How far do you consider "transaction fees" in crypto?

[Stompix]

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.

[milewilda]

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.

[albon]

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.

[LogitechMouse]

~
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.

[Baofeng]

~
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.

[MUGNIA]

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

[akeemqaz]

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.

[mu_enrico]

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.

[jeraldskie11]

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.

[Faisal2202]

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.

[milewilda]

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.

[Rruchi man]

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.

[Sim_card]

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.

[ajiz138]

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.

[Z-tight]

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.