Vitalik Buterin is one of the co-founders of Ethereum. He said high transaction fees and unpredictable user experience are the reasons why some users prefer “centralized solutions”. He also recounts some unpleasant experiences he had when trying to pay with ETH.
Improve payments on the Ethereum network by reducing fees?
No one is more aware of payment issues on the Ethereum network than Buterin. In a text published on its website and summarized by Cointelegraph, Vitalik Buterin tells us about two failed payment experiences. The first was in Argentina in 2021. When he wanted to pay at a cafe with ETH. He had to pay more than 3 times the invoice amount, 0.01 ETH or nearly $40 at the time. The reason for the overpayment was that the store’s merchant account did not accept ETH payments of less than 0.01 ETH.
Another time, in 2022 and at another place, again to pay for a tea, he had to initiate two transactions. Even so, the payment was not taken into account, because the system demanded an additional gas charge. The interface of its mobile crypto wallet was also faulty.
Vitalik Buterin criticizes the very long transaction times
For Vitalik Buterin, there is a lot to do to improve transaction times. Especially since the latter can themselves lead to much higher gas costs.
“If you send a transaction at the same time as many others are sending transactions and the base fee increases, you risk the base fee becoming too high and your transaction not being accepted”, he wrote. He then adds: “Worse still, wallet UIs suck at showing this. There are no big red flashing alerts and very little clear indication of what you are supposed to do to fix this problem. »
Fees on the Ethereum network have dropped to an average of $0.656 at the moment. That’s significantly less than the $20 you had to pay during the Bull Market of 2021. Even The Merge could not standardize fees and transactions on Ethereum. Do we have to rely on a new type of Blockchain to solve the problem ?
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