First, is the short-term crypto market crash as the price falls causing investors to make a lot of transactions on decentralized trading platforms causing GAS to increase in price. and If high gas fees still shock you then you are probably a crypto newbie this always happens when prices go up, if you see the market is all green then you may also encounter high fees , the number of users can also affect gas fees, the higher the user, the higher the transaction. I have been trading in crypto platform for many years so I feel this is very normal.
You mentioned that high gas fees are normal. I'm a normie coming into crypto, so my thoughts on this are different. The second I saw the gas fees I decided not to do any withdrawal/moving of ETH or any ETH-20 based coin. Non-starter.
I think of crypto/blockchain like a credit card processing network, so this is what I compare it to in my mind. To bring crypto to the masses and make it more mainstream as a currency, the gas fees will need to go down. I would like to see it cost less than credit card processing fees, which range between 2% - 3% per transaction. So for example if you buy a $20 item using a traditional credit card with fiat, the credit card processing (network) fee will be $0.40 - $0.60, and in some cases more because there is also a fixed amount included, so it could be as high as $1.00.
I would like to see a $20 online transaction made with crypto cost $0.10 to process. I am ready for this to happen; I am ready for cheaper online buying/selling, but the blockchain is not there yet.
Will ETH 2.0 (Serenity update - proof of stake model) get us there? How much will the gas fees be? Will it only be 50% lower than current gas prices? If so, this is not enough to make the ETH network mainstream, and more progress will need to take place.
I also look at polygon and would prefer to try to move coins on that, but so far I can't seem to find any wallet that actually allows this as an option, like its not supported. And what would the gas fees be on polygon as opposed to eth? How much cheaper?
