Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: bayu7adi on June 19, 2024, 06:29:27 AM
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This is a problem that arises quite often, regarding transaction fees. Someone of course chooses to consider cheaper transaction fees because it saves more.... However, several parameters such as coin popularity, coin features and also liquidity are also often taken into consideration, someone is willing to pay a higher fee because it is really worth it...
We can compare transaction fees for Bitcoin, Ethereum, BNB and SOLANA, where there are several advantages and disadvantages of each of these coins and the platforms that carry them.
We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
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I don't think it is the biggest problem, but it is definitely an annoyance. In my case, as long as I need to make a transaction asap, expensive fees are the last thing I'm worried about. For example, if I need to withdraw from a suspicious exchange, or if a project I followed started making stupid decisions, etc. If I'm not in a hurry, and my transaction is pending because fees are rising, then I can wait for a few days without a problem. People will like cheaper fees, but the market will stabilize the supply & demand. It is impossible to expect the network to be strong if there's no incentive for miners/stakers to begin with.
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Not biggest problem, but big enough to discourage from using those coins more frequently whether for micro-transaction, swap or something else. It's also reason why some people decide to store their coin on custodial service.
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For me instability of transaction fees is the problem. When fees are high, people get used to that, because there are no other options to make a transaction. With me, I have troubles several times because I havent checked previously the cost of a transaction. Few years ago, I got used to pay <5sat/b for a transaction and it would get confirmed during day. So without hesitation, I have created a transaction with 5sat/b and it took 3 weeks before it got confirmed. My mistake was that I have used online wallet and there were no RBF option. I could only have paid a constant of $100 as online wallet fee, and they would have accelerated it. That is what I dont like about fees in Bitcoin, you always have to check mempool before sending.
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However, several parameters such as coin popularity, coin features and also liquidity are also often taken into consideration, someone is willing to pay a higher fee because it is really worth it...
Why?
You're basically saying that someone would pay 5$ for a product while paying with Visa instead of paying $4 with a Mastercard because Visa is more popular and has more users. Why would you do that?
People who have to pay higher fees on some chains do it because they have funds in there and not on a cheaper alternative.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
People who continue to transact with smart contracts on Ethereum probably came to a conclusion that the benefits of investing/gambling in that token is higher than the cost of swapping. In their mind, the transactions fees are just a small percentage of what they can potentially earn. So is it the biggest problem? I guess that depends on who you are asking.
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For some people this may be a big problem, and for some people it may not be. It also depends on the situation and conditions, if it is possible that we can choose transactions with low fees on a network then we just use that network. But if there is no choice then what can we do, we still have to make transactions on that network.
This has been a phenomenon for a long time, the Ethereum Network has always been a topic of discussion because of the expensive fees, but until now the Ethereum Blockchain is still number one.
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It depends on your usage. If you trade on a daily basis or have a store that accepts Bitcoin or a service with high transactions, then fees will certainly be a priority for you. Paying an average of $2 per transaction may lead to zero profits, but if you rarely use cryptocurrencies or you invest thousands of dollars or When sending to family and friends, the average $5 per transaction is not much, especially when compared to the cost of international money transfers.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
Ethereeum swaps fees are indeed a problem. 80 usd is outrageous for a swap.
Other than that, transaction fees are OK imo.
Bitcoin wasn't designed to make people buy a coffee cheaper.
It is much greater than that. It is a reserve of value , a borderless payment system which allows anyone to transfer property over communication channels.
Paying 1-2 usd for that, to get a confirmation within 30 minutes, is simple amazing.
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I don't think it is the biggest problem, but it is definitely an annoyance. In my case, as long as I need to make a transaction asap, expensive fees are the last thing I'm worried about. For example, if I need to withdraw from a suspicious exchange, or if a project I followed started making stupid decisions, etc. If I'm not in a hurry, and my transaction is pending because fees are rising, then I can wait for a few days without a problem. People will like cheaper fees, but the market will stabilize the supply & demand. It is impossible to expect the network to be strong if there's no incentive for miners/stakers to begin with.
Transaction fees are now very low for each chain and even for Bitcoin, transaction fees are now limited to $1-$5 depending on the amount. So this transaction fee is not a factor. But when one transacts small amounts on a regular basis, this can be very costly and annoying. But this is not a big problem for those who transact large amounts. I mostly transact on the TRON chain because the fees are much lower. And nowadays base chain and NEAR chain have become very popular. Because they have very low transaction fees
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To say this is the biggest problem, I don't think so. However, saying this is one of the difficulties that is often faced, I would say yes, especially when wanting to make transactions on the ethereum network.
I usually have to wait until transaction fees decrease when I will transact on Ethereum. Because if at the time the costs are very high, then that will also be a burden for me.
I get a little annoyed when I need it quickly, because I have to wait first.
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You're basically saying that someone would pay 5$ for a product while paying with Visa instead of paying $4 with a Mastercard because Visa is more popular and has more users. Why would you do that?
I bet that most people couldn't even tell the difference between popularity and fees on Visa and Mastercard. I sure cant! Because it depends on the bank that's issuing it to you. And popularity is also a meaningless metric unless we are talking about how many banks have an agreement with each provider. And even then the number of customers of each bank varies but I guess we could place an average on them I guess.
Point being, most people can't tell the difference between fees on different blockchains either. They just see one coin having expensive withdrawal fees (they use exchanges) and use another one.
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You're basically saying that someone would pay 5$ for a product while paying with Visa instead of paying $4 with a Mastercard because Visa is more popular and has more users. Why would you do that?
I bet that most people couldn't even tell the difference between popularity and fees on Visa and Mastercard. I sure cant! Because it depends on the bank that's issuing it to you. And popularity is also a meaningless metric unless we are talking about how many banks have an agreement with each provider. And even then the number of customers of each bank varies but I guess we could place an average on them I guess.
Point being, most people can't tell the difference between fees on different blockchains either. They just see one coin having expensive withdrawal fees (they use exchanges) and use another one.
I bet that most people still live under influence of old "sent $1kk worth in BTC and paid less than $1 for a fee" story. I bet most people dont understand, that with price growth of a crypto, transaction cost also increases. I bet many consider "paying more than $1 for a transaction is a theft". I bet many dont even understand how transaction fee is based (who cares if they focus on $x.xx that stands in brackets after crypto amount).
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are transaction fees really the biggest problem in the world of cryptocurrency???
I don't think so, if it's always the case bitcoin and ethereum won't be that popular, well, there's always exception for that because of the price/value. High transaction fees esp. in bitcoin is so annoying whenever there's a spike and end up having above $20 for fees, your only choice is to wait it come down which will always takes days. Or at least make a decent fee and take risks to get a slot in free accelerators such as viabtc, make sure RBF is enabled so you can bump its fees if ever viabtc says it has lower fees.
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You're basically saying that someone would pay 5$ for a product while paying with Visa instead of paying $4 with a Mastercard because Visa is more popular and has more users. Why would you do that?
I bet that most people couldn't even tell the difference between popularity and fees on Visa and Mastercard. I sure cant! Because it depends on the bank that's issuing it to you. And popularity is also a meaningless metric unless we are talking about how many banks have an agreement with each provider. And even then the number of customers of each bank varies but I guess we could place an average on them I guess.
Point being, most people can't tell the difference between fees on different blockchains either. They just see one coin having expensive withdrawal fees (they use exchanges) and use another one.
WHen buying something locally, you can just use Visa or Cash.
I don`t see any advantage in using crypto in local micro transactions.
BUt if you want to send money abroad to make a trip, or transfer your wealth abroad while running away from war or corrupt governments, crypto is probably the best options. And 2 usd fees are basically free.
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I would prefer to use a larger transaction fee than to choose a smaller one. because, previously had experience using the lowest fee transaction to send coins. And what's the end?
It really sucked for days. Meanwhile, fees in the mempool are getting higher. So, I have to be patient and wait a few days. But it never came, I thought this was normal, normal but it turned out to be really troublesome. Especially if we need these coins to be converted quickly to fiat for certain needs. So it would be much better if you just take the safe method.
Because, not all platforms have a feature to increase the fee. If there is a feature, it might be quite helpful, but if not, then we're just waiting, right? Luckily, at that time, I finally got information regarding increased fees on Electrum, and it turned out it worked. Yes, while the fees have really increased because they follow the fees at that time. So, isn't it better to choose a fee that might be considered greater than the lower fee at the start rather than having to bother and wait a long time for the transaction to be confirmed, right?
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I don't think it is the biggest problem, but it is definitely an annoyance. In my case, as long as I need to make a transaction asap, expensive fees are the last thing I'm worried about. For example, if I need to withdraw from a suspicious exchange, or if a project I followed started making stupid decisions, etc. If I'm not in a hurry, and my transaction is pending because fees are rising, then I can wait for a few days without a problem.
Agree. It is quite annoying because it sometimes leads to a delay transaction. I ever withdraw my Bitcoin from a certain wallet, I just followed the regular fees and didn't increase it but the transactions be delayed due to sudden increase in fees. The regular fees at that time was below 6 sat/vB but it suddenly increased to be above 7 sat/vB. It is still delayed until now, sadly the fees can't be increased because there is no feature there. I've no idea about when it will be successfully transferred. Do you have a suggestion, buddy? :-\
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I really consider transaction fees in crypto. Most of the time, instead of using ETH bridges, I send crypto to exchanges with low withdrawal fees, convert it, then withdraw back to my wallet. I often use Bitget for USDT on the BSC network for this because of their fees, but I'm still looking for exchanges with lower fees. Lol. Also, fees are just like a waste of money. So why not look for alternatives?
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I usually have to wait until transaction fees decrease when I will transact on Ethereum. Because if at the time the costs are very high, then that will also be a burden for me.
I get a little annoyed when I need it quickly, because I have to wait first.
The worse case is. After spending like 10 usd for fees. You can check after few hours and see that the fees have gone down drastically and you can now spend like 2 usd for fee. This is also annoying.
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It depends on what kind of transaction we are up to. If the transaction is for payment or emergency purposes then it's not worth it but if it is for investment like long term then it's okay but only fees that is reasonable that works for me because if it is too much of course we don't like it just like what had happened to Bitcoin's transaction fees that rise up to more or less $200 few months ago that is insane.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
I don't really see problem with transaction fees as long as the users can pay the fees. Majority of the people that do pay for transaction fees have gain more than what they spend on those fees and it doesn't really freak to them to spend but it might be a problem for people with small amount of money that doesn't have choice but to use the chain.
I think we have many alternatives because of the high fees, Ethereum network transaction fee is higher than that of bnb and bnb if higher than that of Solana and we have some constellation Dag that offer almost zero transaction fee, if other network are to expensive, the use the ones that are not expensive.
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I usually have to wait until transaction fees decrease when I will transact on Ethereum. Because if at the time the costs are very high, then that will also be a burden for me.
I get a little annoyed when I need it quickly, because I have to wait first.
The worse case is. After spending like 10 usd for fees. You can check after few hours and see that the fees have gone down drastically and you can now spend like 2 usd for fee. This is also annoying.
Lol, this is something that I usually experience, when I don't have much time to wait and am forced to transact at the time when it usually spikes, and after that or a few moments later we can transact at a cheaper cost.
Or vice versa, when the fees are low or not too high, I usually wait a bit and hope that the fees will get cheaper, but what happens is that I lose that opportunity because the transaction fees are getting higher.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
I don't really see problem with transaction fees as long as the users can pay the fees. Majority of the people that do pay for transaction fees have gain more than what they spend on those fees and it doesn't really freak to them to spend but it might be a problem for people with small amount of money that doesn't have choice but to use the chain.
I think we have many alternatives because of the high fees, Ethereum network transaction fee is higher than that of bnb and bnb if higher than that of Solana and we have some constellation Dag that offer almost zero transaction fee, if other network are to expensive, the use the ones that are not expensive.
You are correct sir. To some people transaction fee is not a big deal while to some it is. Most times, people who mostly pay big fees for transaction possibly are for business purposes and they benefit much than they spend for fee while some that are very little amount always worry about it because they are very careful of amount they spend on transaction fees as it is not for business purposes.
As you have said, one can choose alternative means of carrying out their transactions as there are other coin that are far much cheaper than others. When it comes to transferring assets from private wallet, I believe fees are charged according to the network when in self custodial wallet but for third parties, it is quite different for instance exchange transfer are quite different from but what I do is that when ever I want to transfer between exchange I look for a coin with lesser transaction charges then trade for it and withdraw to the other exchange and convert it back to usdt or any other coin of my choice. With this I save myself the stress of spending higher transaction fee.
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Why?
You're basically saying that someone would pay 5$ for a product while paying with Visa instead of paying $4 with a Mastercard because Visa is more popular and has more users. Why would you do that?
People who have to pay higher fees on some chains do it because they have funds in there and not on a cheaper alternative.
Bruh... not everyone has extraordinary wealth, using it repeatedly will certainly drain your balance too... it's true, I can't blame everyone's choice... but choosing something wiser in my opinion is the better thing here... like people who really feel that transaction fees are too high will certainly consider other options, such as changing to another payment method that is more friendly to transaction fees...
In the case of cryptocurrency, someone can exchange it first to another coin that is commonly used for payment as well as a friendlier fee. Yes... generally I also consider fees because the money I manage in the crypto space is not much.
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This is a problem that arises quite often, regarding transaction fees. Someone of course chooses to consider cheaper transaction fees because it saves more.... However, several parameters such as coin popularity, coin features and also liquidity are also often taken into consideration, someone is willing to pay a higher fee because it is really worth it...
We can compare transaction fees for Bitcoin, Ethereum, BNB and SOLANA, where there are several advantages and disadvantages of each of these coins and the platforms that carry them.
We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
Crypto users take the fee factor as they wasting their money, so if you think we don't consider it then that's wrong, we don't even want to pay it in the first place as I said crypto users take it as waste of there money. And speaking of different blockchains, I think right now ETH is not the expensive one, I mean whenever you have to withdraw ETH from some CEXs or DEXs you might have to pay a lot of fee and you also have to pay a lot of fee when you are preferring BTC.
But in compared to BTC, you don't have to pay a lot of fee in ETH, when you are directly sending ETH from one EVM wallet to another. Its really cheap. Speaking of swaps and bridging, I always in search of swaps and bridges which can save me more fee. Here are two I came to know about One is Sideshift, which lets you swap any coin into any on any network, another for bridge is synapse, its really cheap.
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I usually have to wait until transaction fees decrease when I will transact on Ethereum. Because if at the time the costs are very high, then that will also be a burden for me.
I get a little annoyed when I need it quickly, because I have to wait first.
The worse case is. After spending like 10 usd for fees. You can check after few hours and see that the fees have gone down drastically and you can now spend like 2 usd for fee. This is also annoying.
Lol, this is something that I usually experience, when I don't have much time to wait and am forced to transact at the time when it usually spikes, and after that or a few moments later we can transact at a cheaper cost.
Or vice versa, when the fees are low or not too high, I usually wait a bit and hope that the fees will get cheaper, but what happens is that I lose that opportunity because the transaction fees are getting higher.
Yes, you're right about the vice versa as well. While waiting for fees to go down, you may eventually find yourself in a position where you have to pay even higher fees. This fee situation can be heartbreaking at times.
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But in compared to BTC, you don't have to pay a lot of fee in ETH, when you are directly sending ETH from one EVM wallet to another. Its really cheap. Speaking of swaps and bridging, I always in search of swaps and bridges which can save me more fee. Here are two I came to know about One is Sideshift, which lets you swap any coin into any on any network, another for bridge is synapse, its really cheap.
Unfortunately, I just heard about the service you mentioned... so, is it some kind of custodial service?? and swapping from one network to another, I think it can only be done on a custodial or non-decentralized platform... yeah, maybe it won't matter whether it's custodial or non-custodial, as long as the transaction fees can be reduced, maybe that's it. become an attraction for some people to use the service. Because basically the swap price for the ETH select blockchain network is really high which makes some people feel it is very burdensome.
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It is a big problem for the most and that's what hindering the development of these projects. But it seems to be a norm that for every project, fees are normal when they move higher because of the traffic that they cost. Some have proven to be good in preserving transaction costs. Bitcoin sometimes is quite high and with the price of moving higher, it will continue to be expensive but we can't do anything with that but to adopt LN.
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Lol, this is something that I usually experience, when I don't have much time to wait and am forced to transact at the time when it usually spikes, and after that or a few moments later we can transact at a cheaper cost.
Or vice versa, when the fees are low or not too high, I usually wait a bit and hope that the fees will get cheaper, but what happens is that I lose that opportunity because the transaction fees are getting higher.
Yes, you're right about the vice versa as well. While waiting for fees to go down, you may eventually find yourself in a position where you have to pay even higher fees. This fee situation can be heartbreaking at times.
This is indeed a difficult thing, but we have to feel it and we have to make a decision right now, because the movement is too fast. This is one of the obstacles when we transact on the ETH network.
Maybe in the future they can create a solution to the problems experienced by users, because for investors with minimal capital, high fees will drain their profits and that is a bit annoying.
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This is a problem that arises quite often, regarding transaction fees. Someone of course chooses to consider cheaper transaction fees because it saves more.... However, several parameters such as coin popularity, coin features and also liquidity are also often taken into consideration, someone is willing to pay a higher fee because it is really worth it...
We can compare transaction fees for Bitcoin, Ethereum, BNB and SOLANA, where there are several advantages and disadvantages of each of these coins and the platforms that carry them.
We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
- When there is traffic congestion in the bitcoin network, I first use other crypto assets with low fees, such as Bnb, Sol, or maybe Polygon (Matic). This is what I always do when there is a problem with the other networks mentioned.
Now with ETH, even though its fee is high in its network, there are still other investors who believe that apart from ETH, there are also other potential coins under ERC20 that can give a good profit to the holders.
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You're basically saying that someone would pay 5$ for a product while paying with Visa instead of paying $4 with a Mastercard because Visa is more popular and has more users. Why would you do that?
I bet that most people couldn't even tell the difference between popularity and fees on Visa and Mastercard. I sure cant! Because it depends on the bank that's issuing it to you. ~
Point being, most people can't tell the difference between fees on different blockchains either. They just see one coin having expensive withdrawal fees (they use exchanges) and use another one.
People don't care about Visa and Mastercard (debit) because they don't pay a fee for it at every purchase, I don't even pay a monthly fee for example, neither for the card or for the bank account.
For crypto, they care somewhat because they see they need to pay x on a y transfer, if fees would have been like Visa and just taken out of the final product, much like VAT is here things would have been different.
Bruh... not everyone has extraordinary wealth, using it repeatedly will certainly drain your balance too... it's true, I can't blame everyone's choice... but choosing something wiser in my opinion is the better thing here... like people who really feel that transaction fees are too high will certainly consider other options, such as changing to another payment method that is more friendly to transaction fees...
Yeah, but that has nothing to do with popularity, Doge is less popular than Bitcoin but it is cheaper, at the same time for someone who has only ETH that doesn't mean a thing since he will have to pay anyhow to switch his coins into that altcoin and just that fee might be more than what he is saving.
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This is a problem that arises quite often, regarding transaction fees. Someone of course chooses to consider cheaper transaction fees because it saves more.... However, several parameters such as coin popularity, coin features and also liquidity are also often taken into consideration, someone is willing to pay a higher fee because it is really worth it...
We can compare transaction fees for Bitcoin, Ethereum, BNB and SOLANA, where there are several advantages and disadvantages of each of these coins and the platforms that carry them.
We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
One of the things on what ETH is really that still sitting on #2 is that with smart contracts on which its undeniably a revolutionary tech that we cant be able to ignore and thats why
even despite on having that expensive gas fees but still it do really still get that huge community support and there's nothing we can do about when community is the one whose supporting any projects which is mostly sitting on the top ranks.
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Think back to a few years ago where transaction costs were very low but now a lot has changed in the crypto market, especially in terms of price. The cost of the transaction will not bother you much because we are always comfortable to complete the transaction quickly. If you want to make a transaction with low fees it can take hours to complete which is really annoying. Moreover not everything is available cheaply and even if it is available, its value is low. It may be normal that the market will stabilize supply and demand.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
For most especially the average Joe's like me, probably yes. Transaction fees are their biggest problem especially if they want to buy an asset, but they can't afford the amount of gas fees they need to spend, and it also comes to a point where instead of buying tokens under Ethereum blockchain, they will opt to buy another token from another blockchain just because the gas fees are way cheaper.
However, I don't consider it the biggest problem when you're talking about crypto in general. I would say the "SECURITY" is the biggest problem and this needs to be addressed sooner than we know or else, hacks and scams will always happen. We've seen numerous hacks and scams happening on a yearly basis and TBH, it already came to a point where I think that these kinds of things will be here to stay and there's no solution for these CEX and some wallets from investors not to get hacked.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
For most especially the average Joe's like me, probably yes. Transaction fees are their biggest problem especially if they want to buy an asset, but they can't afford the amount of gas fees they need to spend, and it also comes to a point where instead of buying tokens under Ethereum blockchain, they will opt to buy another token from another blockchain just because the gas fees are way cheaper.
However, I don't consider it the biggest problem when you're talking about crypto in general. I would say the "SECURITY" is the biggest problem and this needs to be addressed sooner than we know or else, hacks and scams will always happen. We've seen numerous hacks and scams happening on a yearly basis and TBH, it already came to a point where I think that these kinds of things will be here to stay and there's no solution for these CEX and some wallets from investors not to get hacked.
Regardless though if you are average joe or big whales, I think fees is going to be a big factor. We've seen whales moved millions before with less than a dollar and it shows the beauty of Bitcoin, no 3rd party in between, you have total control of how much fees you want to used to get in confirmed faster as compare if you used banks which might take 3-5 business days and money questions ask.
But recently as the fees goes up, perhaps there are average joe that really think twice of using their Bitcoin. On the other hand, it might be positive as you will just have to HODL and wait for the right time to sell or just continue to accumulate as much as you can.
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Personally, transaction costs are a consideration if I want to do anything in crypto, because I am not the owner of very large crypto assets, if I get a reward from a bounty or airdrop, I will and must consider the costs if I feel it is not worth it, that's fine. the existing coins will become worthless to me eventually on my wallet
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Lol, this is something that I usually experience, when I don't have much time to wait and am forced to transact at the time when it usually spikes, and after that or a few moments later we can transact at a cheaper cost.
Or vice versa, when the fees are low or not too high, I usually wait a bit and hope that the fees will get cheaper, but what happens is that I lose that opportunity because the transaction fees are getting higher.
Yes, you're right about the vice versa as well. While waiting for fees to go down, you may eventually find yourself in a position where you have to pay even higher fees. This fee situation can be heartbreaking at times.
This is indeed a difficult thing, but we have to feel it and we have to make a decision right now, because the movement is too fast. This is one of the obstacles when we transact on the ETH network.
Maybe in the future they can create a solution to the problems experienced by users, because for investors with minimal capital, high fees will drain their profits and that is a bit annoying.
I'm confident that the fee issue will be solved over time. Now that the SEC has stopped pressuring Ethereum about the security issue, and as we anticipate Ethereum 2.0 and more upgrades to come, I believe there will be lower fees with future improvements.
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We can compare transaction fees for Bitcoin, Ethereum, BNB and SOLANA, where there are several advantages and disadvantages of each of these coins and the platforms that carry them
Comparing these coins in this case isn't correct. It's like comparing apples and oranges. People use BTC nowadays not because they care about transaction fees, but because they are interested in how much it will increase in value, aside from the aspects of freedom and other ideological stuff.
Anyway, if you ask about these low-fee and fast-transaction coins, fees do matter to a certain degree. It's not just about fees but also about market availability/acceptability, liquidity, and volatility. For instance, I mainly use the BSC network and TRX network, and I'm pretty sure they aren't the cheapest to transact with.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
One of the biggest fees in crypto is Ethereum. There are people who can really manage to transfer assets with a high fee. Personally, having a high fee in order to withdraw is a problem. Imagine you only want a small amount of assets but the fee is nearly the same value from token you've sent. This issue are trying to be fixed by many alternative cryptocurrencies and we can see that this really matters because they gathered many investors, and maybe some of them came from the tokens who needs to pay a higher fee.
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Unfortunately, I just heard about the service you mentioned... so, is it some kind of custodial service?? and swapping from one network to another, I think it can only be done on a custodial or non-decentralized platform... yeah, maybe it won't matter whether it's custodial or non-custodial, as long as the transaction fees can be reduced, maybe that's it. become an attraction for some people to use the service. Because basically the swap price for the ETH select blockchain network is really high which makes some people feel it is very burdensome.
These platforms are obviously owned by a single entity so I think its a custodial service you need a wallet to send funds to them, so it means you own the keys to your wallet but you have to send the funds to there provided address and whatever the network is, after getting 1st confirmation they will release the funds for you in whatever token you have asked them to.
Once you open both sites, you will easily know how they work and what you need to follow to get the swapping or bridging done at a lesser fee. I prefer synapse for bridging because its too cheap and sideshift to swap some kind of token into another one.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
One of the biggest fees in crypto is Ethereum. There are people who can really manage to transfer assets with a high fee. Personally, having a high fee in order to withdraw is a problem. Imagine you only want a small amount of assets but the fee is nearly the same value from token you've sent. This issue are trying to be fixed by many alternative cryptocurrencies and we can see that this really matters because they gathered many investors, and maybe some of them came from the tokens who needs to pay a higher fee.
Yes, when it comes to fees then the primary coin or chain that you would really be having in mind would really be ETH or any under it. On the moment that you do make out transactions
specially on a peak situation on means that there are tons who do make out transaction then fees goes incredibly insane and this is why its one or not the main
problem about ETH on which of its high gas fees but surprisingly there are still tons who do make use of it despite of that kind of problem.
IF they would really be able to resolve that then it would really be that great.
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I don't think it is the biggest problem, but it is definitely an annoyance.
Transaction fees will only annoy you when you are in a situation where the amount of money you want to transfer or withdraw is not so big and the transaction fee is ridiculously too high for it. If you are doing a big transaction you will not be too concerning about the transaction fee especially if it's something that is urgent or an emergency.
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Think back to a few years ago where transaction costs were very low but now a lot has changed in the crypto market, especially in terms of price. The cost of the transaction will not bother you much because we are always comfortable to complete the transaction quickly. If you want to make a transaction with low fees it can take hours to complete which is really annoying. Moreover not everything is available cheaply and even if it is available, its value is low. It may be normal that the market will stabilize supply and demand.
What I noticed is that the more popular crypto becomes and expensive, i am talking about bitcoin, the high chance of us seeing a high transaction fee. Most times when the fee are high, I don't make any transaction and if I have any options like USDT that is what I use because it has a cheaper network which you can use for transactions. Bitcoin network is also being spammed by some garbage and that has being a big problem for us bitcoin lovers because no one ones when this problem will be solved. For altcoins, I don't think that there is much to worry about apart from Etherum with high gas fee.
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I don't think it is the biggest problem, but it is definitely an annoyance.
Transaction fees will only annoy you when you are in a situation where the amount of money you want to transfer or withdraw is not so big and the transaction fee is ridiculously too high for it. If you are doing a big transaction you will not be too concerning about the transaction fee especially if it's something that is urgent or an emergency.
Well, the costs we have to pay are not commensurate with the number of assets we will transact, and I feel that when transacting on the ethereum network. Meanwhile, for other networks, this is not an obstacle.
We only feel the obstacles in urgent situations, when we are in a hurry to make transactions. Maybe it's not a big problem, but this is an obstacle that we can feel when making a transaction.
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So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
I don't think so, i would never use a shitcoin because it has a cheaper tx fee, when truly the tx can be reversed a long time after it has been confirmed. BTC tx fees may be high sometimes, but i cannot stop using BTC because of this, take note that once a BTC tx has been confirmed with ~ 6 confirmations, it is impossible to be reversed, it becomes immutable on the blockchain.
You can also pay a lower fee on the BTC network if you consolidate your inputs and if you use use a Segwit adress.
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It depends on the person doing transactions because some people doesn't have lots of money which they need to find a way to spend less money on transaction fees and some people do have lots which they don't mind paying high fee for each transactions. For me, if I have a crypto in an exchange and they are planning something shady then I am willing to pay the fee in order to get the funds out of there or something like a casino where transaction fee cannot be changed.
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We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
One of the biggest fees in crypto is Ethereum. There are people who can really manage to transfer assets with a high fee. Personally, having a high fee in order to withdraw is a problem. Imagine you only want a small amount of assets but the fee is nearly the same value from token you've sent. This issue are trying to be fixed by many alternative cryptocurrencies and we can see that this really matters because they gathered many investors, and maybe some of them came from the tokens who needs to pay a higher fee.
Yes, when it comes to fees then the primary coin or chain that you would really be having in mind would really be ETH or any under it. On the moment that you do make out transactions
specially on a peak situation on means that there are tons who do make out transaction then fees goes incredibly insane and this is why its one or not the main
problem about ETH on which of its high gas fees but surprisingly there are still tons who do make use of it despite of that kind of problem.
IF they would really be able to resolve that then it would really be that great.
I don't think ETH will fixed that issues but I'm still hoping that there will be a solution to come in the future. There are so many users in ETH because aside from the second most trusted coin, they like the mechanism of this coin, especially its staking feature. In the first place, lot of investors who bought at very cheap and still holding, and while making from passively the value of their investment is gradually increasing. So that might be the reason investors keeps their investment on ETH even though the fees are so expensive.
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IF they would really be able to resolve that then it would really be that great.
I don't think ETH will fixed that issues but I'm still hoping that there will be a solution to come in the future.
Do not expect the Ethereum devs to do anything to significantly reduced the transaction fees. They will probably just increase the standard gas limit just a bit and that's about it.
Ethereum is also thriving because of the layer 2 platforms that are there, I doubt they would want to take away their main selling point which is cheaper transaction fees.
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What I noticed is that the more popular crypto becomes and expensive, i am talking about bitcoin, the high chance of us seeing a high transaction fee.
Well, BTC is nearly at its ATH, the price is holding, and despite that, since March fees have constantly gone down, right now you can get confirmation with 5.1 sat/vb in a few blocks.
Also, doge never got expensive because of its capacity, the average fee is 4 cents, median is below one cent.
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Ethereum is also thriving because of the layer 2 platforms that are there, I doubt they would want to take away their main selling point which is cheaper transaction fees.
My experience tells me layer 2 is far from cheap, especially if you're dealing with smart contracts. Maybe things changed recently, but I don't feel any difference between ETH and most layer 2 fees. I guess we will feel significant changes when the network activity drops for a long period of time so the deve has incentive to make the network attractive again. Until then I also doubt it will get cheaper.
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It depends on the person doing transactions because some people doesn't have lots of money which they need to find a way to spend less money on transaction fees and some people do have lots which they don't mind paying high fee for each transactions. For me, if I have a crypto in an exchange and they are planning something shady then I am willing to pay the fee in order to get the funds out of there or something like a casino where transaction fee cannot be changed.
agree with you, and will do anything if it gets out of control to save assets from anywhere, if it's not an emergency it's better if I hold it in my wallet or exchange
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So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
Apparently it's because users considered the value of the coin to trade or rather transact with and Small amount of fund with a highly transaction fees doesn't seem convenient for users to execute their transactions but those running a big amount of transactions may really not care about the high fees maybe because they've enough to overlook the amount of fee. So, the high fee really is a disturbance for transactions.
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We can compare transaction fees for Bitcoin, Ethereum, BNB and SOLANA, where there are several advantages and disadvantages of each of these coins and the platforms that carry them.
expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
Honestly I cannot speak for everyone because each and every has there own challenges in cryptocurrency in regards to what work more better for them but however for me transaction fees is not a problem or rather a challenge for me because I only focus on buying Bitcoin and holding and when it comes to holding there is no way you could be affected by Bitcoin fees.
But however for those who majorly focus on transferring there Bitcoin from one wallet to another are actually the ones that normally get affected by the Bitcoin fees, also for those who invested on other altcoins especially BNB are safe from any high fees in transaction but when it comes to ETH the fees use to be very high and you can imagine how much someone would spend in terms of having numerous transaction a day.
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Honestly I cannot speak for everyone because each and every has there own challenges in cryptocurrency in regards to what work more better for them but however for me transaction fees is not a problem or rather a challenge for me because I only focus on buying Bitcoin and holding and when it comes to holding there is no way you could be affected by Bitcoin fees.
But however for those who majorly focus on transferring there Bitcoin from one wallet to another are actually the ones that normally get affected by the Bitcoin fees, also for those who invested on other altcoins especially BNB are safe from any high fees in transaction but when it comes to ETH the fees use to be very high and you can imagine how much someone would spend in terms of having numerous transaction a day.
For holding needs, transaction fees don't really matter... however, even people who are active enough to use Bitcoin for transactions sometimes don't care about transaction fees because the amount of transaction fees is sometimes relatively small for some people... so that's not the case. it affects their finances... but for some people it is quite influential...
In my personal opinion, large transaction fees are an obstacle for someone who wants to be more active in making transactions... so when I want to buy or use cryptocurrency for more active purposes for transactions, I tend to use altcoins such as LTC or DOGE... For long-term holding, my current choices are only BTC, ETH and BNB.
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Transaction fees are definitely an important factor in using cryptocurrencies. If transaction fees are low for using a particular cryptocurrency, and if that crypto can help build investor confidence, then surely transaction fees play a crucial role in the expansion of that project. Users are discouraged from paying high transaction fees. Moreover, if the transaction fee is high, the volume of transactions will decrease. For any good project, if the transaction fee is low, then that project can gain popularity quickly.
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In my personal opinion, large transaction fees are an obstacle for someone who wants to be more active in making transactions... so when I want to buy or use cryptocurrency for more active purposes for transactions, I tend to use altcoins such as LTC or DOGE... For long-term holding, my current choices are only BTC, ETH and BNB.
BNB is not a good long-term choice because you are banking on the fact that Binance still exists. Maybe they won't exist after 5 years. This will definitely destroy the price of BNB, so BTC and ETH are the only valid holding options. If you don't care about number go up, XMR too.
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We can compare transaction fees for Bitcoin, Ethereum, BNB and SOLANA, where there are several advantages and disadvantages of each of these coins and the platforms that carry them.
expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
Honestly I cannot speak for everyone because each and every has there own challenges in cryptocurrency in regards to what work more better for them but however for me transaction fees is not a problem or rather a challenge for me because I only focus on buying Bitcoin and holding and when it comes to holding there is no way you could be affected by Bitcoin fees.
But however for those who majorly focus on transferring there Bitcoin from one wallet to another are actually the ones that normally get affected by the Bitcoin fees, also for those who invested on other altcoins especially BNB are safe from any high fees in transaction but when it comes to ETH the fees use to be very high and you can imagine how much someone would spend in terms of having numerous transaction a day.
The current fees of Bitcoin transactions is very much affordable compared to times where there is a serious mempool congestion. The mempool isn't filled up and your transaction can get approved almost immediately, the fees aren't too high. Irrespective of the purpose of transaction I believe the fee is affordable by everyone. However the most important thing is that your transaction doesn't have to spend a whole day in the mempool waiting for other transactions with high fees to get confirmed before yours. Aside Bitcoin other networks that I recently used also provides low fees Tron, USDT..... Their fees are extremely cheap.
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are transaction fees really the biggest problem in the world of cryptocurrency???
when other things are perfected such as security and liquidity maybe even volatility then we can say that transaction fees can be worth it however high transaction fees is what hinders us from using a particular coin on a daily basis
it would depend on how you use a coin because if you are someone who uses coins on a daily basis but only in small amounts then it may be a problem
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So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
It all depends on the blockchain that I am using. For example, a few months back the transaction fee of Bitcoin in USD was above $40 which is nonsense for me. I had to wait to transfer my satoshi to a different wallet for more than a week which was unacceptable. Today the transaction fee has gone down incredibly and it is in some cents which is acceptable to me. Yes, transaction fees do matter to me and it is another problem that everyone has to face when the network is congested.
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However, several parameters such as coin popularity, coin features and also liquidity are also often taken into consideration, someone is willing to pay a higher fee because it is really worth it...
Why?
You're basically saying that someone would pay 5$ for a product while paying with a Visa instead of paying $4 with a Mastercard because Visa is more popular and has more users. Why would you do that?
People who have to pay higher fees on some chains do it because they have funds in there and not on a cheaper alternative.
Who will pay a higher fee and be ok with that?
I think anyone will go for a cheaper form of alternative if it comes to carrying out transactions, I think it better for us to first settle the misunderstanding around this discussion, because at this point we need to choose between necessity Vs on options, I have Ethereum in a wallet and I want to exchange it or get it transferred to another wallet, what I should look at is.
1: what is the urgency of the transactions?
2: what alternative do I have?
Once I can settle the above questions from then I know whether or not to pay the fees available.
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This is a problem that arises quite often, regarding transaction fees. Someone of course chooses to consider cheaper transaction fees because it saves more.... However, several parameters such as coin popularity, coin features and also liquidity are also often taken into consideration, someone is willing to pay a higher fee because it is really worth it...
We can compare transaction fees for Bitcoin, Ethereum, BNB and SOLANA, where there are several advantages and disadvantages of each of these coins and the platforms that carry them.
We know that Ethereum has quite high transaction fees for making swaps, but we also realize that there are still many people who still use it even though the fees are expensive. So in your personal opinion, are transaction fees really the biggest problem in the world of cryptocurrency???
Obviously, transaction fees are not in anyway the biggest problem on the crypto world. There are supposed to be serious problems that all the crypto community should be be mindful at.
Crypto Scams should be considered one of the biggest problem on the Ecosystem that should be taken seriously than any Network transaction fees. Fess paid on the different network at different rates, should have eliminated certain high cost of doing crypto business transact globally.
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I take into account that now the price of all popular coins, as far as the price of transactions is concerned, is falling, and gradually maintaining that low value. Who knows, maybe everything will come down to below $0.01, just like in the case of BNB coins, maybe that will change the way of trading for the better, to more bullrun movements and to greater popularity.
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Obviously, transaction fees are not in anyway the biggest problem on the crypto world. There are supposed to be serious problems that all the crypto community should be be mindful at.
Crypto Scams should be considered one of the biggest problem on the Ecosystem that should be taken seriously than any Network transaction fees.
I don't care about scams as I can avoid 101% of scams by simply thinking twice before sending money or investing in shiny "projects" but I can't do a thing about fees. If I have to pay something in BTC I need to pay the fees, it's not like I can order something now and ask the vendor to wait for the payment for 3 months when the fees are lower.
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I guess when we will be using crypto for payment, either separate coins on separate chains will be created or we might use the popular ones like stellar which has so low fees. Definitely it will play a role on determining which coins we might use to transact since as you said, no one likes high fees, and specially for transactions, if we wanna buy something that costs $5, and if fees is $10, it will be terrible! ;D
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Surely everyone has the same complaints about transaction fees. especially as you mentioned above, the transaction costs are high, but with transaction costs like that, each coin definitely has its own advantages in swapping or sending. So this problem is very common for everyone and in the future it is possible that transaction costs may increase again than before, and I hope that in the future transaction costs will not increase if these costs increase, the increase will not be too high because of the pity of the traders.
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I guess when we will be using crypto for payment, either separate coins on separate chains will be created or we might use the popular ones like stellar which has so low fees. Definitely it will play a role on determining which coins we might use to transact since as you said, no one likes high fees, and specially for transactions, if we wanna buy something that costs $5, and if fees is $10, it will be terrible! ;D
In my opinion, gas fees will increase according to coin prices and market traffic at that time. If traffic is busy and the market increases, it is certain that gas fees will increase. This will be a problem for small investors because the profits are small, but those who have large assets will never mind high gas fees, that is the reality we see in the market.
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In my opinion, gas fees will increase according to coin prices and market traffic at that time. If traffic is busy and the market increases, it is certain that gas fees will increase. This will be a problem for small investors because the profits are small, but those who have large assets will never mind high gas fees, that is the reality we see in the market.
The average transaction fee for each coin depends on the condition of the blockchain network owned, such as Bitcoin, for example. Currently, Bitcoin users are not sending very often, which makes transaction fees very cheap. Just like Ethereum which is currently cheap, it is different when someone has some news that can increase transactions on the network, it will cause transaction costs to increase. Expensive exchange rates also follow coin price movements in the market. So I can conclude that transaction costs do not only depend on traffic conditions on each network used.
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I guess when we will be using crypto for payment, either separate coins on separate chains will be created or we might use the popular ones like stellar which has so low fees. Definitely it will play a role on determining which coins we might use to transact since as you said, no one likes high fees, and specially for transactions, if we wanna buy something that costs $5, and if fees is $10, it will be terrible! ;D
If I'm to chose any coin as payment, I will pick Bitcoin as a settlement f debt before any other coins because when it comes to volatility, altcoins tend to have more volatility than others. Have you ever thought about a merchant receiving a coin for an item sold only for the market to dump and then you see your wallet is down by 25%, you can see that in altcoins but rarely see it in Bitcoin because when altcoins do that kind of drop, Bitcoin might do 10% loss at most and it will quickly be corrected.
Stablecoins wouldn't be bad if they are offered as alternative for sales but regulations from the government wouldn't allow. They will see it as a threat to their financial system.
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Currently, Bitcoin users are not sending very often, which makes transaction fees very cheap.
Bitcoin blocks are full and the mempool holds about 100k transactions, so people are still sending coins, and still almost a bit over the network capacity, the only thing that has changed is that users are not eager to pay that much for their transactions, so less price competition but still the same actual demand for block space.
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Transaction fee most time is a problem especially when moving a token from wallet to exchange for sale.. we see that of ETH being the highest. Imagine you having a coin worth $5 on ETH network, in order to move or swap the coin u need to pay a fee worth about $4 dollar, It's discouraging but there's no other way of swapping or moving the coin without paying such fee.
But in the case of moving token across CEX exchanges we see people using the TRON network, selling off their token to buy TRX because their transaction fee is more affordable.
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I guess when we will be using crypto for payment, either separate coins on separate chains will be created or we might use the popular ones like stellar which has so low fees. Definitely it will play a role on determining which coins we might use to transact since as you said, no one likes high fees, and specially for transactions, if we wanna buy something that costs $5, and if fees is $10, it will be terrible! ;D
In my opinion, gas fees will increase according to coin prices and market traffic at that time. If traffic is busy and the market increases, it is certain that gas fees will increase. This will be a problem for small investors because the profits are small, but those who have large assets will never mind high gas fees, that is the reality we see in the market.
That is kind of true that price of the token and coin itself will increase so technically gas fees will also be higher in terms of compared to fiat value. But then there might be some stability in the coins so even though the price might be high, we can explore coins and choose the most convenient coins to pay. It would be interesting to see how that might happen.