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[NoLimits15]

Ethreum's price has been on an upward spiral lately and the price is currently at about $1000. This rise in price has lead to an increase in demand and this means transaction fees would also increase rapidly. Transaction fees are up by almost 400% since the beginning of January and many users are complaining that they cannot afford such high transaction fees. The transaction fees are also called gas fees and they rise whenever there is a lot of activity on the network.

 

[ipol12]

Yeah. The gas fees are extremely painful. I'm transferring my remaining 10$ from my Trust Wallet, the fee is $12 (I'll be in debt of $2!). When I also traded $1k worth of Ethereum and I paid $140 as fee.

 

[Wisdom01]

The transaction fees are just so high and this is actually a worry tho , when the transaction fees are too high, those transacting the coin would actually start looking for other options that they could actually make use of to transact I think

 

[gammarays]

The major problem of Ethereum is it's high gas fees not just the slow transactions. Major updates have been done with promises of cheaper transaction fees but nothing spectacular has happened.

 

[Wisdom01]

The major problem of Ethereum is it's high gas fees not just the slow transactions. Major updates have been done with promises of cheaper transaction fees but nothing spectacular has happened.

The update that was probably conducted was that there would actually be a second version of network that would be used for staking , but I think up till this moment things have truly not change to expected I think

 

[gammarays]

The update that was probably conducted was that there would actually be a second version of network that would be used for staking , but I think up till this moment things have truly not change to expected I think

Yes they said that the update will result to a reduced gas fees and fast transaction. However we're yet to feel the impact as fees is still high. Fees will be higher when the bull run returns and more transactions are processed.

 

[Wisdom01]

Yes they said that the update will result to a reduced gas fees and fast transaction. However we're yet to feel the impact as fees is still high. Fees will be higher when the bull run returns and more transactions are processed.

Yeah I noticed that it have become higher since the bull run came ,just like how it have been ongoing before , although I really wish they could find a solution to the unending huge fees ,it's really affecting the growth and development of the coin no doubt , because if not the coin would have boosted high more in terms of development

 

[gammarays]

Yeah I noticed that it have become higher since the bull run came ,just like how it have been ongoing before , although I really wish they could find a solution to the unending huge fees ,it's really affecting the growth and development of the coin no doubt , because if not the coin would have boosted high more in terms of development

The major reason why there are many alternative blockchain networks around is the failure of Ethereum to address the issue of high gas fees and slow network. Sometimes network fail and gas fees are still collected. It has scared many people away.

 

[Wisdom01]

The major reason why there are many alternative blockchain networks around is the failure of Ethereum to address the issue of high gas fees and slow network. Sometimes network fail and gas fees are still collected. It has scared many people away.

Yeah there are now many alternative Blockchain network available , and I think many people are making use of them in replacement to the high gas fees of Ethereum , they probably have seen another alternative

 

[gammarays]

A fee of $12 to transfer $10 is very crazy. That means the cheaper fees we experienced was due to the low price and not the upgrade they promised. What happens when ETH returns to all time high?

 

[Riberet19]

A fee of $12 to transfer $10 is very crazy. That means the cheaper fees we experienced was due to the low price and not the upgrade they promised. What happens when ETH returns to all time high?

When it returns to its highest point, the commissions will surely return to the same place where they were and the more it grows the same will happen, in addition the ethereum NFT market also made its commissions so high, that is why Polygon Matic as a layer solution 2 of ethereum helps a lot to the ethereum network to decongest it of transactions.

 

[gammarays]

When it returns to its highest point, the commissions will surely return to the same place where they were and the more it grows the same will happen, in addition the ethereum NFT market also made its commissions so high, that is why Polygon Matic as a layer solution 2 of ethereum helps a lot to the ethereum network to decongest it of transactions.

Yes that's why most Nft projects prefer cheaper and faster networks like Solana, polygon or Aptos. Fees are getting more expensive on Ethereum. I don't know how it'll be like when it gets back to all time high.