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Average Ethereum Transaction Fee

Bought Your First Bitcoin Or Ether? Brace For The Fees

Bought Your First Bitcoin Or Ether? Brace For The Fees

Bought Your First Bitcoin or Ether? Brace for the Fees Dec 18, 2017 at 11:30 UTC|UpdatedDec 19, 2017 at 13:03 UTC I sent $25 of Bitcoin from one address (in Coinbase) to another (Kraken). -- Kristian Freeman (@imkmf) December 8, 2017 Ready to send your first bitcoin?That will be $26 please... Sure, that's on the high end of what you might pay to use the bitcoin blockchain today, but if you're new to the world of cryptocurrencies (and haven't invested that much), we understand seeing such a sky-high sum might be a shock. (Sorry, Kristian!) Despite what you might have heard about the "money of the future," the fact is bitcoin (and other cryptocurrencies) are both expensive - and experimental - today. But while this might not be what you're used to (or even what you signed up for when purchasing), looking at the reasons behind blockchain costs can help you understand the technology, its weaknesses and where the ecosystem needs more dedicated minds to improve. OK, so what's with fees in the first place? To start, you're probably thinking this money is all going somewhere. And it is, just not a single place. When you send a cryptocurrency transaction, you're paying for it to be included on the protocol's blockchain, which you can think of as something an official record of every token on the network ever spent (whether it's bitcoin, ether or something more exotic). Rather than holding this at a bank or a credit card firm, this ledger is distributed. This means that should any one computer (or group of computers) go down, the network still has a copy showing that you own your asset. The bad news is you have to pay all those computers to process it. Here, we'll introduce you to the first new person on our journey, the miner (or validator, depending on your network). You don't Continue reading >>

Ethereum: Ether, Ether Gas, Gas Limit, Gas Price & Fees [all You Need To Know To Get Into An Ico]

Ethereum: Ether, Ether Gas, Gas Limit, Gas Price & Fees [all You Need To Know To Get Into An Ico]

Ethereum: Ether, Ether Gas, Gas Limit, Gas Price & Fees [All you need to know to get into an ICO] By: Sudhir Khatwani In: Ethereum Last Updated: The other day I was preparing to participate in an ICO that required me to contribute in Ether (ETH). The ICO was on Ethereums blockchain which meant that I needed to send my Ether (ETH) to an Ethereum smart contract address. Soon after that, I figured out thatMyEtherWallet (aka MEW) is one of the best Ethereum wallets that supports smart contracts , so I started preparing my MEW for the ICO. And as I have advised you to in my DApps write-up to read and understand the ICO requirements thoroughly, I did the same and went to the official ICO website to know what was required of me. There I encountered that the ICO required a minimum recommended Gas Limit of 200000 and a Gas Price of 70Gwei which should convert into fees of 0.014 Ether (ETH) or $3.15. At that time, these terms of gas limit and gas price were alien to me. Nevertheless, I did my due diligence and successfully participated in the ICO. It was when I was doing my due diligence and researching these terms that I realized that they were all explained in a very technical way, and there was a lot of confusion around them. Moreover, its very important to understand these terms if you want to participate in an Ethereum-based ICO. Now that the ICO has concluded, I thought of introducing these terms to you in a more non-technical manner so that no one in the CoinSutra community is left behind. But before that, I think a quick recap of Ethereum, Ether, and ICOs will be helpful. Ethereum is a blockchain-based platform on which anyone with knowledge of the Solidity language can write autonomous smart contracts and also create decentralized applications (aka DApps). The official Continue reading >>

Ethereum Average Transaction Fee Surpassed Bitcoin, But Its Inaccurate To Compare

Ethereum Average Transaction Fee Surpassed Bitcoin, But Its Inaccurate To Compare

Ethereum Average Transaction Fee Surpassed Bitcoin, But its Inaccurate to Compare On July 16, 2018, the average transaction fee of ether, the native cryptocurrency of Ethereum, surpassed that of bitcoin. But, it may be premature to conclude that ether is lagging behind bitcoin in scalability. JZay, a bitcoin researcher, and investor shared a transaction fee comparison chart provided by crypto asset analytics platform Coinmetrics, as shown below. The chart portrayed a sudden spike in the transaction fee of ether, while the transaction fee of bitcoin has continuously declined over the past seven months. Mostly, until early July, the average transaction fee trends of bitcoin and ether showed same movements. The average transaction fee of ether spiked in early July due to a combination of two significant factors: the abnormal usage of airdrops by Chinese crypto exchange FCoin and alleged EOS-backed bots running spam attacks against the Ethereum network. BTCManager recently reported that the Team JUST Discord, composed of popular decentralized application (dApp) developers, suspected EOS for funding bot accounts that have continuously spammed the Ethereum main chain for several days in a row, spending over 50 ether in 24 hours for gas costs. Bot accounts created a fake ERC20 token called iFish, which copied and pasted the code of standard ERC20 token iFishYunYu, and started to initiate thousands of additional transactions with no value with the iFish smart contract. Consequently, the Ethereum blockchain network clogged up and legitimate users were forced to attach higher transaction fees to have their payments processed by the Ethereum network. Before the EOS-bot account controversy, Chinese cryptocurrency exchange FCoin heavily congested the Ethereum blockchain network by Continue reading >>

Which Cryptocurrencies Have The Lowest Transaction Fees?

Which Cryptocurrencies Have The Lowest Transaction Fees?

Which Cryptocurrencies Have the Lowest Transaction Fees? Surprise! Investing in virtual currencies could mean paying up to three different types of fees. Whether you're a fan of cryptocurrency or not, you have to recognize that it's the fastest growing asset class since 2017 began. Whereas the stock market delivered a well-above-average return in 2017 and has vacillated in 2018, the aggregate market cap of virtual currencies has soared from $17.7 billion at the beginning of 2017 to $297 billion as of March 27, according to CoinMarketCap.com. That's an increase in value of close to 1,600%, and it's a big reason retail investors have become enamored with this burgeoning asset class. The 411 on cryptocurrency transaction fees However, there's a lot about cryptocurrencies that the average American probably has no clue about. For instance, there's the fact that most virtual currencies have transaction fees attached. We're familiar with the idea of buying and selling stock and paying a brokerage firm for being the facilitator of that transaction, but similar (and additional) fees can be charged in the cryptocurrency market, depending on the token and exchange. Today, we'll take a brief look at the types of transaction fees you may encounter if you choose to invest in cryptocurrencies, and we'll examine which cryptocurrencies, among the largest by market cap, offer the lowest transaction fees. In total, there are three transaction fees you could be hit with when dealing with cryptocurrencies: Exchange fees: This first transaction fee is one we should be familiar with, as it describes the idea of paying a "commission" to complete a buy or sell order. Most cryptocurrency exchanges tend to use a fixed-fee format, but the actual cost of transaction fees can vary by platform. In e Continue reading >>

Ethereum Transaction Fees Increase By 7000% Due To Network-clogging Airdrops

Ethereum Transaction Fees Increase By 7000% Due To Network-clogging Airdrops

Ethereum Transaction Fees Increase by 7000% Due to Network-Clogging Airdrops John Lian airdrop , binance , cryptocurrency , ethereum , loom , proof of work , scaling , sharding Transaction fees on the Ethereum network have skyrocketed as of late, with fees increasing over 7000% as the network becomes clogged with various large-scale airdrops. The minimum safe transfer fee has increased to $0.5-$0.8 from $0.01 on ETH Gas Station , a widely used Ethereum fee estimator, at the time of writing. The transaction fee has dropped from a peak of $1 which would have made for a 10000% increase in fees for all Ethereum transfers. A sudden network clog can cause for inconsistent processing which means that transactions can see no movement for hours if not picked up by a miner, even if they are within the safety bounds of 40-80 Gwei per transaction. Binance has increased its transaction fee for all outgoing transactions to 180 Gwei, which translates to approximately $1.78 paid per transaction (and higher for ERC20 transactions), to ensure timely withdrawals, which eclipses Bitcoins median transaction fee of $1.55. Ethereum transaction fees, March to June 2018 ( Etherscan ) According to ETH Gas Station , the majority of high-gas transactions originate from airdrop issuers, which are essentially addresses that send tokens en masse to other addresses holding ETH. Airdrops have increased in popularity though meant to increase holder diversity, they are often used to advertise ICOs as well. Recently, however, FCoin (a new exchange) has encouraged an airdrop competition through its listing mechanism, where ERC20s with the highest amount of holders will get listed on the exchange. This has created an arms race of sorts between the competitors which has pushed gas prices extremely high as t Continue reading >>

Ethereum's Average Transaction Fees Temporarily Surpassed Bitcoin's For First Time Ever | Cryptoslate

Ethereum's Average Transaction Fees Temporarily Surpassed Bitcoin's For First Time Ever | Cryptoslate

Ethereums Average Transaction Fees Temporarily Surpassed Bitcoins for First Time Ever Share on Facebook Share on Twitter Share on Telegram Share on LinkedIn For the first time in their inception, Ethereums average transaction fees outstripped Bitcoins. Ethereum however, has since resumed its place as the more economical blockchain. As reported in a tweet by @JZay, Coin Metrics data revealed the momentary overtaking occurred July 1, 2018: Average transaction fees for Ethereum have surpassed Bitcoin for the first time ever $BTC $ETH pic.twitter.com/6boN8UnShx At one point, the average Ethereum transaction cost $5.40 to send more than seven times that of Bitcoins $0.75. Calculated by total fees divided by total transactions, the average Ethereum fee has descended to $0.37 at time of press. The increasing fees of more than 2350% in a 24-hour window sparked a chorus of disdain amongst the platforms users. In reference to early Julys congestion, one user complained: Here we go again. Ethereum gas price is 90 GWEI right now. 90. Imagine paying 90 times more in transaction fees. if we can't provide a single stable blockchain for dapps at $400B market cap, are we doing anything at all? Varun Deshpande (Nuo) (@thebitsian) July 14, 2018 While the average Ethereum transaction fee remained below $1 since January 2018 the peak of Ethereums usership, July has seen the platform brace a series of operational fiascos. Related: MyCrypto Condemns Chinese Exchange For Spamming and Congesting Ethereum Chinese exchange FCoin may be solely responsible for early Julys eruptive fee hike. As previously reported by CryptoSlate, the exchange was accused of using a highly consumptive coin-voting process one that incited an Ethereum-wide bottleneck. While the congestion appeared to be short-lived av Continue reading >>

A Crypto First: Ethereum (eth) Surpasses Bitcoin (btc) Transaction Fee Costs Temporarily

A Crypto First: Ethereum (eth) Surpasses Bitcoin (btc) Transaction Fee Costs Temporarily

News Cryptocurrency Headlines A Crypto First: Ethereum (ETH) Surpasses Bitcoin (BTC) Transaction Fee Costs Temporarily A Crypto First: Ethereum (ETH) Surpasses Bitcoin (BTC) Transaction Fee Costs Temporarily For the first time in its history, Ethereum's average transaction fees exceeded those of Bitcoin (BTC). ETH however quickly regained its usual place as the most economical blockchain and was likely not an unfolding organic matter as there have been many situations and alleged attacks on the ETH blockchain network . As reported in a tweet by @JZay, Coin Metrics data revealed that the momentary overtaking occurred on July 1, 2018: Average transaction fees for Ethereum have surpassed Bitcoin for the first time ever $BTC $ETH Average transaction fees for Ethereum have surpassed Bitcoin for the first time ever $BTC $ETH pic.twitter.com/6boN8UnShx At one point, sending an average ETH transaction cost $5.40. The equivalent of seven times more than BTC's $0.75. Calculated by total fees divided by total transactions, Ethereum's average fees have dropped to $0.37, at the moment of writing this article. The increase in fees of more than 2350% in a 24-hour window caused a great outcry of disdain among platform users. With reference to the congestion in early July , for example, one user complained about this: Here we go again. Ethereum gas price is 90 GWEI right now. 90. Imagine paying 90 times more in transaction fees. if we can't provide a single stable blockchain for dapps at $400B market cap, are we doing anything at all? Varun Deshpande (Nuo) (@thebitsian) July 14, 2018 However, if you ask the likes of Craig Wright, a bitcoin cash supporter and potential Satoshi Nakamoto candidate, he thinks Ethereum and their ERC20 token protocol are a dead man: Dr. Craig Wright Says Eth Continue reading >>

Ethereum Transaction Fees Continue To Rise, Pass Bitcoin Fees

Ethereum Transaction Fees Continue To Rise, Pass Bitcoin Fees

{"theme":"dark","direction":"horizontal","showArrows":true,"splitTitle":true,"playerOptions":{"captions":true,"popupOnScroll":true,"subscribe":{"title":"Subscribe","url":"close to US$7,500! Why?"}},"yt":{"method":"videos","params":{"id":"sIptuEDE0Wk,pxKWVIw4W9U,2MINj6cgJxk,UgAZVkjQDdE,46MbB6SvR4I"}},"banner":true} What's the end game for Ethereum's gas price crunch? Ethereum is continuing to feel the crunch of transaction fees. Like most things in cryptocurrency, the exact measurements are largely extrapolation, calculated in various ways like total fees paid divided by number of transactions in a time period, and you'll find varying results depending on where you get the information, and how it's displayed (average fees, median fees, measures in gas or in US dollar equivalent, etc). But in all cases, it's clear that Ethereum hit a crunch at the start of July, and that its fees are rising. The fees for those who want fast transactions or frequently need to use gas-intensive contracts are especially high. By one measure , Ethereum's average transaction fees passed bitcoin's for the first time ever today. Daily cryptocurrency news digest and breaking news delivered to your inbox. The main reason fees are so high is because of deliberate network spam designed to drive up fees at enormous (to most) cost to the spammer . So someone's poured a reasonable amount of effort and about US$15 million equivalent into raising transaction fees on the Ethereum network. Vitalik Buterin's response probably sums up the general sentiment. Ethereum is free for anyone to use as they want, and if they do something unintended or detrimental to the network, then it's Ethereum's fault for allowing it to be possible. One of the reasons transaction fees exist in the first place is to prevent thes Continue reading >>

Network Transaction Fees Crypto Voices

Network Transaction Fees Crypto Voices

Green area: Total transaction fees per day, in US$; Blue line: Average transaction fee, in US$. Green area: Total transaction fees per day, in coins; Blue line: Average transaction fee, per byte of data accepted into each block, in coin's smallest denomination (except in Ethereum's case). Note that Ethereum's total network "transaction fees" are calculated by a two-step process. First, you need to understand the "gas"price. This is an extremely small figure, intended to be decoupled from ether's market price. Here we are measuring it in szabos, which amounts to 0.000001 ether per 1 szabo. Ethereum's denominations actually go much smaller than this, down to something called wei. One ether would amount to 1e18 wei; or a 1 with 18 zeros behind it. In any event, after the average gas price is understood, one would need to multiply this price by the total amount of gas units purchased in each block. Users must purchase any number of "gas" units to run different computations and contracts on Ethereum's network. The market history of both these figures is graphed below. Here, we can also see the dynamic limit that Ethereum places on gas units which can be purchased in each block. This limit is set dynamically by miners. Both are reflected in the right axis. As discussed in the network cost / block reward section, the "block reward"is essentially a revenue item for miners, and a cost item for the rest of us. Remember, it usually compromises both inflation (newly "mined" coins) and some form of transaction fees. This section isolates and graphs transaction fees only. Typically, miners choose which transactions they want to include in each block, based on how high their transaction fees are. The higher the transaction fee, the more likely your transaction is to be included and e Continue reading >>

Ethereum Network Processes Over 1 Million Transactions Worth Almost 10% Of The Market Cap

Ethereum Network Processes Over 1 Million Transactions Worth Almost 10% Of The Market Cap

ETH Network Processes Over 1M Transactions Worth Almost 10% Market cap Scalability is the talk of the town in the cryptocurrency world. Every network and blockchain are scrutinized based on their performance. Although the Ethereum network isnt perfect, an interesting milestone has been reached. The network successfully processed 1 million transactions over the past 24 hours. With an average of 43,963 transactions per hour, things are looking pretty good. Its certainly a lot better compared to Bitcoin, even though that network transferred more value in the same period. Comparing Ethereum and Bitcoin usually makes little sense. Both projects are very different from one another. However, both currencies are considered to be a store of value at this point. This is mainly thanks to the value gains for both currencies throughout 2017. As a result, it is worth exploring how both networks perform at any given moment. Over the past 24 hours, Ethereum comes out a lot better in most regards. More specifically, the Ethereum network handled over 1 million transactions without too many problems. Bitcoin processed 412,883 transfers in the same period, which is less than half. Even though Bitcoin processed over 17,000 transactions per hour, its a lot less compared to Ethereum. That network has an average of nearly 44,000 transfers per hour. More importantly, Bitcoin fees are so high anything else looks cheap right now. The average Bitcoin transaction is subject to a fee of $28.09 in the past 24 hours. At the same time, the median transaction fee is $16.59. Both of these numbers are unacceptable. In Camp Ethereum, the average fee is $0.9912 with the median transaction fee going as low as $0.368. It is evident this discrepancy cannot be overlooked any longer. Even though one BTC is 22.5 Continue reading >>

Ethereum: How Transaction Costs Are Calculated

Ethereum: How Transaction Costs Are Calculated

Basic knowledge of programming terms (variables, loops) might also come in handy. With Ethereum, given that were talking about a programming language within the protocol, its possible to be very computationally demanding with very little text or code (something which would be very cheap in the BTC-verse). Lets look at this loop, for example: This loop means for as long as i is smaller than 1000, increase it by 1 and then sum up i and j and write the result into j, then do it all again. This loop will execute 1000 times if i is 0, or more if its a negative number. To pay for this computational cost in a fair way since it has to be executed on all miners machines at once and they spend their resources and time on it the concept of gas was introduced. Gas is used to pay for the execution of these so-called smart contracts (Ethereum programs) inside the EVM. For example, i + j above is a summation operation which costs 3 gas every time its executed, so 3000 gas if executed 1000 times. To explain gas properly, lets first cover the EVM. EVM stands for Ethereum Virtual Machine. But what is a virtual machine anyway? A virtual machine is software running on a specific computer which contains another operating system completely encapsulated inside the main one. For example, a virtual machine allows you to run Windows inside Linux, Linux inside Windows, Windows on macOS like in the image below, or any other combination. We use virtual machines to separate the environment in which we do our everyday computer use from the environment we work or program in. This lets us keep viruses at bay (they have no way of breaching the virtual machine and getting to the main operating system), helps prevent infinite loops from crashing our main operating system, and holds hard-drive corruptions Continue reading >>

Why Are Ethereum Transaction Fees So High?

Why Are Ethereum Transaction Fees So High?

why are Ethereum transaction fees so high? I transferred some ETH earlier on today ( see txn info here ) - as you can see it was for $18 dollars. The transaction fee was $0.41 I did another transfer few days so ( see txn info here ), this time transferring $0.93 for which the associated transaction fee was $0.59 !!! On both occasions, I used MyEtherWallet to do the transfers. I thought one of the big pluses for decentralized cryptocurrency exchange over traditional routes, was that transaction costs would be negligible. I often here cited that the availability of such decentralized platforms like Bitcoin and Ethereum is that they will herald in the age of micropayments - if so, why the relative high transaction fees in my two instances? Certainly, Ethereum is not a viable platform for doing micropayments going by my two examples above. Interested to get others thoughts as to whether I'm missing something here and/or whether my expectations are way out of whack in terms of what I thought would be possible with Ethereum. Continue reading >>

What Is Gas? Gas & Transaction Fees | Myetherwallet Help & Support

What Is Gas? Gas & Transaction Fees | Myetherwallet Help & Support

When you hear gas, the person is either talking about: The total cost of a transaction (the "TX fee") is the Gas Limit * Gas Price. Typically, if someone just says "Gas", they are talking about the "Gas Limit". You can think of the gas limit like the amount of liters/gallons/units of gas for a car. You can think of the gas price as the cost of that liter/gallon/unit of gas. With a car, it's $2.50 (price) per gallon (unit). With Ethereum, it's 20 GWEI (price) per gas (unit). 21000 units of gas at 20 GWEI = 0.00042 ETH. Therefore, the total TX fee will be 0.00042 Ether. Sending tokens will typically take ~50000 gas to ~100000 gas, so the total TX fee increases to 0.001 ETH - 0.002 ETH. You can use our tool to calculate GWEI <-> WEI <-> USD here , which can be helpful when you want to know your TX fee in ETH, rather than GWEI. The gas limit is called the limit because it's the maximum amount of units of gas you are willing to spend on a transaction. This avoids situations where there is an error somewhere in the contract, and you spend 1 ETH....10 ETH....1000 ETH..... going in circles but arriving no where. However, the units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If you do not want to spend as much on gas, lowering the gas limit won't help much. You must include enough gas to cover the computational resources you use or your transaction will fail due to an Out of Gas Error. All unused gas is refunded to you at the end of a transaction. So if you go to MyEtherWallet, send 1 ETH to our donation address ( ? ), and use a gas limit of 400000 you will receive 400000 - 21000* back. However, if you were sending 1 ETH to a contract and your transaction to the contract fails (say, the Token Creation Period is already Continue reading >>

Coinbase | Coinbase Pricing & Fees Disclosures

Coinbase | Coinbase Pricing & Fees Disclosures

In general, Coinbase does not charge a fee to use our Hosted Digital Currency Wallet service. Transfers of virtual currency to an address off the Coinbase platform may incur network transaction fees, such as bitcoin miners fees, which Coinbase may pass through to you. Any such transfer fees will be disclosed to you at the time of the transaction. Your exchange rate for buying or selling digital currency through our Conversion Service is calculated as the market rate of the digital currency on Coinbases GDAX platform, plus a spread between 0 to 200 basis points determined by the size of your transaction, market volatility and length of time using Coinbase ("Exchange Rate"). In rare circumstances, the market rate from GDAX may not be available due to outages or scheduled maintenance. In order to provide you with uninterrupted services at such time, we may derive market pricing data from unaffiliated digital currency exchanges. Exchange rates quoted in these circumstances are subject to spread exceeding 100 basis points. The final exchange rate will be quoted to you before you complete your transaction. We may charge fees (Conversion Fees) to use the Conversion Service, which vary based on your location, payment method, and other circumstances. In some cases we may charge an additional fee on transfers to and from your bank account. We will always notify you of Conversion Fees and any other service fees that apply to each transaction in the aggregate, in two instances: (1) immediately before you confirm each transaction and (2) in the receipt we issue to you immediately after each transaction has processed. Unless otherwise disclosed to you at the time of your transaction, the Conversion Fees you pay is calculated by one of two methods: Continue reading >>

'wow': Ethereum Fees Higher Than Bitcoin's For First Time Ever - Bitcoinist.com

'wow': Ethereum Fees Higher Than Bitcoin's For First Time Ever - Bitcoinist.com

Ethereum traders were feeling the pressure July 18 after average transaction fees on its network surpassed Bitcoins for the first time in history. Ethereum Benefited From Irrational Exuberance Data from monitoring resource Coin Metrics uploaded to Twitter Monday confirmed the unexpected reversal of fees, which compound an apparent lack of confidence in Ethereums outlook this week. A day after the fees episode, hedge fund Tetras Capital issued an outright Bearish Thesis on Ethereum, warning traders it would suffer further after posting bigger gains than Bitcoin last year. Average transaction fees for Ethereum have surpassed Bitcoin for the first time ever $BTC $ETH pic.twitter.com/6boN8UnShx ETH/USD was trading just under $500 at press time Wednesday, posting roughly 5 percent daily gains compared with Bitcoins 10 percent. The recent decline in ETHs price suggests that the speculation that drove it to new heights over the past year is exhausting. Just as ETH benefited from irrational exuberance, it will inevitably suffer further as the market sobers up, Tetras opined. We believe that ETHs current price is still significantly overvalued; still significantly decoupled from the Ethereum networks current and near-term technological state. Our research has led us to believe that the market and technology is still far too immature to justify current valuations. Bitcoin has become considerably more attractive for use as a currency in Q2 this year. Uptake of SegWit technology has markedly increased, allowing for fee rates to reduce significantly , often posting averages of just 1 satoshi per byte. Ethereum meanwhile has seen a recent spate of spam transactions clog up its network a phenomenon from which Bitcoin previously suffered pushing up miner fees significantly. On Monday, Continue reading >>

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