I'm an average person with some tech knowledge, and after facing the challenges of inflation, I ventured into the world of cryptocurrency this past year. I'd like to raise what I see as a significant contradiction. I believe it's quite disconnected for many individuals in this community to advocate for self-custody and crypto adoption while simultaneously expecting the average person to tolerate exorbitant gas fees.
When I mention "high gas fees," I'm referring to fees that surpass the current charges imposed by Visa and Mastercard. After all, decentralized finance (DeFi) aims to compete in this space. Is it reasonable to anticipate that individuals investing thousands of dollars should be content with paying tens of dollars in gas fees for each transaction, especially during what we consider "busy" periods?
What do you think would be a solution to this not everyone would be able to keep up with this especially in everyday transactions?
Well, unless these banks know how delicate it is to have a low gas fee I think what they're targeting or their market are those traditional whales who may venture into crypto. You really haven't been into the peak of this "busy periods" I guess so that tens of dollars of gas fees might go 10x in the peak periods.
Solutions are being made like off-chain transactions by Bitcoin (Lightning Network), and lot of Layer-2 scaling solutions to make these transactions cheaper than it was ever before. I prefer to use the latter considering there are many ways to do it.