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The Perks of Wasting Money on Expensive Chains

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Written by   523
2 months ago
Topics: Money, Expensive, Chains, Crypto, Wallet, ...

08-11-2022

I did a blunder last day while I was in college so everything happened so fast in hurry which ended up as a mistake and lesson to not ever waste anything on Expensive Chains.

It's not 2015 where you don't have options to Go cheaper like Bitcoin cost huge fee's meanwhile same Goes with ETH but than BCH or other coins have chains or cheap Networks to transfer or thrive in crypto space.

Anyway let's start with the story or experience of mine.

I Converted a Coin for Stablecoin

Few days ago I found a new wallet and couldn't hold myself to Give it a Try. It turned out the wallet have a lot of Features and more like so many coins can be stored on that and Good thing is it's also a non custodial wallet.

Means Your Keys, Your assets though they had a really Bad Rating on Playstore which I didn't figured out why.

Anyway I will introduce this new wallet very soon. For now It was needed to Get address of a Coin.

And so when I received my coin in that Wallet the next thing was to convert into Stablecoin.

I Converted Zen into wallet and when I noticed it remains only 8 and Half dollar while it was 10 Dollar.

Knew it have made a mistake you see that is USDT but the network is "ERC" instead of TRC where fee's are too Low.

I didn't spent a single amount on anything but just a conversion from one to another had cost me $1.5 on Ethereum.

Now I have Stablecoin on wallet

Next thing was to move it to Exchange cuz I can't manage assets in different wallets. So just to Move what happened next was unexpected.

Now all because USDT was (ERC) it required fee's to Move fund or exchange into other coin.

I was like what the heck I just did in few minutes.

At first I was confused what should I do like sending ETH from exchange costed me fees separately and it was my first time on this wallet and found a only address of ETH meanwhile exchange have more network options.

I Paid Twice In Fee's To Move Fund

The only thing I felt Good was to Take help from @PVMihalache I sent him text and told that I needed Some ETH to pay Gas fee's.

He did help and I was like oh Finally no more stress out on this thing.

It took like couple of minutes for ETH to arrive on my wallet.

And haven't spend a next minute to find my deposit address and move fund over there in Binance.

Yes, I know I'm Going to send and paying $1.66 for sending literally $8.43 too cheap for moving funds in 21st century.

My funds were arrived in exchange after few hours like noticed it when I woke up from sleep and well this is how I paid more than 3 Dollars to Move 10 Dollars on expensive Chain/network.

Banks Cost less than Expensive Chains

Ethereum alike any coin who cost more than $1 fee or even above $.01 as every transaction is literally a worst way to spend money ain't even make sense.

When Banks Cost less than that for cashing out or moving from one to another.

If I do withdraw fiat the same amount through Banks on Mobile it is going to cost me exactly $0.90 this date.

Like for $10, banks fees is $0.90 in my side of the world and wonder what's that in your place?

I know there's more cheaper than mine in some part of the world.

Fin.

So, only a experience I won't dare to repeat ever again. Basically was not even my mistake it was like wallet that confused me and I'm Gonna make a separate one to explain it's Features.

For now this whole day I was watching market and the FTX or Binance drama which is now escalated so quickly.

CZ is going to be the owner of FTX and market or BNB is Pumping since this news started surfacing.

And I still feels like should've bought some BNB while literally thought to buy it just today but didn't knew it Is going to happen this soon.

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Written by   523
2 months ago
Topics: Money, Expensive, Chains, Crypto, Wallet, ...
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Comments

I usually do the MATIC and the BUSD for transactions. I have reduced a lot in fee because of it. But apart from that I am happy with Ethereum.

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2 months ago

Both are Good choice and yea ETH have a lot more potential that can't be ignored.

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2 months ago

That's the sad thing about gas fees on ERC tokens and chains. It's just not fun to do transactions. I was asleep when BNB rose so missed my chance haha.

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2 months ago

True. Never tried ERC before this.. well, turned out whole Market is a nightmare lost my sleep after seeing present situation.

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2 months ago

At least you now know after the experience :)

I slept on the market and woke up to an even shaky one. Gotta monitor today and put some more buys. This is just another test for us to work on our patience and to toughen up as well hehe

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2 months ago

I have $50+ worth of coins in my coinbase savings wallet.. But can't swap or withdraw them because of the ETH fee

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2 months ago

Ops.. maybe Someday in future fee's come down and you'll be able to swap.

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2 months ago

Dang the fees! Haha. But I once experienced this before too. Just can't remember what exactly happened.

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2 months ago

Haha.. I won't do any experiment from now onwards. Especially in Blood market

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2 months ago

Goodness, that experiments cost you a lot of fees.

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2 months ago

Yea.. turned out worse :!

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2 months ago