Gas Fees Have Made Me Mad
The first experience came when Uptrennd was still in use. I was so happy with the Uptrennd platform, as I was earning a lot of tokens. I earned and kept earning without knowing that something great was about to happen. After earning to some extent, I had a little challenge with my house rent, which made me sell some of the 1Up tokens. I used it to settle my house rent. I kept writing and saving the tokens, as I'm the type that loves holding tokens no matter what back then, but after keeping the tokens for some time, one of my friends decided to suggest we sell them out, but being so greedy, I decided to leave what I had for the big announcement that was about to come.
A time came when the token rose from $0.001 to $0.07. This made me have over two million Nigerian naira. I wanted to sell, but then the gas fee increased totally to a tangible and unaffordable amount. I was mad and did not know what to do. To send $3600 would require a gas fee I cannot afford. I did not even have a single Ethereum in my wallet. I tried to ask around if I could get it but was unable to ask, even if the one who was ready to send it would also pay gas fees. I became fed up. I just decided to let the token be, as no one was able to give it to me. I was even ready to buy, but I did not have a visa card.
I also asked if I could buy from Binance, which would directly be sent to my trust wallet, but then I was made to understand that all wallets are made to accept any transactions related to buying in only their wallet and not any other wallets. I later let go of the token.
but then I was waiting for the great news to come on air. The owner was also going to come online to give us a great announcement. I had thought that after the announcement, the token would fly up, so I kept hoping and hoping until the announcement finally arrived. The owner said, “This platform will henceforth cease to exist, and I'm going to delete the platform totally from the internet forever." Immediately after the announcement, the token dropped to $96 from over $3600. After an hour, it dropped to $4.
Gas fees had made me lose greatly.
Just four days ago, a token I had worked for, but I'm on the Ethereum network, flew to the moon. I saw my wallet smiling, but then I was not smiling. I had over $400 of that token, which put my mind in a happy mood, but then I was burning over how to get Ethereum. I tried to buy, but my country was another hindrance to my success. Binance does not have Nigeria for trading. I got frustrated and asked a friend if he could help. After minutes of waiting, he suggested I buy, but I was unable to just because of the wallet I was also using. I can't buy from Binance and have it transferred to my trust wallet except if I buy double and take care of the gas fee while transferring it.
To burst your brain, the token is still intact, but without a gas fee to even convert it to a BNB smart chain.
Going by the look of things, gas fees are not just killing me but also others. I may not be the only one having this issue, but someone else may.
The reason for introducing it has a fee
After going through some articles, I came to understand that the gas fee was introduced just to prevent spam. Also, the gas fees collected are used to settle miners who have contributed electronically to the building of the Ethereum network.
Gas fees were added when Ethereum was launched in 2015, but they were not as high as they are now. I think the higher the token, the higher the gas fee.
Would it be possible to scrap gas fees?
This is a question that kept running through my mind. After considering some factors, I concluded that it may not be scrapped but can be reduced to the lowest minimum just to make the network fill up. Most users or those who want to get Ethereum may not be able to buy it just because of the gas fee; instead, they would prefer running other tokens that are on layer 2.
Even the BNB Smart chain is doing so well despite the meager gas fees. So, I just wish Ethereum would consider so many factors and reduce their gas fees for easy transactions.
So, high gas fees can somehow hamper the usability as well as the accessibility of the Ethereum network.
Posted Using InLeo Alpha