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Author Topic: Expensive Transaction fees in Both Bitcoin and Ethereum are sign of failure!  (Read 9000 times)

Offline smart_oa

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I do not think that's true. Increase if eth gas fees indicate that network is getting more traffic day by day this is also true with bitcoin. Transaction fees of 30$ to 50$ are not a big problem for a retail investors. Actually, it's nothing if you are investing 10k in a project. Initial return will be so massive these losses will cover up very easily.

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Offline Jaephoenix

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I think they will fix it soon. Because this problem cannot continue for so long, they will lose their holders so soon. This is my personal opinion. But I still respect Ethereum.
I am sorry to be the one to break this news to you, but the Ethereum gas pain in the ass is going to be around longer than you think, mate. People thought the roll out of Ethereum 2.0 would make it go away, but heeewe are 6 months after…

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I do not think that's true. Increase if eth gas fees indicate that network is getting more traffic day by day this is also true with bitcoin. Transaction fees of 30$ to 50$ are not a big problem for a retail investors. Actually, it's nothing if you are investing 10k in a project. Initial return will be so massive these losses will cover up very easily.

You're right, when the Ethereum price increases, traffic will follow it.
It's the reason why gas fee will so high.
I think has fee is depending on Ethereum price
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Offline doc

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I do not think that's true. Increase if eth gas fees indicate that network is getting more traffic day by day this is also true with bitcoin. Transaction fees of 30$ to 50$ are not a big problem for a retail investors. Actually, it's nothing if you are investing 10k in a project. Initial return will be so massive these losses will cover up very easily.

You're right, when the Ethereum price increases, traffic will follow it.
It's the reason why gas fee will so high.
I think has fee is depending on Ethereum price

Yeah, teh main reason why Ethereum gas fee is so high, I think It's traffic.
We should check the time when gas fee will lower
But It's waste of time.

Offline nakmantu99

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Lately, more and more users are already pissed and moving away or temporarily halted using Ethereum because of expensive fees while others are started to look for better alternatives or even migrated to the Binance Smart Chain (BSC) and Tron Network which is much faster and sustainable transaction fees, compared to Ethereum.

Question how it will affect the Ethereum base tokens or ERC20 tokens in the short term?
Following that many are not happy with these intentionally impose transaction fees. Just imagine I was sending $70 worth of ERC20 tokens and It takes 45 minutes to confirm with the transaction fee of $26 for me that was too much It was a shame on the Ethereum side. they are slowly eaten by greed. drop your fearless opinion below!!!

Sign of failure, yeah I think failure of #DevelopmentTeam  if they don't have good solution for expensive transaction fee.
Until now, I see not yet. Ethereum 2.0 has been launched but didn't have good effect.
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Offline Ankit1999999

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Bitcoin and Ethereum network fee very high.  I guess polygon and solana as a network project have great assets to keep to wait for the next bull. I also see on the network they publish a lot of NFT. Now we are the era of NFT, while waiting for the bull to come, I want to keep between polygon and solana.

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Bitcoin and Ethereum network fee very high.  I guess polygon and solana as a network project have great assets to keep to wait for the next bull. I also see on the network they publish a lot of NFT. Now we are the era of NFT, while waiting for the bull to come, I want to keep between polygon and solana.

You're right, the Solana and Polygon teams are doing a great job, but remember they're doing it because they've learned from the bigger mistakes of other products. Now it is the developers of Ethereum (in Bitcoin the transaction fees are not that high) who have to make sure that their chain does not fall behind and lose more projects than it is losing now, because if everything continues as it is now it could be worrying. In addition, new smart contract platforms are coming and will also give a lot to talk about.
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Offline rizqillah

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Bitcoin and Ethereum network fee very high.  I guess polygon and solana as a network project have great assets to keep to wait for the next bull. I also see on the network they publish a lot of NFT. Now we are the era of NFT, while waiting for the bull to come, I want to keep between polygon and solana.

You're right, the Solana and Polygon teams are doing a great job, but remember they're doing it because they've learned from the bigger mistakes of other products. Now it is the developers of Ethereum (in Bitcoin the transaction fees are not that high) who have to make sure that their chain does not fall behind and lose more projects than it is losing now, because if everything continues as it is now it could be worrying. In addition, new smart contract platforms are coming and will also give a lot to talk about.

You're right solana and polygon have learned other mistake. Bitcoin and Ethereum fee are so high.
Hopefully  solana, polygon, BSC and others will be good solution for high gas fee
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Offline densus88

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The transaction fees, without a doubt, one of the darkest and most criticized points of the Ethereum network, and with good reason. Unfortunately this problem is causing many projects to migrate to other blockchains so as not to end bankruptcy. It's a shame that this happens just as the value of Ethereum keeps getting new ATHs in no time, we will see what happens with ETH 2.0.

Many investors waiting the Ethereum 2.0 progress, but until now Ethereum 2.0.didnt have good solution for expensive transaction fees.
So we should wait and see,  wa all know many projects migrate to other Blockchain.
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Offline Jaephoenix

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I agree, wholeheartedly. The high transaction fees of these blockchains is a sign of failure. Plain failure. That is stopping Ethereum and Bitcoin from being a media of transaction or a store of value. I hope they fix it some day

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I agree, wholeheartedly. The high transaction fees of these blockchains is a sign of failure. Plain failure. That is stopping Ethereum and Bitcoin from being a media of transaction or a store of value. I hope they fix it some day

The same cannot be said for Bitcoin as for Ethereum in this case. The time range in which Bitcoin had the highest transaction fees was from January to July 2021, after that time period they fell to stay at a more normal level. Ethereum transaction fees exceed $100 at any time of the day, even if they are simple transactions between ERC-20 wallets, if they are transactions towards a DEX they can be more than $200. The Ethereum developers should have done something about this a long time ago.
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For Bitcoin, high transaction costs have made it competitive by Litecoin, XRP, DASH, BCH. But the LightningNetwork solution effectively solved this problem for El Salvador.
For Ethereum: high transaction costs have forced users to switch to BSC and other platforms. They are not willing to pay 100-1000 USD per transaction.
I hope the upcoming update of Ethereum will help reduce transaction fees and bring Ethereum back to its glory days.
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Re: Expensive Transaction fees in Both Bitcoin and Ethereum are sign of failure!
« Reply #132 on: February 04, 2022, 02:20:31 AM »

I hope the upcoming update of Ethereum will help reduce transaction fees and bring Ethereum back to its glory days.

Many people hoping too, almost all of investors hope Ethereum will improve their project to reduce transaction fees.
It's really annoying.

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Offline gurunanakji777

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Re: Expensive Transaction fees in Both Bitcoin and Ethereum are sign of failure!
« Reply #133 on: February 04, 2022, 06:14:35 PM »
We assume it as a failure because we are small traders/investors. Those who have huge capital do not worried about the high Gas fees but it impacts small traders and investors. Yes, I am also one of them to avoid making transactions in BTC and Ethereum I also use BSC and Tron Network to transfer my money to save the gas fee charges, and now Polygon chain is also developing it is also much cheaper than others. Eth dev need to fix this issue he should also take care of small investors and we have seen changes as most of the new projects are launching on BSC and Polygon nowadays and eth dev should take this seriously as most of the new investors does not want to pay a hefty fee so they prefer other chains.

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Re: Expensive Transaction fees in Both Bitcoin and Ethereum are sign of failure!
« Reply #134 on: February 11, 2022, 12:53:42 PM »
It must be taken into account that bitcoin and ethereum were the first cryptocurrencies and were not designed for such a large audience of users as they are now. However, in order to be competitive, each cryptocurrency must be updated and improved on time. The developers of ethereum delayed updating the ethereum network and therefore it is now losing its popularity. I hope that with the completion of the update within Ethereum 2.0, the ethereum coin will solve the problems with scaling and high transaction fees and return the shaken position of the altcoin leader.

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