What high gas fee have cost me

[tyz]

I think this is a difficult problem to solve, when ethereum was skyrocketing and huge popularity they made a strange thing, i.e. very expensive transaction fees, to send ERC-20 tokens it cost around $40 and it took about 10 minutes to reach 12 confirmations and this is very bad thing for blockchain technology which is supposed to be cheap and fast.

Why did they make a strange thing? I hope you don't mean that Ethereum itself can set the fees. If you do, then I advise you to read up on the subject, because fees are dependent on the number of transactions. The fees are made indirectly by the miners.

[1714874142]

1714874142

[1714874142]

1714874142

[1714874142]

1714874142

[1714874142]

1714874142

[1714874142]

1714874142

[Bitstar_coin]

I know that some rich people don't care what ETH gas fee was saying in 2021 when BTC was surging but for me it cut me off some wonderful opportunities, the most painful one was shiba inu could have been one of the early buyers probably a big winner know but couldn't buy because shiba inu started its journey on ETH chain. . . there are actually few others so I started looking for tokens running on BSC chain only..imagine.

Right now am also in the same situation, I have cut out all eth related projects because of high gas fees, as a member of seedify launchpad, I have the chance to participate in sidus/senate sale but I didn't because it was on eth network and I don't want to end up spending high gas fees for a 10% release, the same thing happened in syn city, I let go of my participation too, and several other sales that could have been profitable,
I just ignore any eth base project because in the end, I won't participate so why waste time trying to understand the project.

[gabbie2010]

It's quite unfortunate that after putting much effort and time in promoting some project as a bounty hunter, the token earned stay put in an ERC wallet due to high cost of transactions gas, I believe it's high time ethereum developers find a lasting solution to this problem else many new projects will continue to shun ethereum network and opt for a cheaper and faster network such as BSC, I am pleased that there are other alternative, had it been it's only ethereum network that was available, it would have been a very big challenge for developers.

[WalkerIVIV]

I think this is a difficult problem to solve, when ethereum was skyrocketing and huge popularity they made a strange thing, i.e. very expensive transaction fees, to send ERC-20 tokens it cost around $40 and it took about 10 minutes to reach 12 confirmations and this is very bad thing for blockchain technology

To be honest this blockchain was reliable in the past. this can also be considered as the fastest blockchain  at that time when crypto was not so popular like this time. The cost that happened in ethereum blockchain caused by it can't handle the popularity with the low scalability. I guess the fix will be implemented but the only thing that totally non sense if it needs years to do that.

which is supposed to be cheap and fast.

This is ethereum blockchain in the past. The thing is getting changed so fast and this time more people come to the crypto. This is also creating a problem to the ethereum blockchain. This blockchain is getting old and it has limitation. This time ethereum is the most slowest and expensive blockchain.

[wheelz1200]

I know that some rich people don't care what ETH gas fee was saying in 2021 when BTC was surging but for me it cut me off some wonderful opportunities, the most painful one was shiba inu could have been one of the early buyers probably a big winner know but couldn't buy because shiba inu started its journey on ETH chain. . . there are actually few others so I started looking for tokens running on BSC chain only..imagine.

Agreed the fees make even thinking about buying not even worth it.  It's not sustainable.  In a bull market fine, people are making a ton on their investment, but in bear markets no one would be willing to start off down 20, 30, 50%. 

[Oilacris]

I know that some rich people don't care what ETH gas fee was saying in 2021 when BTC was surging but for me it cut me off some wonderful opportunities, the most painful one was shiba inu could have been one of the early buyers probably a big winner know but couldn't buy because shiba inu started its journey on ETH chain. . . there are actually few others so I started looking for tokens running on BSC chain only..imagine.

Agreed the fees make even thinking about buying not even worth it.  It's not sustainable.  In a bull market fine, people are making a ton on their investment, but in bear markets no one would be willing to start off down 20, 30, 50%. 

Would really be just common sense that you would really be in halt on making out transactions if you do know that it isnt feasible on doing so specially on high fees and if you are just

dealing with small amount transactions then each fee would be used would really significant but if talking with big amounts then you wouldnt care at all as long those
transactions would push trough.

High gas fees in erc20 is pretty much known but good thing that we could deal with other chains which does have lesser fees but we know
it does vary on what coins we are engaging on.

[bitgov]

I know that some rich people don't care what ETH gas fee was saying in 2021 when BTC was surging but for me it cut me off some wonderful opportunities, the most painful one was shiba inu could have been one of the early buyers probably a big winner know but couldn't buy because shiba inu started its journey on ETH chain. . . there are actually few others so I started looking for tokens running on BSC chain only..imagine.

At the moment, probably no project is starting its development on the Ethereum network. And certainly not meme coins, which are mainly based on a huge amount of small investments. All meme coins projects are currently running on BSC or Terra, so you don't have to worry about the amount of transfer fees as they are very small in both projects.

[Hypnosis00]

It's quite unfortunate that after putting much effort and time in promoting some project as a bounty hunter, the token earned stay put in an ERC wallet due to high cost of transactions gas, I believe it's high time ethereum developers find a lasting solution to this problem else many new projects will continue to shun ethereum network and opt for a cheaper and faster network such as BSC, I am pleased that there are other alternative, had it been it's only ethereum network that was available, it would have been a very big challenge for developers.

That was the most common claim of the hunters since last year but somehow, Mr. Vitalik does nothing and even their ETH upgrades don't help. That is why we find another way, but still, we need to spend a few bucks in order to move it into the other exchanges. For me, still wasn't a good option but have to sacrifice or just let it stuck in our wallet until it was die.

Honestly, I become hopeless to see ETH will change it fees and I have no confident that the developers will seriously take action for this.

[Luqman]

We actually experience the same. Sometimes, ETH or ERC20 gas fee goes very high and we need more gwei again to be left.
Not only that, if we have no grass in our personal wallet, we should buy on exchange in which the gas fee transfer is very high, with the minimum transfer amount is also high enough.
I don't know when the gas of the Ethereum network will be back to normal again. This is sometimes really killing.
We cannot avoid this and must take this. Sometimes, the result of the profits is not enough to pay the gas.

[lenovop-70]

What the OP said is true, people are starting to worry about the cost of ETH gas going up and up with the price of ETH itself.
I have leftover tokens from last year and I can't sell them because there is no difference between their value and the cost of the gas, how sad.
I wish there would be a specific policy regarding this case if possible.

[indah rezqi]

Ethereum gas fees are not very suitable for small investors and are very burdensome for them on every transaction. It comes to my mind, aren't there a lot of investors now turning to the BSC network?
If there are small investors who make transactions on the Ethereum network, I think it is only a small part.

[VanDeinsberg12]

this feels really right considering that the fee always going higher if there is any good opportunity of making good profit by flipping our investment and at the right moment that kind of opportunity arrives, suddenly you are being charged with high gas fee that could quite literally drain your investment.I know how you feel and you will always be regretting it as the worst decision in your life. if eth is being called as platform for the rich I think thats just simply true.
bsc in the other hand is a great alternative for ethereum but it’s having so many memecoins and shitcoins that they are already unfit for making investment, if the high fee of eth being left unresolved its just wiser moving over in other blockchain like matic, at least it also has really low amount of shitcoins.

[Sebas.tian]

they are big investors about the high cost of ETH gas is not a problem. only small investors feel the burden of ETH gas fees in every transaction. but I believe that very few small investors have been trading ETH in recent times. they focus more on BSC.

Yes, many investors focus on BSC than ETH because of the high gas fee that involved in ethereum. Both the big and small investors focus on what they will achieve at the end of their investment that will determine which one to focus on in the community. Many investors came to discovered that, there is more income in BSC investment than ethereum investment because of the high cost of ethereum fee that is reducing their profits.

Those small investors that was involved in ethereum trading some years ago, has quitted from ethereum business just because of the little profit they are receiving from their ethereum business. It will be difficult for small investors to return back to ethereum investment unless the gas fee drop more than BSC before they can return back to ETH investment.

[jrrsparkles]

I know that some rich people don't care what ETH gas fee was saying in 2021 when BTC was surging but for me it cut me off some wonderful opportunities, the most painful one was shiba inu could have been one of the early buyers probably a big winner know but couldn't buy because shiba inu started its journey on ETH chain. . . there are actually few others so I started looking for tokens running on BSC chain only..imagine.

But of you beleive a project is going to be the next big thing then you should take the risk no matter what hastle you have to face. I don't beleive Shiba it just got hyped by whales after the Doge run and many people fell for it so think that you didn't fell into the trap and take it as positive thing just happened to you.

[doomloop]

Unfortunately, I was also in such situations when it was urgent to either invest in cryptocurrencies or it was necessary to sell cryptocurrencies that was located on the Ethereum blockchain and, unfortunately, I had to act quickly and make expensive transactions, so I have been saying for a long time that the Ethereum blockchain was created for rich people and therefore I try to use this blockchain as little as possible and I hope that in the near future BSC or another blockchain will overtake the Ethereum blockchain.

Back in the days eth is created for all because eth fees are fair but not anymore. No one expected this and I think even the founder himself did not expect this either. This is why they are working hard to fix this issue but why are you hurrying again? Did you hurry because the price of what your selling or the price of what your buying is within your range?

But, I guess you have earned something with it did not you? It is only not worthy to transact if the assets that your selling is lower than the gas fee or if your going to buy coins with unsure future. We still have a BSC that we can use anyway. BSC is now popular but it will take a long time to overcome the legacy of eth.

[Xinarae*]

Ethereum's gas fees have risen sharply due to rising prices it is true that many small investors cannot transact for the sake of raising fees. But there is nothing to despair about reliance on other currencies is less for investment but ethereum's transaction fee is high but reliable currency. Long term retention will give higher profits also BNB can choose here the transaction fee is less than ethereum.

[JahriMeayer]

Its true that person like us, have no way but suffer much for Ethereum higher transaction fee. Even that time if you were able to buy shiba inu with that fee, then it could give you bulk of money as return. but the question is, you weren’t sure about it right? otherwise you might be take loan or sell your full property to buy shiba inu, right? so after all the main reason is not about Ethereum higher fee but fee does matters