ETH IS GETTING AN UPGRADE, I HOPE THEY FIX THE RIDICULOUS GAS FEES!

Sometime after this month, we should know some more about Ethereum’s technical upgrade. I’m not too sure what that would look like especially since I’m not too happy with their gas fees, but I’m all ears.🦻🏾

The gas fee is something all users must pay in order to do anything on the Ethereum blockchain. The cryptocurrency of ETH is called Ether and every time you interact with that platform you have to pay the gas fee in Ether. It’s almost like using the ATM where you pay $3 or $4 to use the ATM (and then your bank may charge you something too!)

At least sometimes your bank may refund your ATM fees if you ask, but not with ETH. You could end up paying $100 in gas fees for sending $500 worth! That is so ridiculous! Most of the people I’ve spoken to about ETH, their number one most hated part about that platform, is the outrageous gas fee. So when the ETH platform announced its upgrade my first thought was about the gas fees. I’ll be very happy if those upgrades include much lower fees!

Everyone has noticed the gas fees, and most people have complained about it too but nothing much has changed yet. And if you have minted or purchased NFTs, I’m sure you realized it’s not just gas fees associated with it, there are other fees tacked on as well.

You can even tip them to push your transaction through faster!😳 It’s an incentive to the miners to confirm your transaction before those transactions without a tip attached. It is called a priority fee - and the miner gets that fee so it only makes sense that they would push the transaction through faster.

I know they will eventually get their kinks out, or maybe someone else will come along with something/another crypto platform that’s much better than ETH, and everyone will jump ship. 🤷🏾‍♀️🛳🛟 Either way, we will remain focused, consistent, and knowledgeable. Stay tuned, in this case - the best is yet to come!🤑

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.