High gas fee for transactions on Ethereum network, a bane or plus to Ethereum blockchain?

[Kayzzy3]

It's no news that Ethereum charges high fee for transactions on their network, I stand to be corrected, they charge the highest fee right now.
I have few ERC 20 tokens here and there but I'm unable to pull them out to a central wallet due to this challenge.
Question, can they not reduce the fees?? Is this a blessing or a bane to ECR 20?

 

[Oscar]

It is a bane to be sincere, I've made some transactions on the Ethereum Blockchain too and I noticed the fees were on the high side. This high gas fee makes it almost impossible for ERC-20 projects to run any micro transaction payments in Ethereum. Though I'm aware that gas fees are a part of Ethereum it's some sort of price for miners to execute transactions.

 

[Prettybabe]

I actually do not understand their own reasons for the high fee for transactions on the Etherum network, but I can certainly tell you that it is a bane.... It's not fun having to be charged high for transactions.

Can they reduce the fee? Why can't they?

 

[Niftyyem]

I remember suspending some Ethereum transactions when the fees were about half of the amount to be sent in the first place. I ended up successful after a couple of days when I had a window for lower fees and quickly took it.

 

[Goodday]

It's no news that Ethereum charges high fee for transactions on their network, I stand to be corrected, they charge the highest fee right now.
I have few ERC 20 tokens here and there but I'm unable to pull them out to a central wallet due to this challenge.
Question, can they not reduce the fees?? Is this a blessing or a bane to ECR 20?

If ethereum gas fee continues to be increasing, l think it might drive away a lot of ethereum investors to other cryptocurrencies Investment just because of high gas fee. Ethereum price crashed down to$300 some few months ago because of its high gas fee.

 

[WhiteHouse]

"Gas" is only the Ethereum expression for "exchange charge". It's deliberate and paid in Ether (all things considered, really in Wei - the base unit of Ether). With every exchange you determine the amount you're willing to pay by indicating both a "gas cost" and "greatest measure of gas to utilize". Those two increased together are your most extreme exchange expense.

Every procedure on the blockchain, executed by the Ethereum Virtual Machine, costs some measure of gas. The sum you'll wind up paying is dictated by how much gas was utilized by your exchange and the amount you are paying per unit of gas.

 

[Bookwormlux]

The high gas fees is never a plus, it's what made me to forget my plans of investing in ethereum. I remember when I was about receiving $5 from a site via ethereum, the fees were so high that I would only be left with $1.78 after the transaction. I had to opt for Bitcoin. The high gas fees is the limiting factor why some of us are not considering an investment in ethereum.

 

[Ltherman]

The best period to get low transaction fees is dead in the night around 2am cos that period there is low transaction volume going on. It works some times. The gas fees is one of the bane of the ethereum network and that's why the Ethereum 2.0 was meant to address this lag in the network as so manu projects are either migrating to the Tron network or building their own from scratch.

 

[ahmedo24]

The best period to get low transaction fees is dead in the night around 2am cos that period there is low transaction volume going on. It works some times. The gas fees is one of the bane of the ethereum network and that's why the Ethereum 2.0 was meant to address this lag in the network as so manu projects are either migrating to the Tron network or building their own from scratch.

This your strategy might be correct though I have not tried it but I know there are periods when transactions fee is usually low . I will try between 12 to 2am of my time if it could work, eithereum and bitcoin transaction fee are on the high side now.

 

[Josemendez]

Ofcourse ,the high gas fee associated with ethereum transactions has been a challenge to ethereum network ,and it has taken away many investors from the platform. However , the ethereum 2.0 seems to have impact on the reduction in gas fee so far

 

[Ltherman]

This your strategy might be correct though I have not tried it but I know there are periods when transactions fee is usually low . I will try between 12 to 2am of my time if it could work, eithereum and bitcoin transaction fee are on the high side now.

Since i haven't made any transaction in Bitcoin for a while i wouldn't know about their transaction fee but i use to know it was inconsequential. I can't say same for ethereum which has been constantly been on a high side. Have you tried Uniswap before, theirs is killing.

 

[Erik4150]

High gas transaction fee is a disadvantage and will cause problems for users who trade ethereum everyday. The only way to reduce the high gas fee is to manually edit the transaction fee. Your coin will stay longer in the blockchain but at the end of the day you can avoid high gas fees.

 

[mahdi304]

that's definitely a disadvantage for normal users, and it will probably continue being high maybe just a little lower but still high until ethereum 2.0 gets fully implemented.

 

[Lyrrex]

to be very serious I've been experiencing that thing and I'm always surprised you can come to find out that with just $10 worth of ethereum they will charge you over $4 to $5 for withdrawal fee and this is not really funny at all I hope they is a way to cut this out.

 

[Ralphjoe]

This issue of high gas free of Ethereum is a big challenge for ethereum because this is capable of discouraging alots of people from using Ethereum for their transactions and investment cryptocurrency. This is a bane to which Ethereum needs to resolve as soon as possible.

 

[EMMANUEL]

Miners get paid an amount in Ether which is equivalent to the total amount of gas it took them to execute a complete operation.
Ethereum Gas – is the lifeblood of the Ethereum ecosystem, there is no other way of putting that. Gas is a unit that measures the amount of computational effort that it will take to execute certain operations.
Every single operation that takes part in Ethereum, be it a simple transaction, or a smart contract, or even an ICO takes some amount of gas. Gas is what is used to calculate the amount of fees that need to be paid to the network in order to execute an operation.
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Miners get paid an amount in Ether which is equivalent to the total amount of gas it took them to execute a complete operation.
Ethereum Gas – is the lifeblood of the Ethereum ecosystem, there is no other way of putting that. Gas is a unit that measures the amount of computational effort that it will take to execute certain operations.
Every single operation that takes part in Ethereum, be it a simple transaction, or a smart contract, or even an ICO takes some amount of gas. Gas is what is used to calculate the amount of fees that need to be paid to the network in order to execute an operation.

 

[Iamsodex]

The transaction fee is so outrageous these days, even btc transaction charges are on the high side now and I think this is due to the congestion in the ethereum network and I think it will be sorted out with the upgrade that will come on ethereum later this year. Right now all my transactions are on hold because I can't afford the gas fee at the moment.

 

[Nomad]

People are investing in Ethereum but they are afraid of using ethereum as a medium to send payment or use for buying and selling because of high transaction cost. This has come as a bane.

 

[Dowenship]

It's no news that Ethereum charges high fee for transactions on their network, I stand to be corrected, they charge the highest fee right now.
I have few ERC 20 tokens here and there but I'm unable to pull them out to a central wallet due to this challenge.
Question, can they not reduce the fees?? Is this a blessing or a bane to ECR 20?

What corection is there, you are definitely right... Their transaction as been way to high to even attract investors and traders. It was only during the bearish run the gas fee reduced drastically..

 

[FreshKaz11]

It's no news that Ethereum charges high fee for transactions on their network, I stand to be corrected, they charge the highest fee right now.
I have few ERC 20 tokens here and there but I'm unable to pull them out to a central wallet due to this challenge.
Question, can they not reduce the fees?? Is this a blessing or a bane to ECR 20?

Since I've been investing on cryptocurrency coins I don't pass my boundary by investing in any other coin if not bitcoin or litecoin, so I will advise everyone to invest in Bitcoin or litecoin because their gas fee is low I guess.