Fluctuating Ethereum gas fees.

[Aaron625]

It depends upon the network congestion the time you are sending ethereum. If you use Trust wallet , you can also change the fees , increase or decrease depending on your requirements.

 

[ahmedo24]

It depends upon the network congestion the time you are sending ethereum. If you use Trust wallet , you can also change the fees , increase or decrease depending on your requirements.

Changing a gas fee to a lower amount will make your transaction on the blockchain network to be very slow but all you just have to do is to target to when the
gas fee will be very low especially late in the night or early in the morning according to my own location and time.

 

[Senator]

I here that the ethereum fees has come down a great deal now as compared to their previous charges on gas. This is a better time to transact using the ethereum I guess

 

[Abigael]

Etherium and bitcoin always have very high gas fees. This transaction fee always flactuates as their prices flactuate. That is why I find BCH and LTC to be the best coins to transact.

 

[cowantussie]

High Ethereum gas prices make it impossible for ERC-20 projects to run any microtransaction payments on Ethereum. This defeats the idea of using the Ethereum network for one of its principal use cases.

Gas fees are part of Ethereum. They are the price required for miners to execute transactions. This fee is not constant, it fluctuates depending on network demand. A transaction can be delayed or outrightly rejected if it does not meet the miners’ threshold. The miners’ threshold depends on network usage and congestion. In a way, miners prefer the network to be congested so they can benefit from charging high gas fees. Currently, the decentralized finance (DeFi) movement, the road to Ethereum 2.0 and soaring ether (ETH) transactions are partly to blame for this unsustainable position.

 

[Niftyyem]

High Ethereum gas prices make it impossible for ERC-20 projects to run any microtransaction payments on Ethereum. This defeats the idea of using the Ethereum network for one of its principal use cases.

Gas fees are part of Ethereum. They are the price required for miners to execute transactions. This fee is not constant, it fluctuates depending on network demand. A transaction can be delayed or outrightly rejected if it does not meet the miners’ threshold. The miners’ threshold depends on network usage and congestion. In a way, miners prefer the network to be congested so they can benefit from charging high gas fees. Currently, the decentralized finance (DeFi) movement, the road to Ethereum 2.0 and soaring ether (ETH) transactions are partly to blame for this unsustainable position.

That is why you see that the Binance smart chain network is getting flooded with all these projects that need fast execution of their transactions and at very cheap fees. This is an advantage but also has the disadvantages of many shitty projects flooding the crypto space.

 

[BrolySSJ]

The best is to avoid Ethereum, if you don't understand how the smart contract works. Majority of people have lost their funds cos of such scenario when it comes to smart contract wallet and none smart contract wallet or exchanger.

This is true and i have faced that problem as well, where i deposited 0.1 ETH into yobit exchange and they say that they do not accept smart contracts and hence the money was not credited to my account and was lost. This is quite a substantial amount of money for me and it was very discouraging.

 

[Sincerem]

This is true and i have faced that problem as well, where i deposited 0.1 ETH into yobit exchange and they say that they do not accept smart contracts and hence the money was not credited to my account and was lost. This is quite a substantial amount of money for me and it was very discouraging.

That's a disheartening one in that regard, losing 0.1 ETH is not something I'll be happy at. Now i believe you've moved on from it, and erase using ETH for transactions.

 

[Setfragil]

As much as I would have loved to invest on ethereum the gas fee always discouraged me from doing so. Investing in ethereum should be reserved for those people with huge amounts of money. If ethereum gas fee should reduce than this, more people will be willing to invest in it.

 

[cowantussie]

“Gas” refers to the fee required to successfully conduct any transaction on Ethereum. The fee goes directly to Ethereum miners who provide the computer power that's necessary to verify transactions and keep the network running; Foundation does not receive a percentage.
You’ll need to have some ETH in your wallet so that you can pay for gas each time you mint an NFT, update a reserve price, list a piece for auction, or create any transaction on Ethereum.
Sometimes gas can be expensive when the Ethereum network is congested, but developers are actively working on solutions to bring gas fees down. Two things determine the price of gas: how quickly you want the transaction to be completed and how busy the network is at the time of your transaction.

 

[GIFTMICHAEL]

Ethereum isn't the only coin with high gas fee, BTC and, other altcoins, Defi coins are simply volatile. The fluctuations that occurs in them,akes it worthwhile to gain from them, for the one that is following updates.

 

[Richard92]

Ethereum isn't the only coin with high gas fee, BTC and, other altcoins, Defi coins are simply volatile. The fluctuations that occurs in them,akes it worthwhile to gain from them, for the one that is following updates.

Yes fluctuating ethereum coin is that's free but it is not the only cryptocurrency that has such advantage they are also other cryptocurrency like Bitcoin, altcoins.

 

[Sincerem]

Ethereum gas fee have discouraged lots of small investors from using its coin for transactions that has to do with sending to another wallet.

 

[GIFTMICHAEL]

Yes fluctuating ethereum coin is that's free but it is not the only cryptocurrency that has such advantage they are also other cryptocurrency like Bitcoin, altcoins.

I didn't get your points well, about what you mean by Ethereum is free or do you mean its gas fee is higher like that of BTC? No doubt its high, that's why lower altcoins are better suited for transactions.

 

[Shigobad2020]

Earlier in the day, I was sending $3ETH from one wallet to another and the fee was $1.36 and I was thinking to put it on hold since it was not urgent. A few minutes later, I went through the process again and the fee was $0.45, so I concluded the transaction.
Does this mean that there are fluctuations in transaction fees on ethereum just like on bitcoin network?

This is getting more or less like bitcoin in the crypto currency market , imagine sending out $3 with the charge of the amount of money for the charges is almost $1.5 , and they will still charge processing fee.

 

[Nomad]

One of he major drawbacks of using ethereum for investment, trading, or payment form is their high transaction cost. That's due to high gas fees for mining.

 

[Kelly5]

It depends upon the network congestion the time you are sending ethereum. If you use Trust wallet , you can also change the fees , increase or decrease depending on your requirements.

Exactly the point. Network congestion as at the time one initiates the ethereum transactions may contribute to the higher cost if gas fees for sending ethereum at that moment

 

[Aaron625]

Exactly the point. Network congestion as at the time one initiates the ethereum transactions may contribute to the higher cost if gas fees for sending ethereum at that moment

Yeah , in my country , the network congestion is low for ethereum during night time , so I send ethereum during night with low gas fees , and the transaction is usually confirmed instant.

 

[Senator]

Exactly the point. Network congestion as at the time one initiates the ethereum transactions may contribute to the higher cost if gas fees for sending ethereum at that moment

That is another big point. When there is too much congestion in the network as a result of too much transaction , this tends to increase gas fees actually I think so

 

[Kaffyfolla]

High Ethereum gas prices make it impossible for ERC-20 projects to run any microtransaction payments on Ethereum. This defeats the idea of using the Ethereum network for one of its principal use cases.


Gas fees are part of Ethereum. They are the price required for miners to execute transactions. This fee is not constant, it fluctuates depending on network demand. A transaction can be delayed or outrightly rejected if it does not meet the miners’ threshold.