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

[mcjerry]

High gas fees are influenced by the high traffic on the network and the higher traffic the higher the transaction fees so from my observation from a particular period i notice the gas fees were cheaper transferring from trustwallet to Binance.

I wonder how it will cheaper sending from trust wallet to binance. Is it not the same fee that will be charged for other wallets. Does that Blockchain know owner of different account that will make it reduced for some certain users

 

[Ltherman]

I wonder how it will cheaper sending from trust wallet to binance. Is it not the same fee that will be charged for other wallets. Does that Blockchain know owner of different account that will make it reduced for some certain users

From your observation is cute transaction fee fixed that it doesn't change?. Am only making reference to an experience i had when i sent some funds from there to another wallet and the amount i was charged was fair and i did this around 2am in my time zone. I may be wrong though but that's what i experienced as it concerns the transaction fee.

 

[mcjerry]

From your observation is cute transaction fee fixed that it doesn't change?. Am only making reference to an experience i had when i sent some funds from there to another wallet and the amount i was charged was fair and i did this around 2am in my time zone. I may be wrong though but that's what i experienced as it concerns the transaction fee.

What is you time zone? I will want to know so that I will be able to try it and transfer my token out of the wallet. I really need badly to transfer my token out to an exchanger so that I will start trading with the free token I received.

 

[GoldenLady]

To be honest the most painful of them all I the ETH transaction fee, it is unreasonable, since it is newer than BTC the blockchain should have factored transaction fee in their plans, i use think ETH as a better substitute for BTC or even preferred alternative but that fee is very discouraging.

I hope BTC blockchain can be modernized and made to operate with lower transactions fee. Thanks Bro, Thanks @Prettybabe and @Erik4150.

Ethereum really has high gas fees. As mentioned, it should have been improved to make it easier to transact with, but this is not so.

This makes it unsuitable for day-to-day transactions.

 

[SAFEMOON]

I think gas fee on cryptocurrency would not go down because of the high surging value of cryptocurrency. Its just when the value of a certain cryptocurrency go high then the gas fee go up also.

 

[Shivay]

It is not new anymore that transaction or gas fees are charged whenever crypto currency transactions are to be done.

Worthy of note anyway, is that transaction or gas fees for the two foremost Crypto Currencies - BTC and ETH and very high and most times considered unreasonable for people conducting minimal transactions.

If you can relate to this, will it ever reduce? And when do you think the blockchains will effect this reduction??

I also posted several threads about it and i do not think so that they will reduce the transaction feees or the gas fee, we can just swap our coins for Exchnage and no other alternative.

 

[Xerryl]

The higher the value of crytpocurrencies get the higher the gas fee will be high, so if the Cryptocurrencies don't lose value I don't know think it will reduce in the gas fee. Unless the crytpocurrencies Wallets just decide to reduce it which I doubt.

 

[Abigael]

The high transaction fees in Cryptocurrencies is really concerning. It had made Bitcoin payments to be inconvinient to me yet I was running away from Paypal due to the high fees. Now they are all the same and I now prefer PayPal. The gas fee will rarely reduce given that it depends on the price of the crypto currencies, which keeps on increasing.

 

[Profuk57]

I think transaction fees or gas dees of crypto currency will still remain high with a very low possibilities of ever reducing, the only way I think the transaction or gas fee will get reduced is if there is a constant drop in price of cryptocurrency.

 

[Alexandoy]

If I remember correctly, our admin of this forum had posted in another site on the withdrawal of Etherum worth $39 and got only $30 with the high transaction fee. With the high transaction fee it looks like Paypal fees are therefore not really exorbitant. That got me thinking because I am new to crypto currency and I just had created my wallet. What if my earnings would be forwarded to my digital wallet I am now afraid of the high transaction fee that can be charged.

 

[Akinwale701]

I do not think this is ever possible, we have to remember that the transaction fee or network fee is one of the ways by which these Cryptocurrency websites operators take their fees or charges. what I simply doctor avoid High gas fee is sending Crypto to wallets of the same nature of selling directly.

It is not new anymore that transaction or gas fees are charged whenever crypto currency transactions are to be done.

Worthy of note anyway, is that transaction or gas fees for the two foremost Crypto Currencies - BTC and ETH and very high and most times considered unreasonable for people conducting minimal transactions.

If you can relate to this, will it ever reduce? And when do you think the blockchains will effect this reduction??

 

[Sheun450]

High transaction and gas fee on crypto currencies depends on the time on is transacting. They gas fee is normally high when transacting with a crypto currency which market cap is high

 

[Ralphjoe]

High gas fees of most cryptocurrencies will definitely be reduced as time goes on because these cryptocurrencies knows that it's in the smaller their gas fees are, that is what gives them edge over their competitors.

 

[Eodine]

I tried getting some bitcoin so i could send to a relative some weeks ago, after getting the coin in my wallet,I was surprised at how high I would use to send the few coin, I spoke with a friend who then explained that it was because of the block chain network.

 

[Dowenship]

It is not new anymore that transaction or gas fees are charged whenever crypto currency transactions are to be done.

Worthy of note anyway, is that transaction or gas fees for the two foremost Crypto Currencies - BTC and ETH and very high and most times considered unreasonable for people conducting minimal transactions.

If you can relate to this, will it ever reduce? And when do you think the blockchains will effect this reduction??

Although like you said that its not new that the transaction fee or gas fee are changed whenever crypto currency transaction are done but I still don't know there is fee included in all altcoin transaction, is out for revenue our something?

 

[Shivay]

I wonder how it will cheaper sending from trust wallet to binance. Is it not the same fee that will be charged for other wallets. Does that Blockchain know owner of different account that will make it reduced for some certain users

I don't think it will reduce for now as when the cryptocurrencies were newly launched then the fees was relly low and now it is increasing day by day so i think it's gonna increase in the future except some apps giving it lower has fee.

 

[Niftyyem]

I tried getting some bitcoin so i could send to a relative some weeks ago, after getting the coin in my wallet,I was surprised at how high I would use to send the few coin, I spoke with a friend who then explained that it was because of the block chain network.

The better option in such a situation would have been to swap the coin into another with very low fees before sending to the person who can in turn swap back to bitcoin if they really have to.

 

[Eodine]

The better option in such a situation would have been to swap the coin into another with very low fees before sending to the person who can in turn swap back to bitcoin if they really have to.

Thank you for this very useful tips, yo know I just noticed the swap option in my crypto wallet not too long, I should be paying more attention to my wallet to learn about the features, lol.i would definitely be making use of the swap option.

 

[Niftyyem]

Thank you for this very useful tips, yo know I just noticed the swap option in my crypto wallet not too long, I should be paying more attention to my wallet to learn about the features, lol.i would definitely be making use of the swap option.

You are welcome. This journey with crypto opens our eyes to new things almost all the time. That method just helps reduce the possible loss high gas fees can cause on one's investments.

 

[Ehizzy1]

That Is if something is willing to be done concerning the huge amount of gas fees, i just hope the high amount of transaction fees were been sorted out