. It is just my opinion, l believe that ETH is a most strong coin and we can make a better profit from this coin than BSC if we can be enough patient. Because ETH is the best opinion for long-term investment.
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April 12, 2021, 09:24:40 PM
 #146

I think binance smart chain will continue to grow rapidly in a very fast time because so many people are starting to use it, the binance smart chain community is now also quite large

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April 12, 2021, 10:03:52 PM
 #147

Of course many new projects are wanting to use ERC as their project blockchain than Binance Smart Chain but what was good about Binance Smart Chain was its affordability to the new rising projects. What I mean was ERC was too costly to afford especially for a new rising project which is starting to establish their project. Howevere, even in the high gas fee of ERC i bet every new projects are wanting to have ERC and BSC blockchain at the same time.
I think using 2 platform (ETH and BSC)for a new project is great in that they complement each other. Currently, many have started to migrate to BSC, but if ETH fees are cheap, eth will still be the main choice

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April 13, 2021, 06:16:49 AM
 #148

Well, I think when Ethereum's fees have started to decline, or are cheap, what happens is that the two platforms need to compete in developing their performance and functions. I think developers will find it easier to choose to develop their projects on an ERC or BSC platform. however, if ethereum does not currently lower its fees, sooner or later, BSC will probably match ethereum's position.

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April 13, 2021, 06:25:41 AM
 #149

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?
when talking about BSC why it got big like now is because BSC charges low fees and many projects have started to switch to BSC, this is very beneficial to investors as well as bounty hunter members. they don't feel a big cut from the cost of gas

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April 13, 2021, 07:00:44 AM
 #150

Well, I think when Ethereum's fees have started to decline, or are cheap, what happens is that the two platforms need to compete in developing their performance and functions. I think developers will find it easier to choose to develop their projects on an ERC or BSC platform. however, if ethereum does not currently lower its fees, sooner or later, BSC will probably match ethereum's position.

until then, bcs will remain the best choice today. The erc20 is no longer very reliable and very expensive, so a lot of people are turning to bcs. if it is seen that maybe in the near future nothing will change, this situation will continue until ethereum can solve the problem.

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April 13, 2021, 07:08:05 AM
 #151

Well, I think when Ethereum's fees have started to decline, or are cheap, what happens is that the two platforms need to compete in developing their performance and functions. I think developers will find it easier to choose to develop their projects on an ERC or BSC platform. however, if ethereum does not currently lower its fees, sooner or later, BSC will probably match ethereum's position.

until then, bcs will remain the best choice today. The erc20 is no longer very reliable and very expensive, so a lot of people are turning to bcs. if it is seen that maybe in the near future nothing will change, this situation will continue until ethereum can solve the problem.

Very possible to happened not unless adjustment will be made from the part of ETH developers,

With how things are moving right now, BSC already taking the big slice from new projects and those

who wanted to take the swap.

Lets wait for the update coming from ETH team and see how that will change the markt trend again.


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April 13, 2021, 07:15:17 AM
 #152

I don't think the fee can be lower than BSC. Let's just wait untill they release ETH 2.0 right now we can just speculated. This fee issue really makes ethereum users switch into bsc.

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April 13, 2021, 04:56:29 PM
 #153

I don't think the fee can be lower than BSC. Let's just wait untill they release ETH 2.0 right now we can just speculated. This fee issue really makes ethereum users switch into bsc.
Ethereum users are actually forced to switch to BSC because there are already several new projects that use the BSC network in their tokens, so apart from the still large cost issues on the Ethereum network, this also has the influence of others, namely several projects that are already running on the network BSC for now.

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April 14, 2021, 04:06:43 PM
Merited by Noruka (2)
 #154

I think binance smart chain will continue to grow rapidly in a very fast time because so many people are starting to use it, the binance smart chain community is now also quite large
Yes, and people who have switched from the Ethereum network to the Binance Smart Chain have also helped themselves a lot in terms of providing their transaction fees when they need it, so usage of the Binance Smart Chain will increase over time as new project developers have also using the Binance Smart Chain network at the moment.


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coinbitrade
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April 14, 2021, 04:09:17 PM
 #155

I think binance smart chain will continue to grow rapidly in a very fast time because so many people are starting to use it, the binance smart chain community is now also quite large
Yes, and people who have switched from the Ethereum network to the Binance Smart Chain have also helped themselves a lot in terms of providing their transaction fees when they need it, so usage of the Binance Smart Chain will increase over time as new project developers have also using the Binance Smart Chain network at the moment.
much more convenient than bsc, I use and cannot get enough of the commissions for transactions and their speed. I also liked the HT chain, which is also fast, cheap and convenient.

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Noruka
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April 14, 2021, 04:26:39 PM
 #156

I think binance smart chain will continue to grow rapidly in a very fast time because so many people are starting to use it, the binance smart chain community is now also quite large
Yes, and people who have switched from the Ethereum network to the Binance Smart Chain have also helped themselves a lot in terms of providing their transaction fees when they need it, so usage of the Binance Smart Chain will increase over time as new project developers have also using the Binance Smart Chain network at the moment.

That will take time. Many developers are probably invested in Ethereum and have an incentive to make Ethereum better instead of Binance Smart Chain. What do you think?

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plexasm
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April 14, 2021, 07:22:49 PM
 #157

BNB is not threatening ETH only because of ETH's high fees; although it helps.

Binance, the biggest crypto exchange in the world, is offering incentives for users to stop using ETH and start using BNB. that's a lot for ETH to compete with. Imagine what an altcoin project would pay for 24/7 advertising on every page of Binance. BSC gets this for free.

If you haven't noticed, DeFi/NFT users don't give a shit about decentralization. They only care that it's open and without KYC. CZ is taking advantage of that fact by offering a more centralized network, but the trade-off is that it's 100x more scaleable, cheaper and faster. A long criticism of ETH is: "If this is useful and successful, then competitors will simply fork it and offer it cheaper and faster" (ETH HAS NO PROPERTIES WHICH ARE IRREPRODUCIBLE). Oh, that's exactly what CZ did!

ETH devs have failed to provide a solution for scaling in 5 years. They've simply failed and now they need to deal with more competent competitors. If ETH fees go to $1 tomorrow, they'd still have a very significant challenge.

ETH fees are more likely to decrease because people stop using it than ETH devs do something innovative for scaling.
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April 14, 2021, 09:11:15 PM
 #158

BNB is not threatening ETH only because of ETH's high fees; although it helps.

Binance, the biggest crypto exchange in the world, is offering incentives for users to stop using ETH and start using BNB. that's a lot for ETH to compete with. Imagine what an altcoin project would pay for 24/7 advertising on every page of Binance. BSC gets this for free.

If you haven't noticed, DeFi/NFT users don't give a shit about decentralization. They only care that it's open and without KYC. CZ is taking advantage of that fact by offering a more centralized network, but the trade-off is that it's 100x more scaleable, cheaper and faster. A long criticism of ETH is: "If this is useful and successful, then competitors will simply fork it and offer it cheaper and faster" (ETH HAS NO PROPERTIES WHICH ARE IRREPRODUCIBLE). Oh, that's exactly what CZ did!

ETH devs have failed to provide a solution for scaling in 5 years. They've simply failed and now they need to deal with more competent competitors. If ETH fees go to $1 tomorrow, they'd still have a very significant challenge.

ETH fees are more likely to decrease because people stop using it than ETH devs do something innovative for scaling.

ETH 2.0 promising a solution for this, and people waiting for it. But, I'm afraid if this just a hope, because in reality too much delay from dev. In other side, BSC look like easy to change their token tx fee. Few weeks ago we need to pay 10 GWEI for transfer BSC tokens, and now it reduced to 5 GWEI. From this, I'm thinking about why BSC can do simple things like this, while ETH need to change entire network to fix current gas price issue.

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konflikkastil
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April 14, 2021, 09:29:42 PM
 #159

Let's tell ourselves the truth, the high gas fee of ETH has become a major concern for months now. To make a deal is now something else. Imagine having to spend close to $40 to swap a coin that worth $79. This is just too much. I have been looking the very best way to solve this issue. Thanks to the emergence Binance Smart chain, it's been a good development that can make all developers migrate the Binance Smart Chain because of their low fee. This could be the change we all have been waiting for. Enough of this ETH high gas fee. They should consider people who are trying to make ends mean via crypto. If BNB is planning to give incentives for people to migrate to BNB, watch the latest development and the rest would become history.

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April 14, 2021, 09:42:22 PM
 #160

ETH 2.0 promising a solution for this, and people waiting for it. But, I'm afraid if this just a hope, because in reality too much delay from dev. In other side, BSC look like easy to change their token tx fee. Few weeks ago we need to pay 10 GWEI for transfer BSC tokens, and now it reduced to 5 GWEI. From this, I'm thinking about why BSC can do simple things like this, while ETH need to change entire network to fix current gas price issue.
it's because they have a different system. ethereum has been consistent with the projects they are working on. and planning the transaction fee issue was discussed in July.
BSC does get a privilege nowadays because they have a very cheap network for transactions. it made the traders comfortable.
but now the RSK (bitcoin network) appears again, the costs are also very cheap. you can try it. only the development of coins and exchanges is still small. I am sure it will be great.

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