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

[kayode10]

The new charging fee on ethereum is a game for those who are behind the coin in the first place. it can be a pain in the neck for those who are using ethereum to do transaction.

 

[Nurudeen]

High transaction fee is definitely a bane for the Ethereum crypto currency. I think they really need to review that fee and look for other network to integrate into the Ethereum network because without that a lot of people might dump the coin

 

[Lens]

I think the night gas fees in ethereum as been addressed. Ethereum now charges lesser than what it used to be. The gas fee is a little lower and it's a bit faster . So many investors have complained about the ethereum gas fee and I think it's what triggered the low fee now.

 

[Filicit]

The high gas or transaction fee on the ethereum network is actually of benefit to us, it helps us save to avoid the big transaction cost and hold more

 

[mcjerry]

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?

likewise me. I also have some tokens under etherium but I cannot withdraw the tokens because of the high transaction fee. I have the token stuck to my wallet for long time noy

 

[Josemendez]

The high gas or transaction fee on the ethereum network is actually of benefit to us, it helps us save to avoid the big transaction cost and hold more

To an extent this is true but it is sad that in the end when we are ready to withdraw put earning , the fees may take away 30% of the profit made from the coin .

 

[Senator]

There is nowhere a high gas fee is ever seen as an advantage to any person transacting in cryptocurrency. So the high gas fees imposed by the ethereum network is rather in bad taste than good one on cryptocurrency users

 

[Chibson]

The high gas fees of ethereum network is very bad and a lot of people have opted out it because of that. I think eth2.0 will solve that.

 

[Filicit]

To an extent this is true but it is sad that in the end when we are ready to withdraw put earning , the fees may take away 30% of the profit made from the coin .

But at least we have made profit and ethereum is a very profitable coin, you can make up for your gas fee in months or even weeks of just holding some tokens of the coin

 

[Kelly5]

When the transaction fee for trading or transferring ethereum is very high, than most people kmow automatically that their money worth will be reduced because of that higher gas fee. There is no advantage to anyone about this high fee

 

[Josemendez]

But at least we have made profit and ethereum is a very profitable coin, you can make up for your gas fee in months or even weeks of just holding some tokens of the coin

Of what use is the profit when you will lose a good percentage of it when you want to sell your token ? . The only way to benefit from them is hodl them in Exchange

 

[Filicit]

Of what use is the profit when you will lose a good percentage of it when you want to sell your token ? . The only way to benefit from them is hodl them in Exchange

Were on the same page, were both saying the same thing, if you invest $5 in ETH and would incur $2 gas fee you could wait a while when the price goes to about $8 then you sell and you don't loose since you already made that money

 

[Aaron625]

The high gas fees has significantly reduced for ethereum 2.0 , even I am holding more than 5 erc20 tokens worth like $10 each , but waiting for ethereum price to get very low.

 

[Sotherefore]

No one would like to invested in cryptocurrency that has higher transaction fee and no one will even like to use it for transaction, is a nice decision that they have been able to reduce their transaction fee for easier transaction between investors.

 

[BrolySSJ]

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?

I think that high transaction fees is the one thing that will lead to the downfall of a coin because people will not be able to make use of it effectively in purchases or in trades.

 

[greenie]

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.

 

[HayKay]

I think this would be a bane in the end because there are a lot of projects that are coming up especially on the cardano, phantom ecosystem even Solana as well that don't have such high transaction rates.
Though Ethereum would keep enjoying the fact that it was the second coin after bitcoin but if they're not careful, other coins would overtake them soon.