What is about Ethereum that makes people spend ridiculous amount on Ethereum gas fee, complain and still stick to it. Over the years we have watched the Ethereum Gas fee increase as the utility increases. Coupled with the fork that enabled the base fee to get burnt, I sometimes wonder, why? What are the teams behind Ethereum doing about it? Can’t they see how the use of Ethereum is becoming a no go option. In this way, Ethereum is going against the reason behind cryptocurrency creation. Cryptocurrency is supposed to solve the fiat high transaction fee problem, but instead Ethereum is doing otherwise.
How can you pay $35 to make a $20 transaction, even in fiat it’s not done that way. Ethereum is really a great crypto, sad to see it’s outrageous fee be the reason to its downfall. This is because if fees are high and alternatives are presented to you, you will surely go for the alternative. I mean, we are all in crypto to make profit not to lose money any how. From the look of things right now, I feel Ethereum is gradually failing it’s users, and people will gradually jump ship. They are multiple alternatives right now, glad people saw that on SOLANA jumped ship and utilized the opportunity. This was one of the reasons we saw the price of SOLANA skyrocket and broke All Time Highs.
The fees are so high that anybody using ETH to make any transaction is considered kind of wealthy, making it harder for new people to invest on Ethereum. The only people that complain less are the ones that had the opportunity of investing in Ethereum when Ethereum’s demand was still very low. This is when you hear them say things like “why didn’t you invest on Ethereum when it was below $100”.
Ethereum high gas fees is the reason I prefer to use Binance SmartChain Defis. I remember not buying Shiba Inu before the hype because the gas fee was high. If Ethereum had fixed its high gas fee problem, the price would have skyrocketed above what is right now, but the high gas fee gave room for other crypto to be considered as alternatives. I guess the developers are so rich they forgot what it felt like for a common user to pay 100% of their transaction as a transaction fee.
While it’s good that people should prioritize the security of the new blockchain they want to jump into, especially making sure they jump on a blockchain that is built on proper decentralization and Web 3.0, I can’t help but think of how the world needs Hive more. These are things that we consider a privilege on Hive. The fees on Hive are extremely low, including transfer fee that is feeless. Dapps can be built on Hive, defi and NFTs. But others are complaining about the Ethereum transaction fees, coupled with the fact that Hive is decentralized built on Web 3.0 . It’s really an underrated gem, that needs to be accepted and discovered.
Imagine if half of Ethereum users troop into Hive’s blockchain, a lot will happen on Hive, not just in the Hive’s price, the accommodation of such amount of users will be so massive, the Hive’s network will need to be upgraded so many times. There will be lots of layer 2 token utilization which will increase the price and value of both Hive and layer 2 tokens. The Hive’s network will need to be able to handle more transactions more quickly, I guess we will be needing more hands on deck in terms of witnesses.