Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[AudraMiller]

As we all know, the transaction fee when we make a crypto transaction is highly dependent on the traffic at the time that we make the transaction. Of course if you increase the transaction fee that you are willing to pay, your payment could take priority and you will notice that your funds are transferred sooner.

However, the new Ethereum transaction fee model aims to do away with this, and this has the miners outraged. According to the new plan, EIP 1559, the transaction fee will be set at a standard rate, and there will be a minor/small tip that is added to that fee for the miners.

Of course this will be highly beneficial to us, and as a crypt user this will mean that we can transact at any time without having to worry about the traffic, but miners have the most to lose from this according to this article.

What do you guys think? I look forward to your comments. I for one, am all for this idea and hope they even implement it in btc in the future.

 

[Josemendez]

I believe this is good news for us the users and as well bad news for the miners who have been enjoying the high gains from the cryptocurrency transaction fees

 

[AudraMiller]

I believe this is good news for us the users and as well bad news for the miners who have been enjoying the high gains from the cryptocurrency transaction fees

Exactly, however at the end of the day the users should be considered first as without the users the miners will not be able to make anything at all. Therefore if they do this they are promoting the use of crypto which will go a long way to getting more users with better transaction costs.

 

[Josemendez]

Exactly, however at the end of the day the users should be considered first as without the users the miners will not be able to make anything at all. Therefore if they do this they are promoting the use of crypto which will go a long way to getting more users with better transaction costs.

Yeah but the miners will feel cheated as they are considering that this will make them have less profit after removing mining cost from the fee paid to them

 

[mahdi304]

well the miners won't be able to profit as much but i for one am happy because the current ethereum fees are just too much!

 

[Niftyicon]

Please how soon will this be executed? Ethereum fees presently are just too much. Tried sending $2 ETH and was charged $0.98 as gas fees. Something really has to be done.

 

[Josemendez]

Please how soon will this be executed? Ethereum fees presently are just too much. Tried sending $2 ETH and was charged $0.98 as gas fees. Something really has to be done.

Yesterday I lost close to 15$ on transaction fee while trying to stake my lead token . The gas fee kept been deducted while the transaction never went through .

 

[Niftyicon]

Yesterday I lost close to 15$ on transaction fee while trying to stake my lead token . The gas fee kept been deducted while the transaction never went through .

Gosh! Sorry about that. To be honest, it is just way beyond me how people are able to deal in ethereum at this time. I can see no profits handling it.

 

[Josemendez]

Gosh! Sorry about that. To be honest, it is just way beyond me how people are able to deal in ethereum at this time. I can see no profits handling it.

Thanks bro. I was only trying to have an investment. I believe henceforth I am planning on saying no to most ethereum transaction and projects

 

[AudraMiller]

Yeah but the miners will feel cheated as they are considering that this will make them have less profit after removing mining cost from the fee paid to them

I don't think that they will be making less profit though. In all honesty i think that they will be making more profit. Because if transaction costs are dropped and this promotes more transactions, miners will be confirming more and more transactions which will lead to greater profits for them.

 

[Josemendez]

I don't think that they will be making less profit though. In all honesty i think that they will be making more profit. Because if transaction costs are dropped and this promotes more transactions, miners will be confirming more and more transactions which will lead to greater profits for them.

The problem with this is that miners also pay for electricity usage thus if the subtract the money from paying bills , they don't have much gain

 

[AudraMiller]

The problem with this is that miners also pay for electricity usage thus if the subtract the money from paying bills , they don't have much gain

Ahh i see your thought process on that, and depending on the country that the miner is in the electricity costs can be quite extensive as well. Perhaps miners will also have a minimum wage that they will get. The concept is still under consideration so i guess only time will tell.

 

[highspeed]

I state that I personally am not a miner.
I would need a machine too powerful and expensive for the extraction!
However in trading, this would be good for me as well as others.
I only said my opinion.
Greetings.

 

[Josemendez]

Ahh i see your thought process on that, and depending on the country that the miner is in the electricity costs can be quite extensive as well. Perhaps miners will also have a minimum wage that they will get. The concept is still under consideration so i guess only time will tell.

Ofcourse miners should be considered especially the money they spend on electricity bills but it should be balanced in a way that both miners and traders will be happy

 

[AudraMiller]

Ofcourse miners should be considered especially the money they spend on electricity bills but it should be balanced in a way that both miners and traders will be happy

This is true. I think that this could happen if the transaction fees are determined in a tier fashion, where there is set transaction fees for certain ranges and amounts for transactions. The smaller the transaction the less fee, the larger the transaction the more the fee, or vice versa.

 

[Wisdom01]

Please how soon will this be executed? Ethereum fees presently are just too much. Tried sending $2 ETH and was charged $0.98 as gas fees. Something really has to be done.

Oh sorry that means you made loss of about half the money you where trying to send was small due to the high gas fee , you would have used a anotherr coin

 

[Niftyicon]

This is true. I think that this could happen if the transaction fees are determined in a tier fashion, where there is set transaction fees for certain ranges and amounts for transactions. The smaller the transaction the less fee, the larger the transaction the more the fee, or vice versa.

It would work better that way because it is so unfair especially to those carrying out very small transactions and having to pay almost half or more as fees.

 

[AudraMiller]

It would work better that way because it is so unfair especially to those carrying out very small transactions and having to pay almost half or more as fees.

Definitely agree with you there. Once i was making a transaction for around $40 and the fees for that transaction alone were around 15 dollars. This is a very large transaction fee especially not having much crypto, however it was urgent so i had no choice but to make the transaction.

 

[gammarays]

The problem with this is that miners also pay for electricity usage thus if the subtract the money from paying bills , they don't have much gain

The same electricity bills other crypto miners including the almighty Bitcoin pay for? Don't think it's an excuse. Let the crypto world get a cheaper alternative and you'll see the price come down to normal.

 

[microunit]

kinda confuse with this as ethereum 2.0 is already around the corner and with ethereum 2.0 I think there are no more miners but staking will be the thing that will run the network