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How to make use Centralised Finance to "Combine micro tips"

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Avatar for littlenewthings
Written by   89
1 year ago
His original post https://noise.cash/post/1grw82xk

Thanks to Hooi Yew Lim's noise yesterday mentioning about the problems of microtips turning into a massive "lag" and time consuming with larger gas fees when transferring from one wallet to another steered me to experiment how to "combine them" into "larger bills" instead of using cents to buy something in the future.

Why is this important?

My theory is that the more micro transactions the higher the transfer fee is going to be because of the size per transactions are all combined together, just like what hooi has cleverly pointed out how using a bag of 1 cents / a penny to buy something from a stall would have relayed the cashier from settling your transaction.


I understand those who are pro-DeFi does not like the method, but so far, the least hassle for a newbie in BCH to make BCH usable and quick would be going through a centralised service that would technically "combines your earnings to a bigger dollar" and sent back to your wallet fee FREE without a headache of actual use later after hodling for some time.

Besides, while putting it there you can also earn some extra dividend until you need to place it to your wallet later.


So how do you do it?

So far from the least hassle that is straight from the comfort of your phone, so far Celsius Services could still be the easiest for the "conversion" to take place. Let them do the headache of making sure the right amount is sent to you quicker and in one piece when you reach like $10 USD worth of BCH for example by:

  1. Send from your wallet to Celsius

  2. Wait for 1 week (or longer) for it to compound tiny bits of dividend

  3. Withdraw from Celsius back to your desired wallet, starting with $2 each.

This is like taking your pennies / 1 cents small changes to the bank and withdraw from atm later a larger note.

Does it really work?

Honestly I am experimenting, but so far I have withdrawn LTC before ($1) and they sent it as 1 transaction, not multiple micro transactions - without any fee.

Why don't I just link my Celsius deposit address directly from noise.cash?

Remember, Celsius is still a centralised service. Not your keys, not your money; and besides, although they didn't mention a minimal deposit amount but they always promote it as "as little as $1" if not mistaken also in their FAQ, so let's keep it that way, at least $1 per transaction.

Moreover, if you decide to withdraw later, at least you are still staking your money for it to grow while you move it out later into a bigger "dollar note". Your BCH is not sitting idly doing nothing.

Price still appreciate and depreciate no matter it is in your wallet or in a compounding service.


How about you?

Would you give it a try to combine your micro tips this way?

But I don't trust CeFi

So far I have not ventured into other BCH projects that includes a DeFi Yield project; but if you really want to keep it DeFi the closest "DeFi" I can see is on the Binance Smart Chain, where hardly any swap services have BCH staked for the same compound crypto.

Even Pancakeswap has taken off the LP farm selection of BCH. So my best bet is still on Celsius, because Nexo requires higher minimal withdraw. Based on today's market value, the minimum withdrawal amount is $6.89 .

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Avatar for littlenewthings
Written by   89
1 year ago
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Comments

Im using coins.ph as my wallet at noise cash and i dont find any hassle so lucky that we have coinsph but they said its inky in philippines but im not sure with that that's really hard jn your part most especially those fees when transferring your earnings to your wallet!.

$ 0.01
1 year ago

Well, the thing is that Malaysia doesn't have a good low fees facilitator like coin.ph for conversions. The one that was closes was Luno but they charge pretty high in withdrawal to fiat fees compared to a peer to peer transaction. The best would be one day South East Asia companies will have a chance to have more direct BCH adoption rather just earn and convert to fiat which would have been a bigger success rate than to just rely on fiat, for your case, will be peso.

Thanks for the tips. Appreciate it.

$ 0.01
1 year ago

I wish that too dear for you to be more comfortable and dony wast yo much dor the transaction fee. Im thankful also to you for always tipping me at noise cash since admin dont notice me anymore 🤗

$ 0.00
1 year ago