Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: damsix on February 22, 2021, 03:34:03 AM
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Ethereum has now lost trust and it really felt like me because I watched it on various Telegram channels.
I'll try to describe a little :
-Ethereum lost the war with transaction fees against BSC (Binance Smart Chain).
-DEX UNIswap from erc20 was overtaken by its Markecap by DEX Pancake Swap from BSC (Binance Smart Chain).
-A lot of famous people and whale investors wrote on Twitter that they don't want to pay millions of dollars in transaction fees alone.
-I have created a BSC wallet from the end of December 2020 and have saved 0.1 BNB for transaction fees and that's enough for up to tens of token transactions at BSC.
Have you guys in this forum felt the same way as me ?
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Yes, brother, you are right. I totally agree with you. It seems to me that Ethereum is losing its popularity day by day due to its excess gas fee . But is another coin Binance has responded extensively to the market. In just a few days, the value of these binance coins has risen so much that everyone is saying that soon these binance coins will overtake Ethereum. Now If the Ethereum community does not solve the problem of excess gas fee, they may soon lose their popularity.
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Ethereum has now lost trust and it really felt like me because I watched it on various Telegram channels.
I'll try to describe a little :
-Ethereum lost the war with transaction fees against BSC (Binance Smart Chain).
-DEX UNIswap from erc20 was overtaken by its Markecap by DEX Pancake Swap from BSC (Binance Smart Chain).
-A lot of famous people and whale investors wrote on Twitter that they don't want to pay millions of dollars in transaction fees alone.
-I have created a BSC wallet from the end of December 2020 and have saved 0.1 BNB for transaction fees and that's enough for up to tens of token transactions at BSC.
Have you guys in this forum felt the same way as me ?
There is always a competition in the cryptocurrency sector. Everyone is fade up with the ethereum transaction fees. Already Ethereum 2.0 goes on live but it is a long process. Until completion, other options like BSC, Polkadot are taking the facilities of the lackage of Ethereum. No one wants to give such huge fees. Yesterday, i wanted to make transaction of DEGO, it claims 2.29Etherum. Can you believe? Many projects are moving towards to BSC for this. Panacake swap recently surpassed Uniswap which is now an example for others. I also moved 0.15 BNB on BSC network for transaction fees like you. :D +1
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Investors will take to consideration the terrifying Ethereum transaction fees. Most of the time they will choose the winning position to save a lot of money than just to pay huge money in transactions. BSC is above ERC 20 in this aspect due to migrating of investors and traders from ERC 20 to BSC. Probably BNB will increase even more in the next future.
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Yes, I am also slowly leaving Ethereum. And now I'm going to the Tron. Because Tron has very fast and low fees. And Ethereum is no longer interesting to me.
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Yes, I also support Binance Smart Chain. Honestly I'm tired of paying ether gas fees now. I have had to pay a lot of gas fees in a few days. I am really worried about it. I would be happy if the smart chain is to be an ether competitor.
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(https://pbs.twimg.com/media/EuxiAn0XMAMC1Lm?format=jpg&name=small)
(https://i.ibb.co/0FLqdDh/GAS.jpg)
^ Need I say more? ;D
Ethereum has now lost trust and it really felt like me because I watched it on various Telegram channels.
I wouldn't say I lost trust. I just prefer convenience at the cheapest way possible which BSC is currently giving and I believe many thinks the same.
There are still many people who prefer decentralization over fees. BSC is fast and cheap because they only have 21 nodes which makes it centralized. Compare that to thousands of nodes on the ethereum chain.
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Binance chain has a very popular brand attached to it so no doubt it is going to be financially succesfull. If there is any technical merit behind the hype remains to be seen but I kinda doubt it. It doesnt support smart contracts so it doesn't really compete with ethereum at all.
but
Binance is a replicated state machine powered by Cosmos SDK.
Smart contracts can be built in as modules that validators merge in to the client or as sidechains using Cosmos IBC.
It is very powerful and the curation by validators means no spam on the chain, with powerful and standardardised smart contracts in a very scalable architecture.
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Yep, now we have Binance Smart Chain that may compete with Ethereum. If the negative sides of Ethereum continue and no proper solutions, I am sure people will move to Binance Smart Chain. For example about the high transaction fees, people are very disappointed with this problem for a long time, but no solutions from Vitalik. People are starting to find out another solution, one of them is to move to Binance Smart Chain.
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I may think so becaus eof the fee transaction
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Yes I agree ethereum already has a rival to the Binance smart chain because as this moment the Binance in the market will too rise but it will cannot effect of ethereum in the exchanges because of many assets using this but unfortunately the Binance become a good coins in the cryptocurrency someday.
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Maybe because I read some project on telegram that they are planning to move from Ethereum blockchain to Smart Chain. Gas fee is the big factor that made them to transfer in order to grab the lowest fees at the same time to add another level of opportunity. Bsc will become more popular and u hope will come to rank 2.
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Binance smart chain does not have the guts to rival etherum on the long term; all these shenanigans that we are experiencing is only for the short term because in truth, even CZ does not have a solution to network clogging on blockchains.
Think about it, etherum blockchain was once cheap, but then the blockchain evolved and got congested due to adoption; once binance smart chain achieves massive adoption to the level at which etherum is, it will also clog; then a new blockchain emerges.
Rinse and repeat.
Etherum remains king of altcoins.
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Yes, I am also slowly leaving Ethereum. And now I'm going to the Tron. Because Tron has very fast and low fees. And Ethereum is no longer interesting to me.
I think TRON is the best choice to leave Ethereum. Ethereum is so high gas fee . I think It is not good for trader, investor and bounty hunter. We must have the good solution and find the project with TRC20 or waves.
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Ethereum has now lost trust and it really felt like me because I watched it on various Telegram channels.
I'll try to describe a little :
-Ethereum lost the war with transaction fees against BSC (Binance Smart Chain).
-DEX UNIswap from erc20 was overtaken by its Markecap by DEX Pancake Swap from BSC (Binance Smart Chain).
-A lot of famous people and whale investors wrote on Twitter that they don't want to pay millions of dollars in transaction fees alone.
-I have created a BSC wallet from the end of December 2020 and have saved 0.1 BNB for transaction fees and that's enough for up to tens of token transactions at BSC.
Have you guys in this forum felt the same way as me ?
I think the Ethereum platform has lost a lot of their popularity. This is because most people avoid this etherium platform because of the extra transactions Going towards other platforms.The value of binance coins was pumping a lot a few days ago. Many thought that this Binans coin could surpass Ethereum But it did not happen. Again the value of binance coins has been dumping.
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That's true, bro, now that etherum has started to lose its belief, this is a very serious threat to etherum because the BSC wallet is very cheap for the transaction costs, if the etherum team doesn't immediately fix the gas price, it is likely that etherum will be left behind by investors and this is very detrimental to etherum.
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That's true, bro, now that etherum has started to lose its belief, this is a very serious threat to etherum because the BSC wallet is very cheap for the transaction costs, if the etherum team doesn't immediately fix the gas price, it is likely that etherum will be left behind by investors and this is very detrimental to etherum.
The rise in the cost of transactions on the Ethereum network is not yet a reason to lose confidence in this asset and the erc20 platform. Possibly high commissions minimize the development of bad projects, where the asset value is much lower than the commission on the Ethereum network. In addition, one should take into account the fact that in July of this year, the developers are planning to carry out a hard fork in London, which will reduce the cost of gas.
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Because both are different investments. Binance is also very popular so it would be unrealistic to pair it with ethereum. although indeed all things will be very possible and could happen.
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Yes, now, many rivals of Ethereum really have the chance to beat. because moreover, the Etherum gas fee is damn high. This really makes many projects to spa their tokens into other platforms or networks. Additionally, we can see also that BSC and also polkadot right now are very popular.
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You are right because I had no idea about it but I knew and understood that there is a work worth doing. That Ethereum already has competition in the Benson smart chain. You have created a very valuable and beautiful topic. I hope the members like me can learn a lot from this topic.
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Users who are involved with the cryptocurrency market will already be able to understand how important the Binance Smart chain is to the cryptocurrency community. Because we are currently using Ethereum a lot of damage. Such as additional fees. So it takes a lot of fee to transact the tokens of ETH platform. So now binance smartchain is very important.
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You are completely right, and if Ethereum will not work on this we can see the project going down slowly! Many people now are tired of paying high fees in Eth tokens. BSC may have many amazing projects which would be in ETH if the fee was normal.
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that's the market, I think so because what I feel is that fees from BSC are lower than ethereum, that's why millionaires and investors mostly move from ether to BSC
Initially I really liked using ethereum as a tool for transactions but with its very high fees I switched to BSC and I was able to save better fees
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Yes, now Ethereum has a serious rival. I think the Ethereum platform must have a new revolution, especially on how to lower the gas fees. If the Ethereum platform can lower the transaction gas fees, Ethereum can be still the most favorite platform in crypto. But if there is no change, there is a chance for BSC to beat Ethereum.
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It is time for Ethereum to rethink what happened because Ethereum has a lot of misuse in terms of transaction fees.
Ethereum has probably forgotten about the small community that only has a few cents to send tokens from the erc20 network.
If a small community also complains, it means that even large communities such as Whales will feel burdened because surely their transaction costs are much greater.
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Yes, now Ethereum has a serious rival. I think the Ethereum platform must have a new revolution, especially on how to lower the gas fees. If the Ethereum platform can lower the transaction gas fees, Ethereum can be still the most favorite platform in crypto. But if there is no change, there is a chance for BSC to beat Ethereum.
and it seems that there are many who want to try their luck from the high cost of ethereum gas, to be able to replace ethereum's role. although it might be difficult but it is possible that it could happen because dev is tired of the way ethereum works and doesn't want to change it either.
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You must have said the right thing. I agree with you. Already the Ethereum platform has lost a lot of their popularity. One of the reasons I lost their popularity is because I think their platform Extra gas fee in case of transaction. For a few days this gas has been out of the reach of free people. That is why all the people are changing their platform and moving towards Binans platform If it continues like this, it may soon overtake the Benson smart chain Ethereum platform.
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Let's wait and see when Ethereum EIP 1559 that expected to go live in July this year. If this help the gas fees decrease exponentially as they say, will see if BSC can actually be a real competitor. But almost all of BSC are copied on Ethereum no.?
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Let's wait and see when Ethereum EIP 1559 that expected to go live in July this year. If this help the gas fees decrease exponentially as they say, will see if BSC can actually be a real competitor. But almost all of BSC are copied on Ethereum no.?
I also think that switching to the POS algorithm will completely push Ethereum even further away from its rivals. In this situation, binance will not be able to compete with Ethereum.
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I also strongly agree, basically people will prefer to save money, no matter how much money or wealth we have, of course we will look for the cheapest fees and will leave expensive ones ... especially in crypto, we can see and compare fees of various kinds platform ... if there are cheap ones why choose expensive ones, I think if the ethereum network does not immediately fix the fees, they will be abandoned by many people ...
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We are seeing BSC outperforming Ethereum in many ways such as transaction speed and cost but the reason is the number of Ethereum users - too large. That said, the community still believes in Ethereum's future potential. I still do not fully trust BSC because there are only 21 validators in the BSC network, even some of them may be managed by Binance. The Ethereum network is more decentralized, and with a layer-2 solution I believe the scalability problem will be resolved soon.
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When Ethereum's gas-fee levels skyrocketed, people avoided the platform and came to the Binance Smart Chain platform.But the popularity of the Ethereum platform has increased as Ethereum's transaction free has been declining again for a few days.Hopefully its popularity will increase further in the future.
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When Ethereum's gas-fee levels skyrocketed, people avoided the platform and came to the Binance Smart Chain platform.But the popularity of the Ethereum platform has increased as Ethereum's transaction free has been declining again for a few days.Hopefully its popularity will increase further in the future.
The point is when Ethereum completely switches to the second version, then not only the throughput of Ethereum will increase, but also the commissions will decrease, and then Ethereum will have no competitors at all.
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Etherum and Binance Smart CHain are precisely competing. The new technology from Binance is considered better, moreover if compared to the transaction fees and also traffic. However, they are new and many are still not yet guarantee the life to be better.
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Currently Ethereum is starting to lose trust due to very high transaction fees, especially with the presence of BSC which can be a solution, I am worried that Ethereum will be increasingly abandoned. I have also created a BSC wallet as a tool due to the high transaction fees that Ethereum charges. My prediction is, If Ethereum doesn't lower their gas costs Ethereum will be completely abandoned.
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Yes, I realized this from:
- They are competing about the transaction fee and also projects
- Each may have a brighter future, so don't be sad to face this
- The CEO is also competing with each other.
I personally like ERC20, but the fee is very high, so it is better to move to BSC
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I also prefer erc20 over others, but a few days ago I tried to transact with erc20, I tried to send tokens from the wallet to the exchange, and the fee I have to pay is $8 for one delivery, I think this is too high if the token is to be we sell only a little ... even to cover the fee is not enough... but after all, we have got a lot of ERC20 based tokens, like it or not, when we are going to sell, we have to pay quite a large fee...
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A few days ago, Ethereum was losing its popularity. Many people left the Ethereum platform and moved to other platforms.Because Ethereum's transaction fee has increased so much that people have been forced to leave the platform.Many people left this platform and went to Binans Smart Chain platform.However, people are backing the platform again as Ethereum's transactions have returned to normal.
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It has been months since the price of ethereum has risen so high that the gas fee has not yet been changed by the developer, or maybe it has taken advantage of the opportunity when all prices are high... if ethereum wants to make normal fees, I don't think it will be the process so far... they will easily make those changes, such as the TRON network and BSC is cheap in determining transaction fees...
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It has been months since the price of ethereum has risen so high that the gas fee has not yet been changed by the developer, or maybe it has taken advantage of the opportunity when all prices are high... if ethereum wants to make normal fees, I don't think it will be the process so far... they will easily make those changes, such as the TRON network and BSC is cheap in determining transaction fees...
in fact, there are planned processes that will make it possible to reduce gas prices. The fact is that the London update has already been announced, in which there will be a final transition to the second version on the network, I will only see the real results of the team's actions in the summer.