I Spent Over 11K USD On Ethereum Fees

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3 years ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Altcoins, Defi, Crypto, Decentralized money, Blockchain, ...

I’ve spent over 11K USD worth of ETH on Ethereum gas fees. Let’s talk about how to avoid fees, the mistakes I made, where to trade, and the future of ETH 2.0.

https://youtu.be/0q0ybRe3Gec

Below are some key takeaways from my experience:

Don’t trade random airdrops on swap exchanges like Uniswap and just avoid smart contract swap exchanges in general though THOR offers a decent solution.

 

Use non-smart contract exchanges and non-KYC exchanges instead. Some of the platforms I use are Coinex, ByBit, Simpleswap, Hive Engine, Changelly, THORswap, and Blocktrades. I tend to use a mix of these two types of ways to trade depending on what’s needed.

 

Many social media platforms have ERC20 tokens that will cost a lot to withdraw. Some examples are Yup, Minds, Den.Social, and Carbon. I think your best bet for now is to wait for ETH 2.0 to drastically reduce these fees.

 

I will be looking into a great deal of Eth alternatives, please recommend some for me. I will be looking into SOL, BSC, ADA, MATIC, DOT, ATOM, NEO, AVAX, SYS, XTZ, TERRA/LUNA, HIVE, SmartBCH EVM, and reviewing some old solutions too like TRX and EOS.

 

What are your thoughts on this? How much have you spent on fees? How important to you is privacy and anonymity when trading? Let me know what you think about this in the comments below and don’t forget to subscribe!

 

*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*

 

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Avatar for scottcbusiness
Written by
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3 years ago
In community: Cryptocurrency and Blockchain(7b7f)
Topics: Altcoins, Defi, Crypto, Decentralized money, Blockchain, ...

Comments

11k? That is on a high side. I just saw you on Youtube and decided to join your community over here

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User's avatar adorable-diala
2 years ago

Yeah for sure, thanks for joining

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User's avatar scottcbusiness
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2 years ago

Though, with this your analysis it shows that you are also a pro in the game of cryto. Just that you are highly inquisitive to know more. For you to trade with such heavy amount. I salute.

I'm so sorry I could not provide an answer to what you are looking for because I'm actually a newbie in the game. But I will also be looking forward to learn more at your table.

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User's avatar Fesope
2 years ago

Boo on ETH gas fees. BSC and ALGO have more reasonable gas fees, I've been heavily invested in those chains. Recently, I've been looking MATIC and AVAX. I've got some AVAX tied up on a project and want to look for more AVAX and MATIC opportunities.

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User's avatar ladyanneclare
2 years ago

Definitely recommend this article to crypto investors all round. And definitely ETH gas fees are one of the reasons why we all flee from the Ethereum smart contract To Bitcoin cash's SmartBCH. Thanks for the update mate.

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User's avatar InvestorOmar
2 years ago

11k usd is a lot I don't think that I spent that much for gas fee even if I have a lot of money to spend.

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User's avatar Tagalog
2 years ago

11k that's a very big amount of money

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User's avatar Icon06
3 years ago

Smart BCH is 5 times faster and way way cheaper!!

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User's avatar Jatzman
3 years ago

Fees like that are why I moved to BCH, to be honest. Just moving crypto from one wallet to another was becoming way too expensive!

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User's avatar Shounenbat
3 years ago

My mind is stuck on 11K gas fees, that's an incredible number and it seems like it was just thrown away.

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User's avatar foryoubtc09
3 years ago

The gas fees are sometimes too big for me to handle as a new guy in business, but 11k is quote a lot though and I've gotten some new tips on your post that I'll most likely take into consideration especially with for ETH2. 0 to drop their fees

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User's avatar Mofif
3 years ago

Wow 11k that was a huge amount brahhh. Anyways thank you for sharing anyhow we got the extra information.

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User's avatar Lovelyfaith
3 years ago

The Ethereum has fees is the reason most people don't make use of the coin. I'm also looking forward to the ETH 2.0 update, I plan to buy more ETH before the update, the update will bring about a big surge in the value of Ethereum which is definitely something to look forwards to in 2022. It would be nice to see the leaders of Smart Contract leading the race again.

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User's avatar Greatwolfman
3 years ago

I particularly believe that when Ethereum manages to considerably reduce its high commissions its price will go to the moon, some go so far as to claim that it will be able to surpass bitcoin. In the meantime if you don't have much in this crypto better not to trade and hold waiting for a better time. I also use Coinex and I think it's a good exchange, the fees are quite acceptable.

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User's avatar Alborhada
3 years ago

Wait, 11k. I.. I haven't experienced having that massive amount, yet it was only spent for fees on your end. Wow, that's too much fees!

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User's avatar Ellehcim
3 years ago

Hi there. Its very useful information, thanks for sharing. And I was shoked when I saw how much you spent on fees... Thats great that you finally know how to make everything right. Good luck to you!

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User's avatar Ninulja
3 years ago
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