Optimizing ETH transaction fees

[Mella 3680]

It is good explanation and I am read some but this is makes it better for a beginner to understand the fees system in the Ethereum network. But I am see these fees are not used but the minimum I am see is 20 gwei for right now and when I was started with crypto it was not to be touched with fees been high as like 500 gwei at some times.

[Fixfin 2569]

Ethereum fees are very high at times and it takes many dollars to make one transaction. For ethereum it is lower price, just around 20-50cents, still very high in my opinion but for tokens it depends on their contract and for some it is very higher than that perhaps 1-3$ even now that fees are lower.

[scofield64 943]

This information you provide is very useful and important. Newbies should try and understand this gas transaction fee, I know it's not easy to understand but just be focus and understand it its will help.

[Ridam 7455]

The concept of gas fee is simple, for any transaction on Ethereum Blockchain wr need to pay gas fee. And higher the gas fee , higher there will be chance of getting transaction picked my node and it gets verified faster.

Your method of adding small gwei is definitely helpful mostly when network is congested. But for small transaction Ethereum network is really expensive in my opinion.

Currently if you try to add liquidity in sole defi exchange and has less than 100$ , our big % of money will be eaten by gas fee.

And I believe Eth 2.0 will change this.

[Zeshan Khalid 2577]

When more number of people are trying to perform transactions in ETH then competition increases and we have to give higher fee to make our transaction done early. 

[percare 3192]

I remember using very low fees to move tokens and now I can't as even 15 gwei is too much. I think that Ethereum lost a lot with the very high fees it had and the price rise was only because Bitcoin was rising and didn't have to do with Ethereum developments. I am full support ETH and of course Ethereum 2.0 but these fees were a disaster to many developers and made their applications in Ethereum useless.

[annayks 2314]

Good details here. The bad thing is that when transfering tokens it needs more gas and makes it cost more. I haven't moved a token for months, not that I care much but there are around 50 dollars sitting in my wallet in various altcoins that if I move I will have to pay now more to send than I will profit from selling.

[Froshk 1828]

These is interesting, no wonder Ethereum moved to update and change its ways of mining and other processes. The gas fee for some transactions are really expensive 

[zhoutong 2188]

This gives a good idea on ethereum gas fees. We usually select the fees although if we put too low price transactions depending on the app we are using can timeout and cancel. Lately fees were very high making Ethereum not very popular as in the past, or perhaps when it becomes popular fees go so high that popularity decreases after small time.

[Syedbesharat 5423]

You have explained the Eth gas fee in full detail which is quite helpful for all members their for quality content is highly regarded at forum and needed. Which can give good idea about the crypto different  aspects where the newbies and experience members add their own experience along the topic content for farther  development of the topic. 

[Michar1 1693]

Gas plays an important role in ethereum transactions, but it is also true that gas is currently a bit high, once I tried to play with the price, it was good for me but it took too long for my transfer to be confirmed.

[Amiami 1362]

The network is congested most of the day, even with the launch of ETH 2.0, this has not been solved although clearly the network is still not working in its entirety, so it is difficult to optimize transactions to be faster with a lower commission, basically if you need to send funds you will have to pay up to 10% of the amount so that the processing and transfer are fast.

 

I hope that with ETH and the new Flare Network, the trading problem becomes history.

[godislovefll 1880]

On 4/12/2019 at 8:39, Kreur said:

Las tarifas de transacción de la red Ethereum se cuentan como el gas usado multiplicado por el precio del gas.

 

El gas utilizado viene dado por la complejidad de la tarea, transferir ETH es exactamente 21k mientras que transferir tokens ERC-721 complejos puede usar alrededor de 400k gas. No hay mucho que pueda hacer sobre esta parte (el límite de gas funciona principalmente solo como a prueba de fallas contra ciclos interminables y no recomiendo jugar con él a menos que sea un experto)

 

El precio del gas es mucho más interesante: aquí es donde compite contra otros usuarios que incentivan a los mineros a elegir su transacción e incluirla en blockchain. Y a otros usuarios en general les gustan ciertos números. 1gwei es grande, ya que su precio de gas más bajo que muchos mineros aceptan incluir en bloques, los precios de gas más bajos hacen que las transacciones sean MUY lentas. Sin embargo, 1 gwei hace el trabajo una vez que no hay una gran demanda de transacciones rápidas (puede ser minutos o también horas o incluso peor)

 

Ahora viene la segunda parte del rompecabezas: a las billeteras les gusta agregar un 10% al precio de la gasolina cuando desea acelerar su transacción , que junto con los números favoritos hacen que las transacciones se agrupen en ciertos niveles de precios de la gasolina y si agrega un poco más, lo hará tienen prioridad sobre ellos por un costo casi nulo.

 

Ejemplos:

1gwei -> use 1.001

1.1gwei (1x acelera en 1) -> use 1.101

1,21 gwei (el doble de velocidad en 1) -> use 1,211

2 gwei -> use 2.001

2.2 gwei (aceleración de 2) -> use 2.201

4 gwei (un poco favorito) -> use 4.001

4.4 gwei -> use 4.401

8 gwei (otro favorito) -> use 8.001

8.8 gwei -> usar 8.801

10 gwei (gran favorito) -> use 10.001

11 gwei -> use 11.001

20 gwei (muchas personas usan esto si quieren un tx muy rápido) -> ¿quieres un tx ultrarrápido? utilizar 20.001

 

o, en general, tome cualquier cosa que sugiera su billetera y agregue una pequeña fracción (como 0.001 gwei) para hacer cualquier transacción más rápida (a veces de manera muy significativa) adelantándose a todas esas transacciones agrupadas a los precios de gasolina favoritos. Y cuesta prácticamente cero (para ser exactos 0,000 000 021 ETH para la transferencia ETH, que es alrededor de 0,000 003 USD en los precios actuales)

This form of transaction collection is really very good, great results were expected until the network was saturated and the gas began to rise, therefore a lot of money is lost per transaction, everyone is finally waiting for the ETH 2.0 to come out because it promises End this gas problem.

[Barbarellah 2225]

Good information that many of us must handle when using the Ethereum network. Lately, due to the large influx of tokens based on this chain, these fees increased considerably and now we are experiencing the launch of the Ethereum 2.0 update that is barely going with its phase 0. The main purpose of this update is to minimize energy costs This will be directly reflected in gas rates and, of course, will also increase the speed with which transactions are carried out, but for this project to materialize, there is still a long way to go.

[Mubiflow 1771]

2 hours ago, Froshk said:

These is interesting, no wonder Ethereum moved to update and change its ways of mining and other processes. The gas fee for some transactions are really expensive 

@Froshk I think this is bizarre to me as per ETH with the kind of amount they are chargers us for a transaction is no Fair at all unlike tron their gas fee I think is the lowest compares to other channels its not about their value I think they are good 

[hasaan 289]

The fees is the must in term of any kind of transaction. The fees id the main key revenue of any platform so they will be charge the specific amount. But the ETH transaction fees is not so high so don't be scared about the fees if the ETH.

[Froshk 1828]

Optimization of the Ethereum transaction speed has become a very necessity, and to my understanding I believe that was one of the reasons for the upgrade to an all new Ethereum 2.0 

[Abbas2.0 812]

This is a good way to optimize a transaction fees, with this method we can also reduce the fees of that transaction along with faster speed

[yulitzacalvete 1366]

On 12/4/2019 at 8:39 AM, Kreur said:

Ethereum network transaction fees are counted as gas used multiplied by gas price.

 

Gas used is given by complexity of task, transfering ETH is exactly 21k while transfering complex ERC-721 tokens might use around 400k gas. There is not much you can do about this part (gas limit work mostly only as failsafe against endless cycles and I do not recommend tinkering with it unless you are an expert)

 

Gas price is much more interesting - this is where you compete against other users incentivizing miners to pick your transaction and inlude it into blockchain. And other users as a whole likes certain numbers. 1gwei is big one since its lowest gas price many miners agree to include into blocks, lower gas prices makes transactions VERY slow. 1 gwei however gets the job done once there is no high demand for fast transaction (might be minute or also hours or even worse)

 

Now comes second part of the puzzle - wallets like to add 10% to gas price when you want to speed up you transaction, that together with favourite numbers makes transactions clump together on certain gasi price levels and if you add just little bit more you will have priority over them for near zero cost.

 

Examples:

1gwei -> use 1.001

1.1gwei (1x speed up on 1) -> use 1.101

1.21 gwei (2x speed up on 1) -> use 1.211

2 gwei -> use 2.001

2.2 gwei (speed up of 2) -> use 2.201

4 gwei (kinda favourite) -> use 4.001

4.4 gwei -> use 4.401

8 gwei (another favourite) -> use 8.001

8.8 gwei -> use 8.801

10 gwei (big favourite) -> use 10.001

11 gwei -> use 11.001

20 gwei (lot of ppl use this if they want very fast tx) -> want lightning fast tx? use 20.001

 

or in general take anything your wallet suggests and add small fraction (like 0.001 gwei) to make any transaction faster (sometimes very significantly) by jumping ahead of all those transactions clumped at favourite gas prices. And it costs virtually zero ( to be exact 0.000 000 021 ETH for ETH transfer, which is around 0.000 003 USD in todays prices)

I really liked how ingenious this type of transaction collection is, but the detail is when the ETH network is congested and this sometimes causes a lot of expense, recently it has been law that a person mistakenly paid a gas of 2500 $ and this is a real case of how dangerous ETH network fees are.

[Samotokika 1780]

dude I was not familiar by the gas fee but now your post would help me  to understand the coin and its gas fee etc  and your post would be really helpful for a lot of members to deal with eutherum coin and understand this all phenomena

[Amna Hareem 1213]

On 12/4/2019 at 5:39 PM, Kreur said:

Ethereum network transaction fees are counted as gas used multiplied by gas price.

 

Gas used is given by complexity of task, transfering ETH is exactly 21k while transfering complex ERC-721 tokens might use around 400k gas. There is not much you can do about this part (gas limit work mostly only as failsafe against endless cycles and I do not recommend tinkering with it unless you are an expert)

 

Gas price is much more interesting - this is where you compete against other users incentivizing miners to pick your transaction and inlude it into blockchain. And other users as a whole likes certain numbers. 1gwei is big one since its lowest gas price many miners agree to include into blocks, lower gas prices makes transactions VERY slow. 1 gwei however gets the job done once there is no high demand for fast transaction (might be minute or also hours or even worse)

 

Now comes second part of the puzzle - wallets like to add 10% to gas price when you want to speed up you transaction, that together with favourite numbers makes transactions clump together on certain gasi price levels and if you add just little bit more you will have priority over them for near zero cost.

 

Examples:

1gwei -> use 1.001

1.1gwei (1x speed up on 1) -> use 1.101

1.21 gwei (2x speed up on 1) -> use 1.211

2 gwei -> use 2.001

2.2 gwei (speed up of 2) -> use 2.201

4 gwei (kinda favourite) -> use 4.001

4.4 gwei -> use 4.401

8 gwei (another favourite) -> use 8.001

8.8 gwei -> use 8.801

10 gwei (big favourite) -> use 10.001

11 gwei -> use 11.001

20 gwei (lot of ppl use this if they want very fast tx) -> want lightning fast tx? use 20.001

 

or in general take anything your wallet suggests and add small fraction (like 0.001 gwei) to make any transaction faster (sometimes very significantly) by jumping ahead of all those transactions clumped at favourite gas prices. And it costs virtually zero ( to be exact 0.000 000 021 ETH for ETH transfer, which is around 0.000 003 USD in todays prices)

 Dear I can't understand your post correctly but I understand that it therium has low transaction fees and it have low price then Bitcoin and also its transaction fee is lower than Bitcoin and many people are withdrawing Bitcoin by converting into ethereum because it has low price of transaction but I am converting my Bitcoin into litecoin and then withdraw it because the transaction fees of light coin is also low.

[Sykkuno 2887]

The Ethereum fees once again exploded, you need more than 200 gwei to make a transaction and if you try to send tokens this is even higher, in fact all of this was supposed to have been fixed but it seems that Ethereum will still have many problems until at a certain phase of development for Ethereum 2.0 the sharding will take place and perhaps unclog the network finally.

[betania1 283]

Very good info, in general ETH is a very good network but its transactions will be very fast but its fees are very expensive, I have read that when the eth 2.0 system is executed this will be solved and I hope this will happen soon because it really is something strange. What happens to be able to make a transaction and they want to take a lot of money from you in fees.

[abohasnn9 2401]

It is very good to improve the fees of any other cryptocurrency and this is very important, as the price of the Ethereum gas fees was very high and it was reduced after that during the sending and receiving of the currency and these fees are imposed by the mining mines How I wish these fees would go away, but with the survival of the transmission encryption  And the reception for cryptocurrencies thanks

[celeste10 251]

Eth is something that is incredible, a large network, a cryptocurrency, is something that must always be worked on, that's why everyone expects eth 2.0 to reduce commission expenses, eth gas is the highest of all networks and the truth is not useful So.