High Gas Fees: Is This Really The Future Of Finance?
I can’t believe I just spent over $15 trying to mint an NFT on the Ethereum blockchain. wow!!! I miss when I used to do this with $1 and still complain about how high the gas fees was. Right now transacting on bitcoin cost 20X more than it used to and transaction time has increased, this means you spend more on gas fee and spend more time waiting for your transaction to go through. Remember that these coins are not at their peak yet, they cost this much because of their current price. When Ethereum was $100 and gas fee cost 0.00123ETH, that was just simply $0.123, which is very cheap. But as the price increased, the value of the gas fees increased as well.
I just spent $15 to mint an NFT when Ethereum is at $2,020, how much will I spend to mint an NFT when Ethereum gets to $20k? How much will people pay for gas fees when bitcoin hits $150k? Will people feel safer that the financial technology they are relying on to be the future of finance is really the right choice? Because no matter how ridiculous you see the gas fee, people won’t stop transacting. Everyday people keep transacting and driving the traffic up, so what is the solution. Personally I avoid these chains with high gas fees, so I interact with chains with low gas fees.
This is why Hive should be the future of finance, Hive is transaction fee is free, even if 1 Hive gets to $1,000 in the future, gas fee will still be the cheapest in the crypto space because it’s free, but guess what, lots of people don’t know this because Hive is not as popular as others. The future of finance is crypto, but not solely dependent on just bitcoin and Ethereum or any other cryptocurrencies out there. You just have to make a choice and choose what works for you, that is why there are varieties out there.
Posted Using InLeo Alpha