Quote from: Reatim on Today at 12:25:49 PM

Quote from: shanhaigamefi on July 30, 2024, 08:52:49 AM

Recent news indicates that Ethereum gas fees have plummeted to historic lows. According to Etherscan, the average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14. Additionally, Layer 2 solutions such as Optimism, Base, Arbitrum, and Linea are seeing transaction fees below $0.01.

Couple of times that I become a victim of this networks issue of Ethereum and now I learn how to manage not relying in this network specially when. There is some growth in the market and so with that? I am now having multiple currency to use in terms of alt coins and that made me safer transacting when there is a hype like what happened couple of times this year.

I would say Layer 2 is not the way to go when the gas fee for ETH is this low. The switch from PoW to PoS was done because of this, and didn't happen that quickly because there was a huge congestion with bunch of transactions just stuck, and with bomb to pass most of them, and the price going down ,we finally reached a point where there isn't too much stuck anymore, and everyone else could just keep using it for nearly free price, it's very cheap. I understand it's fast as well, it's about 30 seconds at most, and it's 14 cents at the most, which means ETH finally reached a point where you can use it to pay something in a shop.

Bitcoin can't be used for that for example, takes many minutes, and costs a lot, so you would be standing in the shop for many minutes waiting for confirmation, but ETH can be, it used to be not available too because it would be too expensive, but now it's cheap and fast, so you pay and leave and all it takes is thirty seconds.