I can't keep up with the High gas fees

[Macoach]

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

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[albert0bsd]

You are saying that you get to crypto because of the high inflation rate that mosts countries are facing nowadays right?

Your complaint is against the Fees on alt-chains like ethereum etc...

Actually bitcoin fees are also kind of high because of some congested network.

If you ask me, I see the fees as some kind of tax, if you see the current percentage that every government is charging you per each spent, you will see the current network fees on all the chains as the cheaper option regardless if currently the fee is high or not.

For example for a single transaction of 100 USD the government tax is like 10 to 20 USD (This depend of the country that you are), that is near 10 to 20 %

On the other hand for a 377000 satoshi transaction  (0.00377 btc) the fee right now is like 3400 sat, less than 1% of the original amount.

I don’t know much about the calculator in another chains, but I see bitcoin fees cheapest than government taxes.

[Stalker22]

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

When you mentioned "high gas fees," I assume you are referring to the altcoins network, right? In that case, I think you need to move this topic to Altcoins discussions.

Anyway, this is what I found regarding current transaction fees:



That does not seem too bad. What are the current fees for credit card transactions?

[Apocollapse]

For everyday transactions, the user need to learn to use lightning network if he want to send Bitcoin, the fee is really small compared to the on chain network. Someone can use altcoins in centralized/small network, but the security is low and I don't recommend to use it.

You must use non custodial wallet too, don't use custodial wallet because the fee is fixed and they sometime charge higher than the reality.

[zasad@]

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

When the transaction amount is 3-5 thousand dollars, then paying 50 dollars for a commission will not be large, because my profit is at least 300-500 dollars. It's expensive, but no one except you manages your coins and tokens.
In L2 solutions the commission is much lower.

[@sriyan]

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

I have the same problem.  I am doing the transactions on Saturday or Sunday morning. So you can pay less amount of gas fees. Otherwise, I have to pay a higher gas fee for every transaction. Also, I am trying to use the layer 2 networks and try to avoid Ethereum(Layer 1) transactions.

Solutions:
1. Select the time for the lowest gas fees
2. Use Layer 2 networks

[ryzaadit]

IDK why, each time I see this type of post. I'm to worried @OP will answer by shilling his product

High gas fee during the busy time is always a problem for most user because they face a few things like (Network issue, time, and cost-transaction). I believe each product from various platform are still trying to fix these even we all know for the current alt-coin can handle so many TX/daily-time comparing old-time.

Do you know, there has some technology while the coin actually send without any fee. Example like (NANO), If some of new coin can combine these tech to other (I'm sure, in the future we can have zero-fee transaction smoothly).

[Text]

The high gas fee is indeed a problem in crypto transactions, especially on the Ethereum network. It has been several years since I last experienced this scenario, back when I was actively playing and making transactions every week or sometimes every few days. I had no choice but to continue with the transactions and pay the high gas fee just to get my tasks done. This doesn't only happen with gas fees; it's the same with Bitcoin transactions. So what I do is monitor the network first to see if it's congested or not. If I'm not in a hurry, I wait for the gas fee or transaction fees to go down. Sometimes, I also use an estimator.

The high gas fee is indeed a barrier for many individuals, especially those who are just starting in the world of cryptocurrency. It's challenging if this situation continues every day.

[ultrloa]

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

Don't deal with crypto's having a transaction difficulty or experiencing a network congestion since you can expect that fees will soar high. But if you really want to send your alts to anywhere you want for whatever reason much better to trade your BTC or ETH to those coins which have less fees like XRP and BNB since these coins are famous in terms of dealing low fees also fast to transfer.

Just don't get stress about what you see since in crypto there's a solution on certain issue you encounter.

[Patrol69]

Some time ago the transaction fees of other platforms including Bitcoin were very high but nowadays the transaction fees have come to a normal level. Now trading in bitcoin does not require more than one dollar transaction fee, while trading on ethereum platform requires about one dollar transaction fee and the transaction fee in other ALT coins that are available has become somewhat normal. At the current level of transaction fees, everyone can easily transact any coin. When we have to pay a transaction fee of $20 to transfer a coin or token, we can call that situation high transaction fee. Since the transaction fee is now one dollar or below one dollar, we can call this transaction fee normal.

[makishart]

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

I do feel it, but there is no solution for that. You can only use L1 or L2 blockchains, which have better scalability compared with the mainstream network like ethereum. I do agree with you if the mechanism of defi was not effective, especially on ethereum blockchain which any transcation will be involving very high fees. The only solution to push those developers to work on update in increasing the scalability from the blockchain. If you are willing to get cheap fees for your transaction and i can suggest you to stick with L2 blockchain.


https://l2fees.info/

You can use some like polygon, arbitrum or optimism. Using L1 non scalable blockchain like ethereum will make you only waste your money to pay the transaction fees.

[rhomelmabini]

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

Well, unless these banks know how delicate it is to have a low gas fee I think what they're targeting or their market are those traditional whales who may venture into crypto. You really haven't been into the peak of this "busy periods" I guess so that tens of dollars of gas fees might go 10x in the peak periods.

Solutions are being made like off-chain transactions by Bitcoin (Lightning Network), and lot of Layer-2 scaling solutions to make these transactions cheaper than it was ever before. I prefer to use the latter considering there are many ways to do it.

[cryptoaddictchie]

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

Certainly random. Its actually depend on the network usage and the particular L1 or L2 which you will be used. If you picked ethereum, ecpect its higher than others since tis the most used network and has a lot of dapps and users. Considering the fees might be crucial since its a normal routine now on defi projects. Normally if theres a certain of hype happening on such network, the fees tend to increase due to usage and thats normal well cant give an accurate day or time for that.

[goldkingcoiner]

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

Not sure what you mean, which fees of which cryptocurrency are too high? There are multiples of such crypto. There is also a wide variety of crypto with fees so low you could spend the entire day sending your money back and forth between wallets and you would only be mere cents poorer for it. If I had to guess which crypto you mean then I would probably guess that you are talking about Ethereum, right? Despite its desperate switch to POS, the fees are much higher compared to other crypto with smart contract defi functionality. Just switch to BSC (Binance Smart Chain) if you want a popular, high volume, low fee defi experience. 

[kamvreto]

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

Not sure what you mean, which fees of which cryptocurrency are too high? There are multiples of such crypto. There is also a wide variety of crypto with fees so low you could spend the entire day sending your money back and forth between wallets and you would only be mere cents poorer for it. If I had to guess which crypto you mean then I would probably guess that you are talking about Ethereum, right? Despite its desperate switch to POS, the fees are much higher compared to other crypto with smart contract defi functionality. Just switch to BSC (Binance Smart Chain) if you want a popular, high volume, low fee defi experience. 

We also felt how the cost of ethereum rose drastically yesterday and even reached tens of dollars. But will it continue to rise, of course not. It only has an impact when the ethereum network is too congested with many transactions. Normally the gass fee is only around $5 and if we switch to another chain like BSC that you suggest, it will be even cheaper, especially if we are on the Layer 2 network, it's only under $1, around $0.1xx. Of course it will be very cheap and no longer consider expensive fuel costs.

[Oneandpure]

I don't understand well with OP point about high fees in cryptocurrency, for sending coins trough ERC or BSC network seems lower fees today and ethereum network only need under $2 for payment fees.  BSC have lower fees transaction and under $1 have been enough for several time making transaction. I think difference with fee or taxes have to pay when deposit fund in local exchange currency, ever I have to pay more than 1% of amount deposit cut off for taxes in local exchange. But I make another way without directly deposit trough local exchange and buy stable coins in trusted seller how to get lower fees than taxes cut off trough local exchange.

OP seems need to clarify which one side of high fees when sending coins or deposit taxes rule happening in his country.

[jossiel]

Choose the network that has the cheaper fee. I am sure that most of the known altcoins today are also supported in various networks which you're allowed to choose if you're going to send them to anybody or to an exchange.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard.

They are not just high in fees but also they're slow and takes time compared to crypto transfers. But if you don't pay the necessary fee, it may take a lot of time too.

[Silberman]

I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.

When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

Despite the fees being the same for everyone the amount you are sending will determine if the fee is cheap or not, if you just want to send a few dollars worth of ETH then without a doubt the fees are very high, but if you are sending hundreds or even thousands of dollars this is not the case anymore, now if your case is the former then you need to look for ways to save money on the fees, like sending your coins when the congestion is low or consolidate your inputs.

[poodle63]

thats really a problem right now, but you could also anticipate such thing and avoid it by simply using L2 if you happen to use ethereum, or some wrapped version of coin then I guess you could avoid the high gas fee but if your assets are already in ethereum then you pretty much are forced to pay for the gas fee thats really high.
like many have said, its quite different fee scheme if compared to mastercard or visa honestly, you really pay the same fee for whatever amount of money you're sending.
meanwhile its gonna be different with the other competition, therefore i think the comparation isn't fair, but i could understand that majority that utilises blockchain are just moving around asset which means these fee problem are indeed urgent problem needs to be solved immediately, right now the proposed change towards ethereum to contain the gas fee through various method are on their way.

[bluebit25]

...When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?

What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?

More specific ?

There are many different options for you to minimize fees during the transaction process, and the stories in some of the issues you mentioned made me laugh that if you don't want to, don't try to force yourself to follow it.

As in the case of Ethereum during its congestion period, many people may have had to pay tens or even hundreds of dollars in fees per transaction, but what they got in return was worth those actions. And that is also part of the reason why many projects appear to create competition in the cryptocurrency space, instead of assuming it must make us satisfied, we should understand satisfaction and grateful what exists in this market to learn how to adapt to change.