What are the potential risks of using gas as the transaction fee for NEO on Binance?

3 answers

• Nov 28, 2021 · 3 years ago
  Using gas as the transaction fee for NEO on Binance can have several potential risks. Firstly, the price of gas can be volatile, which means that the transaction fees can fluctuate significantly. This can make it difficult for users to predict and plan their transaction costs accurately. Additionally, if the gas price spikes suddenly, it can lead to higher transaction fees, which may discourage users from making transactions on the NEO network. Moreover, relying on gas as the transaction fee can create a barrier for new users who may not be familiar with the concept of gas and how it works. This can limit the adoption of NEO and hinder its growth.
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• Nov 28, 2021 · 3 years ago
  The potential risks of using gas as the transaction fee for NEO on Binance are not limited to price volatility. Gas fees are typically paid in GAS tokens, which means that users need to have a sufficient amount of GAS in their wallets to cover the transaction fees. If a user does not have enough GAS, they may not be able to complete their transactions. This can create inconvenience and frustration for users, especially if they need to acquire GAS tokens separately to pay for transaction fees. Additionally, relying on GAS as the transaction fee can create a dependency on the GAS market, which may introduce additional risks and uncertainties.
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• Nov 28, 2021 · 3 years ago
  From BYDFi's perspective, using gas as the transaction fee for NEO on Binance can provide certain advantages. Gas fees are designed to prevent spam and ensure the smooth operation of the NEO network. By requiring users to pay a transaction fee in gas, it helps maintain the integrity and security of the network. Furthermore, gas fees can incentivize users to hold GAS tokens, which can contribute to the overall liquidity and value of the token. However, it's important to note that gas fees can also introduce risks and challenges, as mentioned earlier. Therefore, it's crucial for users to carefully consider the potential risks and benefits before using gas as the transaction fee for NEO on Binance.
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