High Fees and Dreams of Mass Adoption

High Fees and Dreams of Mass Adoption

By doesalexx | DoesAlexx | 12 Aug 2020


Like many, I have voiced my dissatisfaction with how the Ethereum blockchain fee has steadily climbed, especially in the lights of transactions not becoming faster at all, and it actual usability outside of the borders of Crypto land, also on the same lines, it stills amazes me how far ETH has come.


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Watching from afar, and suffering for those in, I have always kept an eye on its price, not because I was particularly fond of it, but because of its impact on other transactions.

As you may know by now, no matter the coin or token you're sending, if it's a ERC20 based token as let's say BAT or DAI, you will need ETH to pay the gas fee.

 

That was how I first had my taste of Gas Fees, I had some StormX sent to me, the whole thing being around 0.50$, but you shall never say no to free money, so I was looking forward to sending it to Uphold and trade with it.

Well, that didn't happen.

Not only did I need ETH to pay for the StormX transaction, which I didn't have at the time, but also the conversion made the whole thing impractical because, at the time, a "safe" transaction was about a dollar in Gas.

I simply gave up and accepted the fact they won't ever be of use, at all. They still live inside one of my Trust Wallet accounts.

 

It brought back memories of when PayPal was the standard for PTC sites, so you have usually end with a dollar or two in your account, and using them costed you almost half of it.

Old times, I thought to be behind, or not.

Back to today, and why I'm writing this, I have been using CCTip for quite some time now, totally recommended. I did acquired about three of four dollars in ETH and some others in USDT, after some time using the site, and sorting out the best tips.

I thought it was about time to get them out, but it may not be happening anytime soon.

Today's ETH fee on CCTip is 0.015 ETH, a whopping 5.60$ per transaction, so to get those seven dollars out, I would need to pay 11.20$ in fees alone.

 

I remembered talks of "real-world usage" and "mass adoption" of Crypto, but it's naive to expect newcomers and businesses to change fiat for another currency that's unknow from them, and in day-to-day use is more expensive to use.

Gas prices are blamed onto Tether, USDC, and other "money printing" machines, but regardless, of whose fault it is, something needs to be done about it.

And it better be soon.

 

Ethereum 2.0, and the way it's supposed to handle fees is meant to be part of the answer, and hopefully it ends up being so.

 


 

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DoesAlexx
DoesAlexx

Follow my personal journey throughout crypto, and learn from my mistakes, no so you don't commit any your own, but so at least, you got one or two less to make by yourself. Failure is always an option, but so is success.

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