I can't keep up with the High gas fees

[Fuso.hp]

Excessive transaction fees are a big problem for everyone. Those who are small investors can't trade any coins with extra transaction fees even if they want to. Those who are small investors mostly invest in bitcoins and in case of investing bitcoins they trade bitcoins in different places which makes them pay extra transaction fee from bitcoins. Bitcoin and other ALT coins also had to be transacted with high transaction fees. Transaction fees may depend a lot on Bitcoin transaction fees. If the transaction fee of Bitcoin increases, the effect may be on the transaction of other ALT coins in the market. If transaction fees were normal then maybe no one would have any objection to transact or no one would have any complaints about extra transaction fees.

[FinneysTrueVision]

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?

This only shows the cost for a simple transfer. When you are interacting with smart contracts the cost is significantly higher. Using an altcoin like Ethereum requires a lot of interacting with smart contracts. You don't just do one transfer and are done for a while like with Bitcoin. A typical ETH user might be trading multiple tokens across several DEXs, bridging tokens to different layers, buying NFTs and then listing them for a higher price. All of this activity consumes an enormous amount of gas.

[dbshck]

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'm assuming you're referring to Ethereum gas fees. No, I think that's the main value proposition of these Ethereum L2s and other chains. Even long-time crypto users like me still think twice every time I'm about to make an Ethereum transaction. A simple swap costs at least $5 in ETH and that's ridiculous. That's why I always prefer to use DeFi in L2/other chain.

If there is another bull run, I think Ethereum will be even more crowded and other activities like DeFi and NFT will have to happen somewhere else. I guess this is the bull case for L2s and chains like Solana.

[Jating]

Excessive transaction fees are a big problem for everyone. Those who are small investors can't trade any coins with extra transaction fees even if they want to. Those who are small investors mostly invest in bitcoins and in case of investing bitcoins they trade bitcoins in different places which makes them pay extra transaction fee from bitcoins. Bitcoin and other ALT coins also had to be transacted with high transaction fees. Transaction fees may depend a lot on Bitcoin transaction fees. If the transaction fee of Bitcoin increases, the effect may be on the transaction of other ALT coins in the market. If transaction fees were normal then maybe no one would have any objection to transact or no one would have any complaints about extra transaction fees.

This is have the issues for years already, if I'm remember it correctly even around 2018-2019, the Ethereum gas fees are so high. First it was due to "CryptoKitties" (remember this?)

And this is the start of the whole network congestion on Ethereum and they try to sell the Ethereum 2.0 to solved this from PoW->PoS but still the problems still exists and I don't think that it can be resolved any time soon. There were times as well that the gas fees is very expensive as compare to Bitcoin sat/vB mempool transactions.

[Huppercase]

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?

First, you need to specify the particular blockchain you are having problem of high fees. There are many blockchains of altcoins but over all of them that has the most high fees is the Ethereum chain, it has been like that since the launch of the project and it will remain like that because changing the fees is like rewriting every code of the Ethereum chain unless they do hard fork. There exist the hard fork already as Ethereum classic but developers don't used it the way they used Etheruem, probably because of the security reason.

I'm not sure what you are trying to in Defi but there are alternative to this, we more than 50 other layer 1 projects that are also Defi, you can literally do everything you want to on them the same way you do in Ethererum chain without comprising anything, they are fast, less fee for transaction and comfirm very fast as compare to Ethereum. There is no other way than the alternatives because it is even better now, by the time bull run start, the Ethereum fee will be a challange of an average crypto user.

Similarly, you can also use layer 2 of Ethereums that are availale but there security challenges that comes with it but you can used layer 2 and enjoy the same benefits of Ethereum chain without having to import all your funds back to another layer 1, and they have lots of liquidity, you should Arbitrum, Avanlache and Optimism.

[Kavelj22]

In extreme cases, I do not think that any of the networks impose fees equal to or greater than the fees charged by Visa or Master. In general, there is always the possibility of choosing the network with the lowest fees at a given time, and in this way it is always possible to avoid paying relatively high fees compared to the general rate. It happened on many separate occasions that the Bitcoin blockchain network became crowded and fees rose to record levels. I do not believe that any other network can reach those levels (Ethereum in previous periods).

It is important to note that some novice users do not differentiate between network fees and fees imposed by trading platforms, since most of them use these platforms as wallets and make small transfers through them.

[Magic-Money]

As a cryptocurrency investors or trader's, be it full time or part time business in the cryptocurrency industries, never reason about the high gas fee's, because I once a victim of not investing in Shiba Inu coin at early stage in uniswap dex platform and I was considering the gas fee that is high not to buy Shiba Inu in Ethereum Blockchain. That makes me regret, once make a research about a coin, take the risk to invest and stopped checking high gas fee's involved, because the cryptocurrency business is about risks taken.

[gurunanakji777]

I think you might be mistaken it's not that the fees are too high. If you check on the TRC or Polygon network, you'll see that gas fees are much lower compared to Visa and Mastercard charges. Even when it comes to BTC and Ethereum, the transaction costs are slightly higher but still lower than Mastercard and Visa. However, I would like to point out that during a bull run, congestion can lead to fee increases, but they still remain lower compared to banks. Developers of the different chains should pay attention to this issue to encourage adoption and prevent future complaints related to gas fees.

[el kaka22]

The logical thing would be picking coins that would be less with fee and more with transaction speed. Nobody forces you to use things that have high gas fee, I mean you can if you want to but if you are complaining about it then I would suggest using something else, you are not suppose to do something that you dislike in this space, crypto was created to give you that freedom and if you are not using that freedom then you are not using it for it's full potential.

Another way would be using it less, you would be paying high gas fee but you would be paying rarely, which would mean that you are going to end up with something that would be still low on total numbers, which is a way that most people go with nowadays.

[wheelz1200]

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?

You are just using the wrong networks.  You can easily use crypto with little fees that are marginally lower.  The solution is in front of ypu jsur don't use that network.  And if you are trading toke s on that network just opt to trade other coins or tokens, there are zillions of projects out there.

[LogitechMouse]

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

I thought I'm the only one who has traumatized already by these newbies (or sometimes Jr. Members) who are asking questions blah blah, then at the middle of the thread, he will share a product that's considered new. A new way of shilling their products. 

Anyway, as for the gas fees, right now I don't see any problem. Bitcoin's current transaction fee is less than a dollar, and same goes with Ethereum. I just don't know what OP is saying. If I remember correctly, there is an increase in gas fees whenever we are in a bull run because many people are willing to pay higher fees just to sell their holdings, but with a normal day like today, gas fees aren't that high, and considered considerable if you ask me.

Can I ask you OP what coin are you pertaining with?

[Macoach]

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.

Have you tried using L2 yourself I'm hearing bad rumors about it

[Xal0lex]

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?

As long as cryptocurrencies are in the process of formation and in the initial stage of development, these problems will take place in the ordinary life of crypto users for a long time to come. The fact is that the most common cause of higher fees is transaction spam in the underlying blockchain and it is often related specifically to NFT tokens. Junk transactions of junk tokens put unnecessary strain on blockchains that have scalability issues. Until there are the right solutions or proper regulation that sharply limits the emergence of different shitcoins, this problem will not go away. The Internet didn't appear with 5G connection right away either, so everything has its time. The crypto industry is still very young.

[shinratensei_]

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.

Have you tried using L2 yourself I'm hearing bad rumors about it

I've honestly frequently used these L2 and they're just fine if you're seeking for cheaper gas fee, the only problem is that, bridging your asset to these L2, you need to pay high gas fee first, basically moving your asset from ethereum to these L2 and then after that you could have cheapest possible fee there is around only few cents but the will be another problem that you might face, be sure to check out whether the smart contract and dapps that you are interacting with which available in ethereum also available in these L2 blockchain otherwise you just gonna waste your effort.
but if its just sending ethereum or any other token like stable coin which usually also available in these L2 then you will be fine.

[Bitstar_coin]

Even the scalable l2 blockchain can sometimes be high depending on the project,  the nature of the transaction and the time, when the blockchain is highly congested expect the fees to be very high. This should be the area where solutions needs to be provided if possible. Peak or none peak period should be able to maintain same fees.

Generally speaking crypto is suppose to be an alternative and a much cheaper one to traditional currency but for some reason it is more higher than the former. Imagine making payment with btc everyday with such high gas and volatility.

[libert19]

Ethereum is expensive, L2s and other chains like Solana are not, hence probably the Visa integration with Solana. Ethereum has plans in it's roadmap to lessen the gas fees, it all will come right with time.

[Psynthax]

Ethereum is expensive, L2s and other chains like Solana are not, hence probably the Visa integration with Solana. Ethereum has plans in it's roadmap to lessen the gas fees, it all will come right with time.

agreed, these L2 gaining popularity recently not because some proper reasoning.
they are all awaited to solve the problem that ethereum is always having for many years right now, which is solving the problem of fee taking distributing the transactions across their blockchain, i don't see reason why we shouldn't use L2.

[justdimin]

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?

Why would it be normal or acceptable for you to use that much money to use this? Of course you are free to not use it, but we also need to remember that all those cards charge the shop as well, you do not see it but they do.

Depending on the nation, there is a charge for it, and I am not talking about the tax, I mean the credit card, the ability to accept card payments costs the shops some money, in my nation it's 2% per transaction, could be different in some other nations. That means when you make a 1000 dollar payment, that is 20 dollars gone, and if ETH or any other coin charges less, that is profitable. Obviously for cheaper amounts, like sharing 100 dollars, cards are better, but when it grows higher? ETH is still cheaper.

[Mpamaegbu]

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.

More than anything, people will care more for their anonymity and ease of transaction than whatever they pay as transaction fee. Besides, what you think is high now is really minute if you compared what we suffered with ETH gas fees during the ICO years. It was simply crazy and so many of us couldn't get their bounty tokens or airdrops withdrawn because of exorbitant charges.

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?

Nope, it doesn't at all.

[mdzahed134]

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. 

10$ is too expensive transaction fees in this bearish market, but i made several transaction in recently with 3$-4$, and i checked gas price before transaction, i see low gas fees 12-15 gwei in the mid night and early in the morning in my local time zone, so anyone call follow this trick because it’s not like that erh network is always congested. BSC is the best for cheap network fees, here only a few cents you have to spend for any transaction.

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.