Optimizing ETH transaction fees

[Pereira 2303]

This gas is what I do not like about the Ethereum network, since it is like controlling the market of this network to avoid its fluctuation, this network is incredible and very well-structured for the price it is, but the Commissions per transaction are huge, unlike other networks of this same one, I like the cryptocurrency of Ethereum, but the commissions are too high when these assets are going to be transferred to this same network.

[abdullah553 1981]

On 12/4/2019 at 2:39 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)

I think Ethereum really has high conversion fees and they should really be reduced because this is something that can ease the traders on it.

[Syriana 350]

Good and wonderful article. I had not heard about the gas puzzle before, but now I realize what and what I have to do. Thank you again for this good and effective participation.

[lilisbet18 231]

Eth in its network has not fulfilled as such in this matter without a doubt this network its gas is very expensive although it is a very solid cryptocurrency, it is not advisable many times to use its network and this is something that will always be at a disadvantage since there are many networks with a low percentage of fees.

[Ameralsamt 2558]

My dear at the time, I did not know about encryption at all, and I was not working on it, so I did not notice if the Ethereum fees were high, but now I see that the Ethereum fees are still high I hope this matter will be addressed.

[Jack764 1841]

These discounts are additional advantages of the currency, and this increases the purchase of the currency, and such matters are what raises the price of the currency

[Rozy 1918]

The greatest advantage of crypto currency is that it is delivered very fast, regardless of the actual distance, so you can transfer any amount of crypto any where around the world no matter how far it is and it will only take minutes. I personally do not like to pay any extra fee to get the transaction faster, minutes will harm no one to wait, but if you are professional and you have to make several transactions a day then it seems such a nice thing t be able to get them faster. 

[Quickbee 26]

Ethereum fees are reasonable as compared to Bitcoin. So many investors or traders deal with Ethereum rather than Bitcoin whosecprice can shoot up or fall down anytime. Ethereum fees are much higher compared with Bitcoin, but the speed of transfer is much faster.

[Mishi Lorana 717]

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)

Yes my friend it will be very useful for all of us because we all are connected with the cryptocurrency including ethereum. We all have to transact our ethereum currency so it is very useful information for us.

[David84 1191]

It is a really inconsiderate amount of fee, I cannot believe that there are transaction fees this small, and I already know that Ethereum is such a great coin to invest in and trade with, and what you talked about makes it even better. Thank you for telling us about it, many can benefit from your article. 

[Malikjnb 1235]

Your post is very informative and useful for me thanks for sharing this useful post. If you think it's transection fee is high then I suggest you ETH convert into LTC and then your transfer it's easily and it's fee is very low. After this you can convert it into ETH.

[Steve11 164]

This post is very useful and informative for us.Thank you for sharing on this platform.If your prepaid transaction fee is higher, I can tell you that you can take your payment from ETH to LTC.If you take payment in this way, the fee will be less.

[teebasas 3018]

This knowledge will help newcomers to the crypto world understand some concepts, because when I first learned about bitcoin, I spent a lot of time trying to figure out what gas was.

[Dissy sb 945]

My friend I want to tell you that about the transaction fee of the ethereum coins at this time the transaction fee is increased of all the cryptocurrencies and this is very worried moment for the members of this forum