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?
People are trying to make their transaction faster to confirm and so they pay huge fees for it. Imagine, if everyone does this, it definitely makes the fees going higher and higher. And there is one way to settles this one is to stop selling and transferring coins, and this will possibly minimize the congestion. If we can manage to do that, there will be no longer to wait for the ETH2.0 upgrade if possible, and besides, we are not even sure that this could really help to decrease the fees.