Gas Fees Could Be Ethereum's Kryptonite
Gas fees -- or the fees paid to process and validate transactions in a crypto ecosystem -- have become a huge problem for the Ethereum (CRYPTO: ETH) blockchain. What was once an annoyance is now a very real cost, with transactions costing $100 or more just for simple acqusitions.
Gas fees for the proof-of-work blockchain are a standard feature, but for Ethereum they're starting to drive developers and users to other cryptocurrencies. Until a transition to a proof-of-stake transaction process is completed in 2022, gas fees will be high and Ethereum doesn't have a great answer to cryptocurrencies offering lower fees and faster transaction times. And these alternative cryptocurrencies are Ethereum's biggest competition.
Image source: Getty Images.
Source Fool.com
