Post
Topic
Board Altcoin Discussion
Re: Why Gas Fee is too High?
by
TopTort777
on 06/10/2021, 13:40:03 UTC
Every time the price of Ethereum goes up, the gas fee usually increases, perhaps because the Ethereum network is congested. I usually will be patient waiting for the gas fee to drop, then I will make transactions on the Ethereum network. Or another alternative is to use BSC which is proven to have a lower cost. So in the end, we ourselves have to decide which step to take, whatever our obstacles in the cryto world, there is always a solution. Likewise with Ethereum gas fees that increase there is always a way we can take, the most important thing is that we don't panic and stay calm in making decisions.


I think that the problem with Ethereum gas fees are in high price of Ethereum and slow and "old" blockchain. How much does a regular Ethereum transaction cost right now? About 0.001-0.002. If we take October 2020 price of Ethereum, transaction would cost 0.5-1 USD. But due to high price, it is 10 times more. People want expensive Ethereum and cheap transaction. That cant be like that.

You have mentioned an alternative - BSC. Its transaction fees are also growing. Quarter or two ago, transaction would cost about 20 cents. Today I have approved transactions that cost 57 cents. BNB is 8 times cheaper than ETH. When BNB would cost 3500+ USD like Ethereum, transactions in BSC network would cost 3-5 USD. That is not much cheaper than we pay for ETH right now.