Forsage Affiliate 1 year ago
iForsage.com #ETH

Forsage | Ethereum Gas Prices

Let's dive in on why Ethereum's transaction prices are so expensive

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Definition: Ethereum's transaction fees are known as GAS. 

With the rising costs of Ethereum (near $1,200 currently), many Forsage members have seen an uptick in GAS fees. Many members have associated these extra costs as admin fees to the users, but that couldn't be further from the truth. 

There's a reasonable explanation for these rising fees. Ethereum uses a network of miners to secure the network, but these miners don't work for free, so they require a little compensation to move your transaction across the network to be confirmed. Ordinarily, these fees are reasonably priced, often under $3. However, with the rapid price increase of Ethereum's native currency (ETH), there has been more activity throughout the network as more traders and users begin to utilize Ethereum. At this point, scaling becomes a factor in determining how much you'll pay. Ethereum's network is limited to less than 50 transactions per second, so imagine if millions of people are buying, selling, and trading the currency all in a short amount of time. This phenomenon causes a bottleneck in the network, so miners are under pressure to get those transactions through as quickly as possible. How do they manage this? Miners prioritize the higher paying customers, thus the rise in fees to get your transaction confirmed. The increase in gas fees is not a direct reflection of Ethereum's traded price, but rather a consequence of its network utilization. 

There are improvements to the network underway by the team of Ethereum developers. One of their lofty goals is better scaling of the network, which should decrease the transaction costs by increasing the number of transactions per second. 

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