I can't keep up with the High gas fees

[Victorik]

You would really appreciate the fact that these 'high gas fees' are not as high as you think especially when you doing a large volume transaction let say  greater than 1000$ and you are being charged about 12$. But it becomes a concern when you are doing a low value transaction of about $30 and the charges are about 12$.
I think that's where I have a problem.

[iv4n]

You would really appreciate the fact that these 'high gas fees' are not as high as you think especially when you doing a large volume transaction let say  greater than 1000$ and you are being charged about 12$. But it becomes a concern when you are doing a low value transaction of about $30 and the charges are about 12$.
I think that's where I have a problem.

High fees are the problem... that's why we have some alts and alt-chains. It's nice when we have alternatives, and I am more than happy when I can use some of them. A few years ago we had a period with crazy high fees, since that time I haven't used Ethereum and ETH tokens, and I decided to not pay high fees ever again. Now we can use different chains with really low fees & fast transactions, and that is a great thing... we just need more services to start using them, more options are always better than just one or two.

[Casawi]

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?

Many people, especially the typical person, may be discouraged from adopting cryptocurrencies for regular transactions or even for investing because of high transaction fees.

Scalability is one of the main issues with cryptocurrencies, especially Ethereum, which is a well-liked blockchain for DEFEI applications. With Ethereum 2.0, which strives to increase network capacity and lower fees, and layer 2 solutions like Optimistic Rollups and sidechains, this issue has been addressed. Ethereum has also been working on ways to solve high petrol fees.
We can anticipate the emergence of more user-friendly applications and interfaces as the crypto ecosystem develops. These platforms will attempt to remove the customer from the technical details of petrol fees, resulting in a smoother, more user-friendly experience.
The cryptocurrency industry is really cutthroat.Additionally, a number of other blockchains and networks are emerging that provide quicker processing times and lower transaction fees. If the exorbitant fees on the current networks continue, users might begin looking at alternatives.
 Changes in regulations can have a big impact on the bitcoin industry. Petrol prices and the whole user experience may be affected if governments impose stronger rules on cryptocurrency exchanges and DeFi platforms.The problem is recognised by the cryptocurrency industry and its developers, who are working diligently to find solutions. They are aware of the necessity to increase public awareness about cryptocurrency.

[forexandcryptoauditor]

Honestly speaking, there was a time two years back when the gas fee was so high that I waited for months to do some transactions. However, now it seems the situation has eased and the gas fee is much lower now. Doing my transactions at any time when required, I mean no concern now on it.
 But sometimes, network congestions may impact the fees structure, having said so, I don't think that it will be the same situation as previously. For the adoption of any blockchain network by Dapps, the gas fee is one of the most important thing to consider. So the lower the gas fee, more apps will be there and vice versa

[ahyadinnn]

maybe the right solution is to use other networks such as bsc, matic and tron or you can also use the zkevm network, the network that I mentioned is very cheap than you transact with the eth network, and there are also some defi on each network that are not less interesting than the eth network.

[Victorik]

You would really appreciate the fact that these 'high gas fees' are not as high as you think especially when you doing a large volume transaction let say  greater than 1000$ and you are being charged about 12$. But it becomes a concern when you are doing a low value transaction of about $30 and the charges are about 12$.
I think that's where I have a problem.

High fees are the problem... that's why we have some alts and alt-chains. It's nice when we have alternatives, and I am more than happy when I can use some of them. A few years ago we had a period with crazy high fees, since that time I haven't used Ethereum and ETH tokens, and I decided to not pay high fees ever again. Now we can use different chains with really low fees & fast transactions, and that is a great thing... we just need more services to start using them, more options are always better than just one or two.

You're right. Once upon a Time there wasn't much choice, you either pay the crazy gas fees on ETH or you forget transacting. But today, there are so many cheap alt to choose from with low gas fees.
But the problem now is, what if,. for example you are buying a token and that token is only on the ETH network? There isn't much choice now, you either pay the high has fees or forget buying the token.

[iv4n]

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You're right. Once upon a Time there wasn't much choice, you either pay the crazy gas fees on ETH or you forget transacting. But today, there are so many cheap alt to choose from with low gas fees.
But the problem now is, what if,. for example you are buying a token and that token is only on the ETH network? There isn't much choice now, you either pay the high has fees or forget buying the token.

If you really like that token and you see the potential then go for it... I guess that paying high fees now can pay off one day if the token you chose to invest makes some significant rise one day. We all know it's hard to hit a gem among all those projects out there, but I still believe there are gems and some projects definitely have a nice future.

[danherbias07]

It's not yet practical, that is true. For an average person who will make transactions daily, this will hurt their financial budget if all of a sudden we rely on cryptocurrencies as the main currency for every transaction. Like for example buying a pack of cigarettes will cost us $6 which could have been $5. An average person will not buy the whole rim of it just to save money because the budget won't be enough.
Well, the good thing is, we are not yet in that kind of world. Right now, I can see a lot of applications offering a wallet to use for purchase using the currency of their own. I think that's the only solution for now, you could maximize the use of one transaction, or you could decrease the fees by using dynamic options but it will take longer than using the normal gas fees.

[_Hiloveua_]

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You're right. Once upon a Time there wasn't much choice, you either pay the crazy gas fees on ETH or you forget transacting. But today, there are so many cheap alt to choose from with low gas fees.
But the problem now is, what if,. for example you are buying a token and that token is only on the ETH network? There isn't much choice now, you either pay the high has fees or forget buying the token.

If you want to buy or invest in altcoin, then you must choose the right coin. And if that coin belongs to ERC-20 network. Then you have to pay network fee by investing on your volume. That's why I suggest you to buy BEP-20, sol, polygon network coins, which will give you many benefits in the transaction. Although most of the good coins are ETH.

There are many coins in the crypto market that can give you good profits and network fees are very low. Among all the networks, polygon network has the lowest coin fee.

[D ltr]

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

If you only make a small transaction, you will probably feel the costs you will incur. and here you are required to be patient and diligent in checking gas costs when making a delivery, as our friend said before, the shipping cost on the eth network is only more or less 2$, still within reasonable limits I think

[Psynthax]

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

If you only make a small transaction, you will probably feel the costs you will incur. and here you are required to be patient and diligent in checking gas costs when making a delivery, as our friend said before, the shipping cost on the eth network is only more or less 2$, still within reasonable limits I think

just sending ethereum will definitely only charge $2 or less, but honestly when it comes to swapping using dexes, executing smart contract that fee increases significantly that somtimes it will require $20 just for simple swapping, I don't think thats really fine with most of people, surely ethereum in this case needs some fixing.

[TribalBob]

maybe the right solution is to use other networks such as bsc, matic and tron or you can also use the zkevm network, the network that I mentioned is very cheap than you transact with the eth network, and there are also some defi on each network that are not less interesting than the eth network.

That should be the case, now there are many options for delivery, unlike before there were not many choices. If it enters the ERC network, be ready, the coins we have will become antique collections and ultimately have no value.

[tvplus006]

just sending ethereum will definitely only charge $2 or less, but honestly when it comes to swapping using dexes, executing smart contract that fee increases significantly that somtimes it will require $20 just for simple swapping, I don't think thats really fine with most of people, surely ethereum in this case needs some fixing.

I have already begun to forget when I had to pay such a high commission. Now the cost of transactions on the Ethereum network has significantly decreased and if you choose the right time to carry out your transactions with a Gwei of 7-10, then you will not have to pay such high commissions.

[Teraboy]

its always better if you cans witch to L2 then avoid the high gas fee because usually L2 are significantly cheaper since the sole reason L2 exists becuase its to prevent high gas fee.
many tokens are also already deployed in L2 like stablecoin so I guess for basic use L2 is best right now.

[d3nz]

Getting high fees really depends on the market. But, as I check today's fees are not too high if you compare it before when BTC and altcoins are soaring up high. If you really want to avoid high fees then avoid the BTC and ETH networks, and switch to altcoins that offer low fees.

[Mr. Magkaisa]

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?

         -   It's only 1.4$ something on the ETH network; it's low compared to others. What exchange is this, mate? Because on Binance, the gas fee is around 2-4 dollars, as far as I know, that's where the gas fee plays. Then, the rest is really low.

I just don't understand, mate, what he really wants to point out in the topic on which he did this. Does he not want a gas fee when he does a transaction? Because if there is a gas fee deducted from our balance, it won't affect us in any way because that's normal, right?

Then, if we compare it to the government tax that is taken from their subjects on the products that we buy because we need them on a daily basis, we are not complaining about this crypto business, which is even more modest.

[strunberg]

maybe the right solution is to use other networks such as bsc, matic and tron or you can also use the zkevm network, the network that I mentioned is very cheap than you transact with the eth network, and there are also some defi on each network that are not less interesting than the eth network.

I also think what the OP means here is altcoin transactions, especially ETH. Many other users also complain about high gas fees and what they mean is ETH. I also recommend users to use other networks, especially when making transactions in small amounts. Currently BSC is my favorite network for transactions because it is available on many exchanges. There are also other networks such as Polygon and Tron which in my opinion are cheaper. In the end, the problem actually has a solution from the answers of the users here.

[killerfrost]

Things are much better than the period the OP mentioned,

but I personally don't have a harsh view on fees.  To be fair here, the limitations that Ethereum has not yet met have been discussed a lot, but it is clear that this is a decentralized space, and if you don't want to, you don't need to force yourself to use it, it brings freedom. When the growth period occurs, people will still be willing to pay more for fees. There are other options to use and save more on fees, but I still want the OP to think about whether the transaction fee is worth worrying about when starting to invest.

[VFalcon]

I also don't like to pay commission for money transfers or purchases, as I prefer to bypass such situations. So at the moment I just invest in TFS and keep staking their tokens at a high APY

[Wexnident]

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

Is it a necessity for you to pass transactions at that moment when the gas fee is at its highest (or around it)? If not then time it instead. Maybe create (or hire someone to make it) a bot that can automatically transfer your coins when the gas fees are at their lowest. Trying out other networks as well might work out on your end. I haven't experienced such high fees though, at least if you compare it to that period where fees were insanely high (and the reason why I just straight out stopped trading and started hodling some of my coins).

It's probably not practical if you're going to transfer coins with low volumes in large amounts though (for some reason). You'd probably get hit with too much fees, regardless whether said fee is high or not really.