Transaction fees: the biggest problem for crypto community in future?

[MrSpasybo 1049]

I became a reluctant fan of EtherScan>Ethereum Gas Tracker after realizing that I often couldn't afford to pay gas fees.
Ethereum made a good-move today to appease its users with funny icons for April 1st.

 

However, the gas charge figures are still as frightening as they used to be. Obviously people don't take the time to joke around, they are still very focused on Ethereum ecosystem.

 

 

 

Currently, other popular blockchains are around 300 tps, despite having reduced the number of nodes to 21, a serious breach of blockchain's decentralization principle. The transaction fees of those blockchains are of course much lower than that of Ethereum, but in the future, as user demand grows, we all hear projects saying they want to serve millions of users, 300tps will be not enough for crypto market. Layer-2 & shardings are still just on theory, we haven't been able to experience them yet, which means we continue to suffer too high transaction fees.

 

I wish gas on EtherScan was just a joke on April 1st.

 

Do you think transaction fees will be one of the biggest problems for the crypto community in the future? Is 100k tps enough for  market demand?

[Robin Hood 786 137]

Yes, I am agree with you that transaction fee is the greatest problem for all users of this forum it is because when a person earn money after hard work then he/she has to pay a large amount of money for withdrawal money.

[Fayaz Amir 8]

I didn't understand your post. I just understood about the fees otherwise I didn't understand whatever you said about gas tracker or ecosystem. Please any senior member help me about this and describe these words. 

[Tarek264 721]

Yes, my friend, that encrypted currencies work to take a lot of fees that depend on a transfer, but you can use a low currency and work to withdraw it, and so many of these fees are not paid, but you must rely on experience in order not to lose money during the transfer and thanks

[scorpiali 5626]

After the high price of ethereum we are all in the same problem about the fees to pay to end ethereum or any erc20 token the fees is very high I want to send a token with the value of 20 dollars and I need to pay 25 dollars for the fees it's not good and I hope the ethereum 2 will resolve this problem 

[MrSpasybo 1049]

1 hour ago, scorpiali said:

After the high price of ethereum we are all in the same problem about the fees to pay to end ethereum or any erc20 token the fees is very high I want to send a token with the value of 20 dollars and I need to pay 25 dollars for the fees it's not good and I hope the ethereum 2 will resolve this problem 

+5

@scorpiali$25? Transaction fees are too high. You can choose a better time to tranfer with gas for only about 50-100 gwei ~ $2.5 - $5. But $5/$20 = 25% - too expensive.
We can only wait for the layer-2 & EIPs solutions to be aplicated in July this year. Over these 3 months we will see more Ethereum community members switch to BSC @@

[MrSpasybo 1049]

On 4/3/2021 at 10:41 PM, jory said:

Bitcoin has the highest fees if we want to withdraw it directly, so we can convert it to other cryptocurrencies because the rest of the currencies have lower transfer fees, such as Litecoin or XRP, and thus we can save some of the payments that we have.

@jory It seems that you want to talk about the withdrawal fee on Yobit. That is Yobit's regulation and rarely related to blockchain transaction fee, although part of the withdrawal fee is from Bitcoin's transaction fee. Your suggestion is really helpful, we should withdraw using tokens with lower withdrawal fees. 50K sts = 30 USD is too big a cost.
What do you think about transaction fees on Bitcoin? If this transaction fee is lower, will Yobit reduce the withdrawal fee of BTC?

[Tallest 376]

On 4/4/2021 at 8:59 PM, MrSpasybo said:

will Yobit reduce the withdrawal fee of BTC?

I don't think so my friend because in most of the exchangers the transaction fee is 0.0012 satoshi and since yobit exchanger is upcoming site then we need to make use of coins that are low in transaction fee such as litecoin or xrp.

[MrSpasybo 1049]

2 hours ago, Tallest said:

I don't think so my friend because in most of the exchangers the transaction fee is 0.0012 satoshi and since yobit exchanger is upcoming site then we need to make use of coins that are low in transaction fee such as litecoin or xrp.

@Tallest Perhaps one of the fundamental reasons is that no matter how much BTC price, 50k sts is just the cost of conducting a transaction in the Bitcoin network quickly. Some other exchanges do the same, I tried withdrawing money from Remitano, it cost 50k sts = 25 USD. A huge fee for me @@
As you said, the conversion of assets from BTC to ALT will be much more reasonable.

[MrSpasybo 1049]

20 hours ago, Imanoo said:

My friend advised you to choose a low-rate currency and use it in the transfer process because its fees are low, but you have to be careful when converting so as not to lose your balance

@Imanoo I think what you mentioned is withdrawal fee on exchanges, for the Ethereum blockchain, when we transfer any ERC-20 token, even if it's not worth it, we pay a transaction fee about 5-50 USD.
Choosing to use blockchains with higher star speed will help avoid large transaction fees, such as BSC, EOS, WAVES...

[Haia kh 259]

Transaction fees are a real problem in the world of cryptocurrencies, but I avoid them by switching to Litecoin or Dashcoin.

This is because their fees are low on the Yobit platform.

[Mohsinrafiq169 210]

I don't think there is a problem with this platform When their amnesty comes, they are crushed It doesn't have to be this way, even if its transit is absolutely free.

[Tallest 376]

On 4/13/2021 at 9:38 PM, MrSpasybo said:

@Tallest Perhaps one of the fundamental reasons is that no matter how much BTC price, 50k sts is just the cost of conducting a transaction in the Bitcoin network quickly. Some other exchanges do the same, I tried withdrawing money from Remitano, it cost 50k sts = 25 USD. A huge fee for me @@
As you said, the conversion of assets from BTC to ALT will be much more reasonable.

Yes my friend because they also take less time to accomplish and for that reason I always prefer those listed altcoins because they are popular in every exchanger you visit, so no problem with that.

[Salman6493 346]

Yes, you are right. The biggest problem of cryptocurrencies community in the future will be the transaction fees of coins. The transaction fees for many cryptocurrencies are really going high now.

[MrSpasybo 1049]

On 4/15/2021 at 3:02 PM, Kate22 said:

And I think the reason why BNB(Binace) is really flying up is to make sure that there is a chance for us to be able to build and effectively so to really define a key that is work that we cannot imagine, binace fees are the lowest check them out they are the best in the world I could say high percentage lower than Ether this is really important to get ourselves right in those areas

@Kate22 In fact, BSC is not the blockchain with the cheapest transaction fees, other blockchain platforms like Tomochain, Solana, Waves also have very low transaction fees. However, over time, when crypto is widely accepted, the demand to use and conduct crypto transactions will increase, then the ability to expand 100K tps is not sure enough to serve the market. Do you think we can achieve 1M tps?
I heard about Credits with this idea but in fact they only get around 50K - 100K tps.

[Amelia1971 1338]

The truth is my friend who had no notion of the subject until I read your publication and the truth is I hope with all my heart that it is only a joke in bad taste because otherwise your losses would be many, for now I have not had any problem with my transactions since I use binance to do all my trading with cryptocurrencies.

[Kialiyu 535]

To be frank and sincere, your article look so complicated and confusing that it's will be very difficult for the beginners to understand, but we all know that the withdrawal fee is one of the highest challenge that the cryptocurrency traders face which sometime stop then from performing some vital transaction, so o hope they'll look for suitable ways to fight this, thank you so much.

[tanbir132 41]

To be frank and sincere, your article look so complicated and confusing that it's will be very difficult for the beginners to understand, but we all know that the withdrawal fee is one of the highest our work perfectly we are able to define that key effectiveness that is right for such as Ether and to me BNB is real and getting it right with the fees

[Jasmin123 698]

Dear friend I think the biggest problem that we're facing is the transaction fees that is very high dear friend we earn money in the form of Bitcoin and it's witjdrawal fees of  is very high that's why we have to convert it into other currencies and this problem is not only in this forum this is whole problem .

[Ramossss 963]

In fact, I agree with you on this topic, as the issue of transaction fees is the biggest issue for forum members or people investing across the platforms. Unfortunately whenever we collect some currencies and want to convert them into cash, we need to pay large fees and thus the amount of profit decreases, so I hope the fees will decrease more than that.

[MrSpasybo 1049]

On 4/21/2021 at 4:54 PM, Ramossss said:

In fact, I agree with you on this topic, as the issue of transaction fees is the biggest issue for forum members or people investing across the platforms. Unfortunately whenever we collect some currencies and want to convert them into cash, we need to pay large fees and thus the amount of profit decreases, so I hope the fees will decrease more than that.

@Ramossss I think the cost of 50k sts to withdraw BTC from Yobit is the general price of the current exchanges, and perhaps it will be considered to decrease in the future when the price of BTC approaches 100k - 200k.
Part of the reason comes from the Bitcoin blockchain's transaction fees. As noted, the transaction fee has reached 60 USD, while 50k sts ~ 30 USD, I think the order to withdraw BTC from Yobit will be processed quite long.
If possible, I think you can withdraw DOGE from the exchange, the cost is still only 50k dts.

[Simon London 1749]

Hello everyone, friend, thank you for sharing this type of information, what you mention in your publication is very interesting, the issue of rates and commissions is very important, the higher the rate, the fewer people will want to do this type of option Normally, we all want to do operations with economic commissions, and the use of any platform will depend on that.

[Linaa2999 1645]

I agree with you, because from now we have seen some transactions that consumed a lot of our money in exchange for converting from one currency to another, but there are some currencies that are characterized by low fees, such as Litecoin

[MrSpasybo 1049]

18 hours ago, Linaa2999 said:

I agree with you, because from now we have seen some transactions that consumed a lot of our money in exchange for converting from one currency to another, but there are some currencies that are characterized by low fees, such as Litecoin

@Linaa2999 Litecoin is faster at 56 tps, so the transaction costs will be significantly cheaper than Bitcoin & Ethereum. However, one of the factors that makes Litecoin transaction fees cheap is that the Litecoin ecosystem has not really developed yet and we only know Litecoin as digital silver. The transaction pressure on Litecoin is not really huge.

[Arim1111 1095]

Really, it is a problem that all users complain about, as they lose a large amount of their currency, which is taken in the form of fees. I think we can avoid paying these fees if we convert currencies that have high withdrawal fees to another form of cryptocurrency and whose fees are lower.