Everything that is bad about banking is biting back into crypto's ass.

in #crypto3 years ago

The main argument when talking about crypto used to be cheap transfer prices, fast transfer times and freedom where nobody could stop your transfer from happening.

Ethereum Average Transaction Fee measures the average fee in USD when an Ethereum transaction is processed by a miner and confirmed. Average Ethereum transaction fees can spike during periods of congestion on the network, as they did during the 2017 to early 2018 crypto boom where they reached around 3 USD.
Ethereum Average Transaction Fee is at a current level of 16.27, down from 18.57 yesterday and up from 0.1372 one year ago. This is a change of -12.40% from yesterday and 11.76K% from one year ago.

But you wish.... today my transactions that cost at least 15 USD are not going through and average cost for most of them starts at 60 USD :)


And we are far from mass adoption :) What would prices would be then at current tech?


Ethereum does not scale, all it takes is one successful app like CryptoKitties to clog the entire network. For microtransactions it is better to use a second layer solution or a less frequented chain. Ethereum is good for high value transactions like investing millions in ICOs or DeFi but not for microtransactions.

Yes, but look.. Dex`es like Uniswap or similar that are operating on Eth chain. With a transaction fee being 50 USD or even more they will not be able to operate efficiently. In such case it's more efficient to use centralized exchanges for trades that are up to 10k usd as it would be cheaper in paid commissions.

It would go to ridiculous levels if let's say Uniswap gets even bigger traction and or eth price will rise to 5k or so :) Fees would be ridiculous then, that would kill the whole purpose of Defi. At least for the poor as rich would not mind. Oh wait, i''ve seen this somewhere haven't I? :)

Meanwhile my transaction with 20 USD in fees is still stuck :) Which means that potentially my wife and children are starving :) Or i am unable to pay for my groceries with Eth based currency. Nor would i choose to pay with BTC based currency.. so what would i choose to pay for my groceries? :)