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❕NEWS Network change in Ethereum hopes to address high transaction fees

AudraMiller

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One of the main things or factors that determines the usability of a cryptocurrency is the cost of the transactions of the crypto. This why there are coins such as trx and xrp that have become so popular recently because they are able to be utilized for smaller transactions. This is a rising concern with larger coins such as ethereum and there is hope for the future on this front. In fact the developers are hoping to change their network to that of the EIP-1559 which aims to address the gas fees of the transactions. This is expected to happen in July this year, which is just months away. Such a development could really help Ethereum and cause its prices to surge.
 

Niftyicon

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I really hope that it does because there are many who shy away from investing in ETH just because of the ridiculous fees and many sites that pay with ETH have had to suspend that.
 

ELSA-ELI

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That is really good news to note of,because ether is very much a preffered coin. The other thing to take note of is the fact that you can play around with these coins like xrp that still have low fees for exchanges but a lot of people seem attached to btc and ether despite it not favouring low volume holders of crypto.That is shooting yourself in the head.
 

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I really hope such thing happens because i don't like the transaction fee on ethereun i think , its really discouraging a lot of investors i think
 

Josemendez

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One of the main things or factors that determines the usability of a cryptocurrency is the cost of the transactions of the crypto. This why there are coins such as trx and xrp that have become so popular recently because they are able to be utilized for smaller transactions. This is a rising concern with larger coins such as ethereum and there is hope for the future on this front. In fact the developers are hoping to change their network to that of the EIP-1559 which aims to address the gas fees of the transactions. This is expected to happen in July this year, which is just months away. Such a development could really help Ethereum and cause its prices to surge.
I doubt if this will ever be possible with ethereum considering that the ethereum 2.0 that was built with the aim of taking care of the gas fee was not able to do so.
 

BullyMaguire

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I doubt if this will ever be possible with ethereum considering that the ethereum 2.0 that was built with the aim of taking care of the gas fee was not able to do so.
If they never resolve it.. it may result in the Ethereum's downfall since it keeps increasing too. Many investors wouldn't like it and there's a lot of other coins to support
 

Kunkun

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This is good news then, because the high fees of ethereum has really been discouraging lots of investors, so it's a good they are trying to fix that now, it would mean more users and this ethereum increases in price, win win
 

Josemendez

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If they never resolve it.. it may result in the Ethereum's downfall since it keeps increasing too. Many investors wouldn't like it and there's a lot of other coins to support
Ofcourse Many investors have started dropping ethereum investment because they hardly make much profit after trying to withdraw their ethereum in exchanges
 

BullyMaguire

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Ofcourse Many investors have started dropping ethereum investment because they hardly make much profit after trying to withdraw their ethereum in exchanges
I have a friend who have some Ethereum in his wallet but couldn't be bother to use it because nothing will be left anyway.. eth wouldn't go near bitcoin if this continues
 

Josemendez

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I have a friend who have some Ethereum in his wallet but couldn't be bother to use it because nothing will be left anyway.. eth wouldn't go near bitcoin if this continues
No coin can even get close to Bitcoin. Bitcoin has gotten to a stage where one may not be wrong to say that bitcoin is enjoying Monopoly in cryptocurrency world.
 

BullyMaguire

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No coin can even get close to Bitcoin. Bitcoin has gotten to a stage where one may not be wrong to say that bitcoin is enjoying Monopoly in cryptocurrency world.
Maybe, but there are coin near at the bitcoin's price level some even surpassed it before.. maybe by popularity it won't be beaten
 

Josemendez

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Maybe, but there are coin near at the bitcoin's price level some even surpassed it before.. maybe by popularity it won't be beaten
The success of any cryptocurrency is not just a function of price alone. The market capitalization plays an important role in it. Yfi was once higher than bitcoin ,but yet has lower investors than bitcoin
 

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One of the main things or factors that determines the usability of a cryptocurrency is the cost of the transactions of the crypto. This why there are coins such as trx and xrp that have become so popular recently because they are able to be utilized for smaller transactions. This is a rising concern with larger coins such as ethereum and there is hope for the future on this front. In fact the developers are hoping to change their network to that of the EIP-1559 which aims to address the gas fees of the transactions. This is expected to happen in July this year, which is just months away. Such a development could really help Ethereum and cause its prices to surge.
I hope they fulfill their promise this time. This isn't the first time they made plans for the gas fees reduction but it could see that all their efforts were not yielding any positive effects. But maybe this time they might try their best since they now have a close competitor.
 

Josemendez

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I hope they fulfill their promise this time. This isn't the first time they made plans for the gas fees reduction but it could see that all their efforts were not yielding any positive effects. But maybe this time they might try their best since they now have a close competitor.
I somehow think that the miners of ethereum are also getting greedy recently .they set high gas in order to make money to argument the cost of mining
 

achawaskey

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If introduced it will a long way to reduce the high fee experience during transactions, and increase the prise of ethereum. So let's wait till then and see what will happen.
 

Rollerkid

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I somehow think that the miners of ethereum are also getting greedy recently .they set high gas in order to make money to argument the cost of mining
For now the ethereum miners are the ones making a lot of money from us through their gas fees. But if they continue like this it will certainly make projects divert to binance smart chain instead.
 

AudraMiller

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I hope they fulfill their promise this time. This isn't the first time they made plans for the gas fees reduction but it could see that all their efforts were not yielding any positive effects. But maybe this time they might try their best since they now have a close competitor.
I also hope that they fulfill their promise this time around because I think that people are really looking towards coins that have a low transaction fee in order for them to be able to actually use the coin. Right now coins like Bitcoin and Ethereum are just for trading and cannot be used for purchases.
 

Josemendez

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For now the ethereum miners are the ones making a lot of money from us through their gas fees. But if they continue like this it will certainly make projects divert to binance smart chain instead.
Already many projects have started diverting into Binance smart chain because of the low fee it offers and this will be a very big challenge to ethereum very soon .
 

a_jerobon

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That is a really great development for those who transact etherium. The recent rise of gas fee has been really devastating for many of them. If the change of network will reduce gas fee, then that is a great thing for etherium users.
 

Josemendez

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That is a really great development for those who transact etherium. The recent rise of gas fee has been really devastating for many of them. If the change of network will reduce gas fee, then that is a great thing for etherium users.
If you have been following ethereum transaction , you will agree with me that this is the third time they are trying to change network without any success
 
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