Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: bitbit347 on May 19, 2020, 08:26:19 AM
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Hi！
Notice：
If high fees persist, the transaction volume of DEX and derivatives exchanges that rely on on-chain settlement for transaction confirmation may decrease.
The increase in transaction fees is related to the sale of stablecoins based on Ethereum.
Miner's income has increased significantly, but scalability innovation will curb the continuation of this trend.
The average transaction fee of Ethereum increased by more than 160%. The users bear higher costs, and the miners get a higher income, but this situation may change in the near future.
Ethereum's transaction fees have been rising in May, and the average transaction fee has been close to $ 0.3.
This is a situation that deserves attention because it makes using the Ethereum network more expensive.
According to the data of Coin Metrics, the average transaction fee so far in 2020 is 0.15 USD or 0.00085 ETH. However, the average transaction fee in May alone reached 0.29 USD or 0.00143 ETH.
There are exceptions when transaction prices generally rise. Taking Synthetix as an example, as of press time, the average transaction fee for casting SNX was $ 7.4.
(https://qph.fs.quoracdn.net/main-qimg-3ad5f49e176dccc3bf7c290bef617838)
During 2020, the average daily transaction fee income for miners is 631 ETH. But in May, this average has risen to 1216 ETH, which has nearly doubled.
Although users bear the burden of high transaction fees, miners are excited about the increase in revenue.
Ethereum co-founder Vitalik Buterin pointed out that the current miners earn higher fees than the estimated ETH 2.0 staking reward. This gave rise to the idea that Ethereum is developing into a fee-based market, and the demand for block space will push up transaction fees.
(https://qph.fs.quoracdn.net/main-qimg-fd9261dd61f1f90edcb5a9354a60a6c3)
So there’s no doubt that ETH will rise in the long-term, especially with the upcoming ETH2.0 upgrade. However the cost will also become more expensive. Under this circumstance, to trade on ETH options can be a perfect choice to experience the growth of ETH price.
Take BitOffer Ethereum Options as an example, it requires 0 fees, 0 margins. The most significant feature of BitOffer Ethereum Options is its unlimited profit with limited risk. Whether the bull or bear market, investors are able to earn profits up to 1,000X. With the purpose of providing investors a precise hedge tool and an additional trading product.
If you have enough confidence with ETH, buy ETH itself and wait.
If you have a little hesitation or don't want to lose much, but still want to earn some profits from it, try ETH options
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Vitalik Buterin tweeted that the transaction fees on Ethereum last week exceeded the estimated reward income under the PoS model. This is an important milestone in achieving economic sustainability.
At present, Ethereum rewards 12928 ETH for mining every day, while the transaction fee of 2249 ETH has already accounted for 17% of mining rewards. The transactions are expensive which more suitable for large-value transactions.
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It's probably best to just hold on to your ethereum for now. I bought ethereum last year for $ 280, and now its price is about $ 4,000. I hope that next year, after a successful network update, this coin will rise in value to $ 10,000. By then, the transaction fees should also bounce back. So I'm just holding my ethereum for now.
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The transaction fee is not encouraging especially for new users, I just hope that the Ethereum 2.0 will help new community members because many users may be leaving the Ethereum chain to other networks if the continue s next year. If more people (investors) are not investing due to high transaction fees it will not enhance ether price.
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It's probably best to just hold on to your ethereum for now. I bought ethereum last year for $ 280, and now its price is about $ 4,000. I hope that next year, after a successful network update, this coin will rise in value to $ 10,000. By then, the transaction fees should also bounce back. So I'm just holding my ethereum for now.
Holding is the key for Ethereum while we are waiting for the eventual solution to the dragging and incredible gas fees charged for transacting business in the said network. I am expecting that the coming new year can accelerate the developments on Ethereum that can solve this big challenge it is facing. I already stopped transacting in Ethereum since moving some of my tokens to exchanges can be so unprofitable, in the first place. Gone are the days when even a token worth $5 can be easily transferred to exchanges and be converted to to other assets. I am then wishing that the genius of Vitalik Buterin can solve this problem once and for all...as I am already so tired of this!
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how to profit from ethereum transaction fees which are so expensive maybe by holding or holding if for trading it may be too heavy with transaction fees
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how to profit from ethereum transaction fees which are so expensive maybe by holding or holding if for trading it may be too heavy with transaction fees
Over the past year, the situation with the ethereum network has changed for the better in many ways. Currently, the transaction fee on this network is 24 gwei, which is already pretty good. However, we expect the completion of the biennial ethereum upgrade, which should happen as early as next month, tentatively on September 19th. Then ethereum will be transformed in many ways, including its actual problems with scalability and high transaction fees should disappear forever.
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For me, Ethereum is an asset it should be held like a fixed deposit in the bank. If you see the Ethereum gas fee it's never been high and same it keeps changing so one must keep an eye on it if one wants to make a transaction but Vitalik should do something to reduce the gas fees. No doubt miners are making huge money. Because of high transaction fees we see a huge gain in transactions in the BNB, Polygon, and TRC where the gas fee is very minimal and a small trader can easily manage.
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The Smart contract technology built by Ethereum is the first in the world and has a lot of great developers, now if the two chains can unite, then it will be as long as possible in the future, when the Beacon chain can make transactions faster and with lower fees. for the current gas fee, I think it's gone down because the DeFi and NFT hype has waned.
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For me, Ethereum is an asset it should be held like a fixed deposit in the bank. If you see the Ethereum gas fee it's never been high and same it keeps changing so one must keep an eye on it if one wants to make a transaction but Vitalik should do something to reduce the gas fees. No doubt miners are making huge money. Because of high transaction fees we see a huge gain in transactions in the BNB, Polygon, and TRC where the gas fee is very minimal and a small trader can easily manage.
In my opinion, the problem of expensive transactions on the ethereum network no longer exists. Right now CoinMarketCap shows 12 gwei per transaction. This figure is more or less stable, but the ethereum upgrade continues and the situation with gas levels and scalability will continue to improve. So far, we have not seen much growth in the price of ethereum, since the cryptocurrency market is under the influence of the ongoing crypto winter. But in the future, the popularity of ethereum will continue to grow, as will the price of this coin.
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a way to earn passive income by investing in crypto currency is by lending them to investors to high invest rates, typically investors lend there crypto to debtors to high interest rates
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In many cases, in-game digital tokens can be exchanged for stablecoins on either centralized or decentralized cryptocurrency exchanges. These digital assets can be sold or traded on online marketplaces or directly converted to fiat currency.
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Yeah, high gas fee will be always the big problem for us,
We are trader or investors, always suffering while do transaction in high gas feee.
We know it, and the developer doesby have good solution
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I think there is no need to worry, because very soon, commissions will be reduced for exchange, transfer in the Ethereum network. Buterin will do it no matter what. That's when the ETH network will be in demand, as it was a little earlier. After the next update, commissions will be reduced.
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The Ethereum network is constantly updated. Three more updates are planned for January and early February and this significantly improves the situation with high transaction fees.
To make a good profit on Ethereum, now is the best time to buy this coin, since, after the Bitcoin halving in April, potential altcoins should quickly increase in price. This primarily applies to Ethereum.
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You can just use TFS, because its price is quite stable and there is a big APY from which you can make good money.
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EIP-1559 allows burning a portion of ETH in transaction fees and reduces ETH token total supply, thereby reducing selling pressure and supporting ETH price. Thus, as the number of transactions and transaction fees on the Ethereum network increase, ETH price will increase.
I believe that 2024 will still be a successful cycle for ETH even though its growth percentage may not be equal to SOL or BNB. The Dencun update in early 2024 will add further bullish momentum and ETH will remain a top altcoin to hold long-term, at least through 2025.
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Hi！
Notice：
If high fees persist, the transaction volume of DEX and derivatives exchanges that rely on on-chain settlement for transaction confirmation may decrease.
The increase in transaction fees is related to the sale of stablecoins based on Ethereum.
Miner's income has increased significantly, but scalability innovation will curb the continuation of this trend.
The average transaction fee of Ethereum increased by more than 160%. The users bear higher costs, and the miners get a higher income, but this situation may change in the near future.
Ethereum's transaction fees have been rising in May, and the average transaction fee has been close to $ 0.3.
This is a situation that deserves attention because it makes using the Ethereum network more expensive.
According to the data of Coin Metrics, the average transaction fee so far in 2020 is 0.15 USD or 0.00085 ETH. However, the average transaction fee in May alone reached 0.29 USD or 0.00143 ETH.
There are exceptions when transaction prices generally rise. Taking Synthetix as an example, as of press time, the average transaction fee for casting SNX was $ 7.4.
(https://qph.fs.quoracdn.net/main-qimg-3ad5f49e176dccc3bf7c290bef617838)
During 2020, the average daily transaction fee income for miners is 631 ETH. But in May, this average has risen to 1216 ETH, which has nearly doubled.
Although users bear the burden of high transaction fees, miners are excited about the increase in revenue.
Ethereum co-founder Vitalik Buterin pointed out that the current miners earn higher fees than the estimated ETH 2.0 staking reward. This gave rise to the idea that Ethereum is developing into a fee-based market, and the demand for block space will push up transaction fees.
(https://qph.fs.quoracdn.net/main-qimg-fd9261dd61f1f90edcb5a9354a60a6c3)
So there’s no doubt that ETH will rise in the long-term, especially with the upcoming ETH2.0 upgrade. However the cost will also become more expensive. Under this circumstance, to trade on ETH options can be a perfect choice to experience the growth of ETH price.
Take BitOffer Ethereum Options as an example, it requires 0 fees, 0 margins. The most significant feature of BitOffer Ethereum Options is its unlimited profit with limited risk. Whether the bull or bear market, investors are able to earn profits up to 1,000X. With the purpose of providing investors a precise hedge tool and an additional trading product.
If you have enough confidence with ETH, buy ETH itself and wait.
If you have a little hesitation or don't want to lose much, but still want to earn some profits from it, try ETH options
Hi friend, though your title and the post doesn't look aligned, however, Ethereum is known on various times to increase on its transactions fees. The more the crypto market prices (especially the ethereum price) increases the more every ethereum users has to pay higher transactions fees.
Now, there are few options to earn ethereum if this situations persist, these options are, Trading, mining, long term or short investing( Hold), airdrops and ethereum faucet.
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If you trade with ethereum, what will probably be felt directly is the trading fee. but sometimes it's not that big. However, when it comes to transfer fees, it's really big. Use another cheaper network if possible, or use another coin to transfer.
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You can just use TFS, because its price is quite stable and there is a big APY from which you can make good money.
that's interesting because I hear they're having tournaments and you can make a lot of money right now.
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The first option is to wait for transaction prices to decrease. The second option is to hodl, raising the price of Ethereum. But when trading with crypto, the hodl remains on the sidelines. In my opinion, with such huge commissions, there is no need to trade small amounts of crypto. And if you trade, then trade for profit.
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In fact, high transaction fees are not problem in generating profits. Looking back at meme trend in 2021 on Ethereum, people were willing to pay fee of 100 USD to buy Meme coin and receive millions of USD in profits. Currently fees on Ethereum are cheaper thanks to POS and Layer-2, which will get even better once the Dencun update is released. Then DeFi on Ethereum will explode and create profits for wise investors in ETH ecosystem.
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In order to earn Ethereum, the main thing you should do is do trading activity here, and for that to happen, buy it if you have something to buy. Now, before you do it or decide to trade it, someone should know about trading. You should know how to use the indicators that are often used in the trading exchange.
The question is, do you have a broad understanding of cryptocurrency trading? If yes, that's better and also a good advantage, but if you don't have extensive knowledge of trading, you'll just ignore buying Ethereum.
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If you trade with ethereum, what will probably be felt directly is the trading fee. but sometimes it's not that big. However, when it comes to transfer fees, it's really big. Use another cheaper network if possible, or use another coin to transfer.
Thanks for your simple explanation. Because those who are new to invest definitely your post is good for new investors. Since Ether transaction gas free is very high, small investors like us are struggling to invest in Ether platform. So we need to check and select those types of coins which are easy for investors.If small investors invest with small amount of currency then of course their gas fee A better way to cut less is to be found.
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The problem here is that Proof of Work mining is out of the question for Ethereum. After the fork, it became extinct. However I hear there os a fork of Ethereum which which still uses PoW which is obviously named EthereumPoW. So it uses hardware and more mining fees. Than Proof of Stake which is environmentally friendly
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Thanks for your simple explanation. Because those who are new to invest definitely your post is good for new investors. Since Ether transaction gas free is very high, small investors like us are struggling to invest in Ether platform.
Yes, because Ethereum transaction fees are very high, especially if it is approaching or in the bullish phase, it will be extremely high, up to hundreds of gwei. but this is indeed a transfer fee that we have to pay if we use the Ethereum network... whereas currently there are many types of networks whose fees are quite small. However, if we have to stick with the Eth network then we must be willing to have our coins entered into the exchange. If they have been exchanged, it will be easier to cash out or to trade it with coin pairings where the fees are quite small.
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I think It's still relevant to talk about gas fee, because Ethereum gas fee always being the matter for us.
Can we gain profit while gas fee so high ? If we invest in big fund, gas fee is no problem.
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I think It's still relevant to talk about gas fee, because Ethereum gas fee always being the matter for us.
Can we gain profit while gas fee so high ? If we invest in big fund, gas fee is no problem.
So far, the fuel costs for carrying out transactions on the Ethereum network are quite cheap because not many people use it, but when network conditions start to become congested because many people use Ethereum for transactions, the transaction fees required will automatically increase. Usually the price goes up when there is an NFT project on the Ethereum network that may be trending or have high demand. For example, some time ago, there was an increase in gas fees on the Ethereum network. One of the causes is the existence of NFTs that are trending.
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same problem that we are experiencing now like on Bitcoin , that our funds increases its value high but the problem is to transact and take it out for a while to profit there is a need for a high transaction fees,
ethereum on the other hands are the same in bitcoin of how much the fee increases each time there is a congestion in network.