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Outhue (OP)
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May 03, 2023, 07:46:36 AM
 #1

Gas fee and transaction fees will become a big problem in a bull market, we have been enjoying cheap transaction fees this days because we are in a bear market right now and no one is talking about how beneficial this is, yet some complains about how bad the bear market is.

I do have a solution for you long term holders, and those who must make transactions in a bull market, it's no denying that bull market will come sooner or later so I advice you to invest in your gas fee today, confused? Let's get down to business.

A gas fee of 3$ on Eth network today can cost you 100$ in a bull market, crypto gurus please confirm this for me.

My strategy is to buy some Ethereum for gas purposes today, and for the sake of tomorrow, if you are a big bag holder of projects ruining on Ethereum network this is a gem strategy.

I have bought 50$ of ETH today for transaction fees only.

If you are here in 2018 you know what I am talking about, ETH is unforgiving in every bull market.

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May 03, 2023, 08:00:43 AM
 #2

Its like youre saying that we should buy now while it still cheap. Thats a good one but I think the gas price increases only when a network has a high percentage of usage and heavily been used. Its not about if its on bear or bull season. If ever eth has been congested due to certain activity now we could experience a surge in gas fee.

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May 03, 2023, 08:57:57 AM
 #3

A gas fee of 3$ on Eth network today can cost you 100$ in a bull market, crypto gurus please confirm this for me.

My strategy is to buy some Ethereum for gas purposes today, and for the sake of tomorrow, if you are a big bag holder of projects ruining on Ethereum network this is a gem strategy.

I have bought 50$ of ETH today for transaction fees only.
I'd say you're not entirely correct.

It's true during bull market you will spend more money to pay the transactions fee, but you should calculate it through the coin equivalent, not the USD value.

Right now $3 is worth of 0.00053 ETH when ETH price is currently $1,872/each. But during bull market $100 in ETH might worth of 0.005 ETH, which technically it's just $10 today.

This is the Ethereum average transactions fee, there's sudden peak on early 2022 where the fees is $191 https://blockchair.com/ethereum/charts/average-transaction-fee-usd

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May 03, 2023, 12:55:32 PM
 #4

Gas fee and transaction fees will become a big problem in a bull market, we have been enjoying cheap transaction fees this days because we are in a bear market right now and no one is talking about how beneficial this is, yet some complains about how bad the bear market is.

This is a challenge that has not been in place since the beginning and now that many are complaining of the increasing fee charges rate, let's wait for more solution to show up sooner, if we can tackle the transaction delay and bulkiness with bitcoin lightning network the this can also be provided with a solution and a lasting one for that.

A gas fee of 3$ on Eth network today can cost you 100$ in a bull market, crypto gurus please confirm this for me.

I wouldn't support investing on other currencies because you want a reduced rate for your transactions because this same experience can happen with the bitcoin network as well whereby you can pump your asset up with the rate you're buying them at while the price is bearish, buy the dip and sell when high, who knows maybe before then, things would have been normalized and we have a reduced rate for bitcoin transactions.



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May 03, 2023, 01:45:42 PM
 #5

.

A gas fee of 3$ on Eth network today can cost you 100$ in a bull market, crypto gurus please confirm this for me.

My strategy is to buy some Ethereum for gas purposes today, and for the sake of tomorrow, if you are a big bag holder of projects ruining on Ethereum network this is a gem strategy.

I have bought 50$ of ETH today for transaction fees only.


All of these are good. They are like doing your DCA investment now. Truly sometimes the fees for sending out coins whether Ethereum or btc can be very high and annoying. You could require almost $10 in btc to move out coins from your wallet agreed but the high fee rate is not because of bull season, as it is now that the fees are high yet it is not bull season. The reason I think may be because of traffic of transactions at the moment and it is only natural that highest bidders are attended to. To have a lower transaction fee, it is better to make transactions at off pick period like late at night.

.

If you are here in 2018 you know what I am talking about, ETH is unforgiving in every bull market.

Like I have mentioned that it is not only during bull season that it happens. During 2017/18, fees get high and low based on traffic but it is really annoying to be stocked because you have less fees in your wallet to send out coins.
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May 03, 2023, 02:37:48 PM
 #6

I have long abandoned ETH network due to its high fees.  Since I am only a minnow the $3 gas fee hurt that much.  

I also noticed that Bitcoin transaction fee also surge this past days.  The normal $0.5 gas fee became $5+ which is kinda heavy for small transaction.  I look on the reason why the transaction fee of Bitcoin surges and I found that it is caused by the spike of Ordinal adoption.  Now imagine if we are in bull run and Ordinal amass more transaction that will bloat the network.  It looks like the crises before (high transaction fee and unconfirmed transaction) will re-emerge due to the Ordinal inscription.  
Check how Ordinals inscription affect the BTC transaction fee.


This ordinal will be one of the major problem of Bitcoin in the future, specifically on the transaction fee if Bitcoin scalability don't upgrade.


Its like youre saying that we should buy now while it still cheap. Thats a good one but I think the gas price increases only when a network has a high percentage of usage and heavily been used. Its not about if its on bear or bull season. If ever eth has been congested due to certain activity now we could experience a surge in gas fee.

I don't know what is the connection of buying ETH right now for having a cheaper fee in the future.  It just don't make sense.
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May 03, 2023, 03:16:09 PM
 #7

Thanks for sharing valuable tips here.
You invite us to do business, that's great. In doing business, the concept is to get as much profit as possible, including gas expenses. To invest in gas costs, many platforms are available, apart from the ETH network, there are several other reliable networks.

The ETH network is known for its high gas fees, why bother buying ETH when there are other platforms that offer cheaper gas fees. I used to be no stranger to the ETH Network, after the arrival of Binance Smart Chain (BSC), I prefer to switch to the BNB network because it offers cheaper gas fees.

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May 03, 2023, 03:29:17 PM
 #8

A gas fee of 3$ on Eth network today can cost you 100$ in a bull market, crypto gurus please confirm this for me.

My strategy is to buy some Ethereum for gas purposes today, and for the sake of tomorrow, if you are a big bag holder of projects ruining on Ethereum network this is a gem strategy.

I have bought 50$ of ETH today for transaction fees only.
I'd say you're not entirely correct.

It's true during bull market you will spend more money to pay the transactions fee, but you should calculate it through the coin equivalent, not the USD value.

Right now $3 is worth of 0.00053 ETH when ETH price is currently $1,872/each. But during bull market $100 in ETH might worth of 0.005 ETH, which technically it's just $10 today.

This is the Ethereum average transactions fee, there's sudden peak on early 2022 where the fees is $191 https://blockchair.com/ethereum/charts/average-transaction-fee-usd
The OP might be exaggerating a bit, but I also believe that we'll see a great surge in transaction fees during the bull market. If you remember, a year or two ago—I can't exactly specify how long ago it was—gas fees were extremely expensive, and there were an abundance of threads in regard to that matter. Personally, I always used the Binance Smart Chain (BSC) and never paid any excessive fees when staking. However, I also saw a noticeable increase during the bull market for even simple transactions such as approving BUSD or USDT in order to add liquidity, not to mention the actual deposit and withdrawal fees for adding liquidity and removing liquidity.

R


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May 03, 2023, 03:57:07 PM
 #9

If you are here in 2018 you know what I am talking about, ETH is unforgiving in every bull market.

The OP isn't telling no lies but it won't be as high as you have illustrated on your post, let start with Bitcoin, the fees will definitely increase since there'll be congestion on the blockchain as more people return to the market to make use of the blockchain for their transactions (buying, selling etc) and as for Ethereum, they have been looking for solutions to their high gas fees problem which they have migrated to the proof of stake algorithm and with this move they'll be scarifying the little decentralization they had left for more scalability.

This move will make Ethereum very centralized since Ethereum will now be controlled by big exchange like Binance that'll be having lots of staked Ethereum to their name since they're offering the service for their customers to earn staking reward. Ethereum also has lots of layer 2 projects that are been development which will reduce the workload on Ethereum blockchain and developers can build on these layer 2 protocols which will make the fees not to be as high as it was previously. Alot is been worked on as we are in the bear market and we mightn't have similar experience as last time. Bitcoin now also has segwit address that'll also contributes to lower fees.

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May 03, 2023, 04:44:08 PM
 #10

When gas fees and ETH transactions get high, investors will leave it and look for other solutions.
They would not want to pay higher fees if another coin was more efficient at paying their fees.
At least that's what small investors who don't have a lot of money will do because they won't force themselves to use high-cost coins.
Your strategy is good and can work for you alone but maybe it won't work for other investors but that's good.
And people will probably just trade ETH to make a profit, but if it is bitcoin, they will be willing to hold it for the long term because it is the ultimate coin we should own for the long term.

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May 03, 2023, 04:50:02 PM
 #11

A gas fee of 3$ on Eth network today can cost you 100$ in a bull market, crypto gurus please confirm this for me.

The gas fee increases if the network is congested; it is true that during a bull run, there will be multiple transactions on the ETH network; as a result, the fee will be high, but not as high as you exaggerated the fee to be; however, it is a good idea to plan for your gas fee.

Quote

I have bought 50$ of ETH today for transaction fees only.
Not just buying now, but sending it to the right place where the transaction will take place, I mean the wallet; otherwise, the sending fee as at the bull run from exchange to wallet may take a very large percentage of the money; thus, for those of you who invested in some coins under the ERC-20 network, if you buy your ETH now, do well and send it to your wallet.


I also noticed that Bitcoin transaction fee also surge this past days.  The normal $0.5 gas fee became $5+ which is kinda heavy for small transaction.  I look on the reason why the transaction fee of Bitcoin surges and I found that it is caused by the spike of Ordinal adoption.  Now imagine if we are in bull run and Ordinal amass more transaction that will bloat the network.  It looks like the crises before (high transaction fee and unconfirmed transaction) will re-emerge due to the Ordinal inscription. 
Check how Ordinals inscription affect the BTC transaction fee.


This ordinal will be one of the major problem of Bitcoin in the future, specifically on the transaction fee if Bitcoin scalability don't upgrade.
I've also noticed an increase in the Bitcoin transaction fee. The transaction that I used to process for 17-20 sat now costs 123-125 sat. I waited a while to see if the mempool would be less congested, but the transaction fee remained high. I was wondering what was causing this until you provided such information.

I hope a proper solution is found before the bull run.

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May 03, 2023, 04:55:08 PM
 #12

Regardless of the market state (bull run or bear market) Ethereum network always has a notorious high fee, this should be something you are aware of.

I had stop using the the Ethereum network to perform transactions and not just me many other has actually done so too to avoid there unnecessarily high transactions.

Rather than using Ethereum to perform transactions it’s best to convert to stablecoin and then make your transactions it saves you a good bit of amount on transactions.
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May 03, 2023, 05:13:48 PM
 #13

In Bitcoin, we talk about transaction fees, but in Ethereum or BSC, they're referred to as gas fees." So, for the gas fee, crypto users who are really into altcoins that are Lounched on the ETH network will be more concerned about this, but for the Binance chain, I think the gas fee is usually not so high, so even during the bull market it will not get so high. I still remember the crazy gas fee of the Ethereum network, which you are referring to, but I think it will not be so much in the coming bull market because they have solved that issue of the crazy gas fee. Even in 2021, when a friend of mine traded an ETH-based token that was worth about $280, he spent almost $100+ for gas fee, but that has been solved, and this time it will not be so high. The current fee charged on the Bitcoin transaction I am sending this day is just about $1.3 or even less, so even during the bear market, that transaction will be more stuffed or congested , but the fee cannot still go so crazy. At least $5, $10, or less will not really be much for some people to spend unless those sending small amounts can still modify their transaction fee (to small fee) and wait for any time their transaction gets confirmed.

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May 04, 2023, 02:26:18 AM
 #14

Gas fee and transaction fees will become a big problem in a bull market
When there are more hypes, more temporary demands on one network, it will be overloaded and transaction fee will become more expensive than usually with its average transaction fee. It happens with bull and bear market, depends on temporary demands and status of that network during a specific period.

Quote
A gas fee of 3$ on Eth network today can cost you 100$ in a bull market
Maybe it will be expensive. Maybe it will not be too expensive. It depends on upgrades of Ethereum team to solve that issues.

Base on what Ethereum team failures to solve it since 2017, maybe they will continue to fail with that mission in 2024 and 2025 bull run, but honestly I am not sure about their developments.

Quote
My strategy is to buy some Ethereum for gas purposes today, and for the sake of tomorrow, if you are a big bag holder of projects ruining on Ethereum network this is a gem strategy.
Sounds a good preparation but why do you force yourself to do that?

You can have better options, like Bitcoin, BNB and Binance Smart Chain, as well as other chains, layer 2, etc. Don't try to bind yourself with Ethereum layer-1 network.

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May 04, 2023, 11:34:46 AM
 #15

Gas fee and transaction fees will become a big problem in a bull market, we have been enjoying cheap transaction fees this days because we are in a bear market right now and no one is talking about how beneficial this is, yet some complains about how bad the bear market is.

I do have a solution for you long term holders, and those who must make transactions in a bull market, it's no denying that bull market will come sooner or later so I advice you to invest in your gas fee today, confused? Let's get down to business.

A gas fee of 3$ on Eth network today can cost you 100$ in a bull market, crypto gurus please confirm this for me.

My strategy is to buy some Ethereum for gas purposes today, and for the sake of tomorrow, if you are a big bag holder of projects ruining on Ethereum network this is a gem strategy.

I have bought 50$ of ETH today for transaction fees only.

If you are here in 2018 you know what I am talking about, ETH is unforgiving in every bull market.
It's hard for me to understand what you are trying to say, however buying $10 worth of ETH may become $50 at the peak of bull market but the numbers in ETH won't grow it will stay as whatever you bought so if you're preparing for to nullify the impact of fee at the peak time then you need to buy enough in terms of ETH.

Well if it's for other cryptocurrency you can save it in multiple ways for example let's say if its bitcoin then you can save upto 50% by switching to native segwit address and also if you have multiple inputs then consolidate when fees are cheaper into one.









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May 04, 2023, 02:20:24 PM
 #16

Gas fee and transaction fees will become a big problem in a bull market, we have been enjoying cheap transaction fees this days because we are in a bear market right now and no one is talking about how beneficial this is, yet some complains about how bad the bear market
For some investors in crypto it is true, high transaction fees have always been a lot of talk. But in my personal opinion, no matter how big the transaction fees are in crypto, these fees don't eat up all the assets you have. In fact, I think that the transaction fees involved in buying and selling crypto are still cheap and not too expensive even during a bull market. So I don't want to worry about transaction fees in crypto, because basically all transaction fees in crypto must have been adjusted very well.

But I also don't think that those who talk about or object to the high transaction fees during a bull market in crypto are wrong. Because it is certain that investors in crypto do not all have very many assets, there must also be those who have few assets. So for crypto investors who have few assets, they will definitely object when transaction costs in crypto become expensive, because for novice crypto investors or those who don't have many assets, when making transactions and the fees are quite expensive, they will definitely feel quite disadvantageous.

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May 04, 2023, 02:52:51 PM
 #17

If you are here in 2018 you know what I am talking about, ETH is unforgiving in every bull market.
Your strategy is supposed to include a mechanism to reduce ethereum fees and thus benefit more, such as using the second layer solutions, as the transactions on the polygon are very cheap and you can use the stake -proof currencies to reduce the fees as the amount of $ 10 may suffice to create more than a thousand treatment, which is more than enough for more than the year.

can also try to sell ETH once and use better wallet that have a better gas price estimation,

They are all additional solutions.
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May 04, 2023, 06:34:39 PM
 #18

I do have a solution for you long term holders, and those who must make transactions in a bull market, it's no denying that bull market will come sooner or later so I advice you to invest in your gas fee today, confused? Let's get down to business.

A gas fee of 3$ on Eth network today can cost you 100$ in a bull market, crypto gurus please confirm this for me.

My strategy is to buy some Ethereum for gas purposes today, and for the sake of tomorrow, if you are a big bag holder of projects ruining on Ethereum network this is a gem strategy.

I have bought 50$ of ETH today for transaction fees only.

If you are here in 2018 you know what I am talking about, ETH is unforgiving in every bull market.
Though what you are saying is correct, Ethereum gas fees do get pretty high when the network is congested, I still don't think that an average investor can purchase extra only to keep them for paying the fees when the bull market is here, so it's better if someone doesn't make many transactions in Ethereum network when the bull market is here.

Those who are running projects and protocols using the Ethereum chain will probably need to bear that since they cannot do such a shopping considering they will be having to do thousands of transactions every day using the network.

.
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May 04, 2023, 10:07:20 PM
 #19

It wouldn't be a problem when you've got a lot of funds ready to get spent during the bull run. I've got some transactions lately and I can say that this is the first time again that I've been affected by the fees.

The last time was the bull run of 2017 wherein, Bitcoin and altcoin transaction fees were terribly high. It's a good idea to have your mind prepared for what's coming and it's true that bull runs will make network congestions and transactions in traffic.

So, this is one good way of preparing yourself for that. Just another first time to read about investing in other way but with the transaction fees but overall, it's a good idea for real.



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May 04, 2023, 11:15:02 PM
 #20

If there is one thing I have learnt so far when it concerns the volatility of markets such as this, it is that, if the need to trade comes, the fees will somehow be available incase one intends to complete a trade. So long as one knows he/she would gain either trust or coins.
The economy these days has opened my eyes to the financial decadence ongoing, and the way it affects even crypto currency is the more reason why crypto with its value is the next big thing for generations to come.

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