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Why Ethereum Transaction Fees Are Often Expensive - Investment - Nairaland

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Why Ethereum Could Soon Overtake Bitcoin / Ethereum Transaction / Blockchain High Rate Transaction Fees (2) (3) (4)

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Why Ethereum Transaction Fees Are Often Expensive by Chimatexr3b(m): 6:44pm On Jun 02
The cost of moving cryptocurrency on the Ethereum network is at an all-time high, with some transactions requiring a gas price of over $100 to complete.

According to research by Ycharts, the average Ethereum gas price as of February 27th, 2021 is 158.44 Gwei.

It’s difficult to overstate how the recent increase in Ethereum gas price has harmed ERC-20 projects’ ability to conduct microtransaction payments on the Ethereum network.

Some transactions on the Ethereum network currently cost as much as $100, which is a major problem for traders who spend a lot of money on gas fees.

Gas fees are the costs associated with miners executing and validating transactions. The gas fee is a vital component of the Ethereum network, and it is dynamic, fluctuating in response to network demand.

In an exclusive interview with Nairametrics, Adebayo Juwon, African Lead at FTX, a large crypto exchange, explained why such expenses are usually high:

Sometimes, a transaction can experience a delay or total rejection if it does not meet the miners’ threshold. This threshold is dependent on two factors-network usages and congestion. Congested networks benefit miners more as they can charge excessive-high gas fees.

“Paying as high as a $60 fee on a single Uniswap transaction or a $10 to $40 fee just to withdraw an asset from a cryptocurrency exchange nullifies one of the important goals of blockchain technology which is ensuring minimal transaction fees traditional financial systems,” Juwon said.

Keep Reading - https://fxcontents.com/why-ethereum-transaction-fees-are-often-expensive/
Re: Why Ethereum Transaction Fees Are Often Expensive by SavageResponse(m): 8:45am On Jun 03
Chimatexr3b:
The cost of moving cryptocurrency on the Ethereum network is at an all-time high, with some transactions requiring a gas price of over $100 to complete.

According to research by Ycharts, the average Ethereum gas price as of February 27th, 2021 is 158.44 Gwei.

It’s difficult to overstate how the recent increase in Ethereum gas price has harmed ERC-20 projects’ ability to conduct microtransaction payments on the Ethereum network.

Some transactions on the Ethereum network currently cost as much as $100, which is a major problem for traders who spend a lot of money on gas fees.

Gas fees are the costs associated with miners executing and validating transactions. The gas fee is a vital component of the Ethereum network, and it is dynamic, fluctuating in response to network demand.

In an exclusive interview with Nairametrics, Adebayo Juwon, African Lead at FTX, a large crypto exchange, explained why such expenses are usually high:

Sometimes, a transaction can experience a delay or total rejection if it does not meet the miners’ threshold. This threshold is dependent on two factors-network usages and congestion. Congested networks benefit miners more as they can charge excessive-high gas fees.

“Paying as high as a $60 fee on a single Uniswap transaction or a $10 to $40 fee just to withdraw an asset from a cryptocurrency exchange nullifies one of the important goals of blockchain technology which is ensuring minimal transaction fees traditional financial systems,” Juwon said.

Keep Reading - https://fxcontents.com/why-ethereum-transaction-fees-are-often-expensive/

I thought that proponents of cryptocurrency told us that transaction cost will be far less than what conventional banks charge for funds transfer.

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