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?
Not sure what you mean, which fees of which cryptocurrency are too high? There are multiples of such crypto. There is also a wide variety of crypto with fees so low you could spend the entire day sending your money back and forth between wallets and you would only be mere cents poorer for it. If I had to guess which crypto you mean then I would probably guess that you are talking about Ethereum, right? Despite its desperate switch to POS, the fees are much higher compared to other crypto with smart contract defi functionality. Just switch to BSC (Binance Smart Chain) if you want a popular, high volume, low fee defi experience.
10$ is too expensive transaction fees in this bearish market, but i made several transaction in recently with 3$-4$, and i checked gas price before transaction, i see low gas fees 12-15 gwei in the mid night and early in the morning in my local time zone, so anyone call follow this trick because it’s not like that erh network is always congested. BSC is the best for cheap network fees, here only a few cents you have to spend for any transaction.
We also felt how the cost of ethereum rose drastically yesterday and even reached tens of dollars. But will it continue to rise, of course not. It only has an impact when the ethereum network is too congested with many transactions. Normally the gass fee is only around $5 and if we switch to another chain like BSC that you suggest, it will be even cheaper, especially if we are on the Layer 2 network, it's only under $1, around $0.1xx. Of course it will be very cheap and no longer consider expensive fuel costs.