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High transaction or gas fees on Cryptos - Will it ever reduce ?

  • Thread starter Thread starter Kayzzy3
  • Start date Start date
This is the reason why I like cryptocurrency like USDT and Litecoin because both of them comes with less transaction fee and charges. I usually convert other cryptocurrencies I have to into Litecoin and usdt. Both of the cryptocurrencies are also stable.
 
The gas fees on cryptocurrency especially the ethereum network has been going very high in the recent months. This has prompted some scaling solutions to try to bring a solution to this and I think it is just a matter of time.
 
Gas fee is reducing drastically in some cryptocurrency most especially in ethereum, bitcoins and others, they have seen the need to reduce the transaction fee because if this did not happen a lot of people could have abandoned some cryptocurrency and go for the one they are able to transact conveniently without so much lost to gas fee
 
Niftyyem said:
The high gas fees just show that those coins have their networks very busy as at the time the transaction is being carried out. There is nothing that can be done about that than to find a time when the network is less busy to carry out your transactions.
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I could remember in late december when i wanted to sell my litecoin and i found out that the network was having an issue,and could not confirm transaction,i had to make use of binance network,the fees was very high,and i don't think i can make use of that alternative again.
 
There has been a lot of layer 2 scaling solutions that has been coming up in the past few years in order to solve situations like this but it has still remained the same. I just hope that it is just a matter of time that it certainly goes back to normal.
 
I doubt if they would ever get to reduce at all, because that is the only way to generate revenue for the people who are owning exchange platforms and wallets for cryptocurrencies .
 
For BEP20 then FaucetPay io could provide you a deposit address then you swap to altcoins for Metamask you could process ETH deposit and swap to altcoins for FaucetPay io as a solution.
 
It is big issues and I think their are some networks which is working on it but it could still take times as it all depends on users using network and more people using it means cost going to high. I found this article which will explain you more:

hackernoon.com

High GAS Fees for On-chain Transactions: Can We Fix it in Time? | HackerNoon

But with the skyrocketing prices of transaction fees, especially on the Ethereum network, this space craves alternatives (which we are already seeing).
hackernoon.com
 
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