Why is the Gas price to send ETH so astronomically high nowadays. I've been reading threads here where people are complaining about high gas prices. Why the transaction cost is set so high? Wasnt ETH supposed to provide us with a faster and cheaper alternative than traditional banking?
Transactions are expensive because the network is congested.
No, ethereum is not a chepaer/faster bank. Ethereum is a platform to run decentralized applications. Decentralization is the big deal here.
Until ethereum upgrades to Proof of stake or Defi ecosystem dies (defisare congestingthe network), transaction fees will be very expserive.