Hello everyone
Crypto is one segment that gives us many opportunities and its in the early stage so we can expect much more in the coming years. A few years back crypo was either for traders and one could buy and hold it for long to get decent returns but now we have got much more.
We have decentralised finance, NFT token, ecentralised social media and blockchain based games but this is just the beginning and we can expect much more in coming years.
While existing things are improving and many news things are on the way then we can't ignore the cost that comes as transaction fees. With buy and sell we pay fee either to exchnage for trade or if we send it to another wallet then there is a fee that is applibale how we defi anf NFT things, we have got huge usecase and it has also generated quite big volume of transactions.
Now a dys transaction is one of the factor that we can't ignore and with eitherum network it has been crazy for last few months. What is my loser like me this transaction cost means a lot and every time before I perform any transaction on with him at work I always check that what is going to cost me. Binance smart chain (known as BSC) has been a fantastic innovation in this place because here charges are minimal.
I have seen many people talking about etherum transaction fee because it has been going crazy since last few month and many time we don't process transaction because of the higher fee.
Ethereum Average Transaction Fee measures the average fee in USD when an Ethereum transaction is processed by a miner and confirmed. Average Ethereum transaction fees can spike during periods of congestion on the network, as they did during the 2017 to early 2018 crypto boom where they reached around 3 USD.
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This is chart of Ethereum Average Transaction Fee for last 3 months and now we can see that currently its still better as compared to what it was in May'2021.
Charges on BSC network are too low and on Hive blockchain there are no charges and this is something allow us to traction as much as we want and that too fo free. It would be great if we could have DeFi things build on Hive so we would never have to worry about the transaction fee.
EIP 1559 is scheduled to happen in July'21 month and we are expecting that this will revive the transaction on ethereum platform. If it happens then hopefully more people will start using etherum and I hope that they will charge similar to what BSC has been charging.
People who are biggest holder/tarder might not be concerned about the fee but there are so many users who transact with small amount and they care for such charges. I am one of them who care for this charge a I cant spend few 100$ for a transaction of similar value. I am hoping to see the reduced transaction fees in ethereum network soon.
Thank you so much
Stay Safe
Transaction fee matter a lot and that is why most of the people prefer BSC instead of ethereum. Because if we compare both in the terms of fees then ethreum has very high fees on transactions.
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You are right. thanks
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I tried BSC, and I paid 0.021286 BNB for contract deployment and 0.004 BNB for contract call. If you compare just the "gas" amounts, BSC is twice as expensive as Ethereum, but the value of BNB is only about 1/7th of value of ETH, so the net result is about 34 BSC transactions per every 10 ETH transaction.
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You are right, transaction fees are the main thing holding me back from participating in ETH DeFi projects. I will start looking into, and investing in, BSC projects and BSC token as a result.
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absolutely. you got it what I wanted to convey in the post. thanks or your valuable comment.
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absolutely. you got it what I wanted to convey in the post. thanks for your valuable comment.
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I will have say a lot of people should have been involve in the crypto space but transaction fee is holding them back which I believe is one of the aspect the crypto space should work upon
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What you said is right. Thanks for stopping by
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There is a lot of cryptocurrencies with lower fees than Bitcoin and Ethereum, but they are not worth even close to what Bitcoin or Ethereum are, so people think they are not good for holding in wallet for long period of time.
When I started, Monero was the only alternative, but nowadays barely anyone mentions it anymore and Dogecoin has pretty much replaced it. Dogecoin has survived so far pretty much solely because of all the fuzz Elon Musk has created.
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You might check Polygon over the Ethereum network.
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Polygon is a good option and I have gone through it. its a nice project. thanks.
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It is one of the first aspects that I see in the blockchain of a currency, I love the steem blockchain with its zero commissions.
On the other hand we have ethereum that if you are going to send 10 dollars you must pay $ 15 in commissions, it is something to not believe
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Steem is nice for normal users, but for developers, writing the smart contracts is rocket science compared to using Solidity for Ethereum, Tron and (Binance) Smart Chain.
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I did withdraw ERC20 tokens worth about 300 USD and the transaction fee was about 26 USD... In percents, it's unacceptable... One would think transaction fee should be about 1% or less of the amount being transferred for it to be accepted.
My own cryptocurrency has transaction fee of 0.01 that doesn't change dynamically depending of the amount to be transferred. It can't go lower, because the cryptocurrency only has two decimals, but the exchange rate between my cryptocurrency and USD is so low that even for small transfers, 0.01 is not worth too much, as smallest usable amout is about 60.00.
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ERC20 tokens txn fee is really crazy. thanks for stopping by
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