Optimizing ETH transaction fees

[Captain Karim 0]

12 hours ago, halloweed said:

Are you sure that bitcoin does not impose any fees, because recently i just made transaction of bitcoin with 0.0006 fees for fast transactions.

Bitcoin network charges fees for transfers, but if you use Vite wallet and want to send Bitcoin or Ethereum to another person who uses Vite wallet also, you will not pay fees for the transaction.

[tienda 8776]

Thank you for sharing this good information here, those type of topic we need them because are helpful and useful for many members here, is good to know anything around cryptocurrency.

[Shaza Ahmad 1682]

A great explanation of the conversion fees for Ethereum, I think that Ethereum is the largest decentralized application platform being used in the world, but the EOS and TRON network outperforms it with many things, including network fees and transfer speeds per second.

[Amir Vao 341]

On 12/4/2019 at 6:39 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)

Ethereum network has three type of transactions. One is fast, another is normal and the lat one is slow. Different speeds has different fees. We can choose one of them for our transactions.

[BrolySSJ 7899]

the transaction fees of any crypto is generally set, as i have seen here in your topic with eth being around 0.001, and so if you make larger transactions then the percentage of the transaction that is the transaction costs will be much lower and the smaller transactions will be much higher transactions costs. for example the 0.002 eth transaction will be a 50% transaction fee which is ridiculously high.

[AkaCrafterCZ 1140]

Good job, that's amazing explanation from you. I know Ethereum has a huge potential with all it's abilities and applications, however I'm still not using this coin for pretty much any purpose. But I might start using it in the future.

[Rezort 846]

This information can actually clear some things out of newbies in crypto world because when I first found out about bitcoin I just spent a lot of time figuring out what gas is.

[Honny143 13612]

Well bro its really  use full topic previously I don't no the ETH fees information, but your topic gives seriously good knowledge for  me, because i want to know the all fees process for ETH it's gives good lesson.

[BTC Future 3946]

There are times that the ethereum network is clogged and transactions demand higher gas prices. I always take a look at these two websites to figure out what gas price I should use:

https://etherscan.io/gasTracker

https://ethgasstation.info/

[Zues 1069]

On 4/30/2020 at 3:21 PM, Amir Vao said:

Ethereum network has three type of transactions. One is fast, another is normal and the lat one is slow. Different speeds has different fees. We can choose one of them for our transactions.

Yes I think that it will differ on the speed of transactions in ethereum and they can earn more when the people demands fast transac because it's fees is greater than the normal speed and slower transaction speed which is great entrepreneurship. 

[Omar Ommeish 4872]

This is a good topic for me. I did not know before about the meaning of gas and I am still a beginner in crypto. I was able to understand the topic easily, thank you.

[Whited35 15285]

In the Ethereum network, increasing gas fees optimizes the speed of transactions. More the gas fees, faster will be our transactions. Some wallets like MyEther Wallet, Trust wallet and MetaMask wallet have this sort of gas fee customization feature. 

[Zues 1069]

On 4/30/2020 at 11:08 PM, Iambee said:

After the security problem I think the high transaction cost is the second problem in the Crypto currency sector. For small transaction also we have to pay huge amount of the fee which disappoint me alot and it may disappoint other as well. So reducing the transaction fee seems a good deal.

Yes I think that it is a important thing to know the we should optimize our cryptocurrencies fees because I think that it is best to know the difference in cryptocurrencies which I think is great because people would be earning more. 

[bitcoin-shark 1928]

Unfortunately, etherium transactions fee are really variable and sometimes putting them too low you risk that the transactions arrive after a few days or they do not arrive at all Making us lose only the fee and therefore to make an safe transaction I recommend looking first at the site ethgasstation where the minimal fee are indicated to be able to send a transaction safely

[TimopheyKa 3900]

Hmm, interesting suggestion, I think this system will contribute to the development of a lower interest rate for the withdrawal of your favorite cryptocurrency! Cool.

[DDermf 14]

An update of the ETH network will be released soon and it is said that it will solve many problems of this cryptocurrency, and also because of this, the ETH rate is likely to rise

[Cryptomint 433]

You have calculated well and also share the method and the price. And this is a good information and really thanks for sharing..

[ramonn22 731]

Thank you very much for exposing this topic of great importance for many users of this cryptocurrency community, especially for beginners, it has come in handy for me are the gas rates of this cryptocurrency ETH since I do not work much, it is cryptocurrency, therefore I your information has been very good
Good luck and big winnings for the whole community
A big greeting

[kryptonick 2659]

I think ethereum fees reached above 500 gwei this summer. How about that lol. It means that ethereum 2.0 is needed asap but sharding will take another year or maybe two. Got to wait for it.

[Alimhana930 1605]

In general, the transfer fee of Ethereum is the second currency in the ranking after the Bitcoins in the world of cryptocurrency These fees are very small compared to its price and the price of Bitcoin as well, and of course it increases with the increase in its price in the market.

[Alex9876r 1408]

It is the transfer fee required for the Ethereum coin on the blockchain and is made up of parts of this coin at the price of small fractions of the cryptocurrency Ethereum, which is usually referred to as gwei or nanoeth sometimes

[cryptovlek 2597]

I did a transaction today using the minimum recommended by Etherscan for 14gwei and I'm waiting for hours. It was going to be $1.50 fees because of the required gas volume needed to sell a token at Uniswap, otherwise I would need to pay the recommended medium fee of 30gwei and pay more than $3 for a single token sale. So I'll be waiting for hours perhaps. I imagine the fees when fees were 300 gwei.

[bogdanoff 3173]

I have stopped using Ethereum for months after the rise of fees was making this useless. I still have many low value tokens in wallets and can't move them unless prices are back to normal. If fees are not going down to a minimum 2-3 gwei then I won't move any of them.

[Mansoor sumaan 29 0]

You are posting much information for the newbies and the members like me I have even not heard about the gas fees. By reading your post I have concept about it and I can tell someone about it and I am now able to guide someone about it . Thank you for this important information.

[iloveyobit 6599]

i dont have lot of experiance with eth transaction but i hope your way can help me to reduce the high transaction fee on Ethereum blockchain because there is lot of users are complaining from it already so thank you .