How to deal with high Ethereum Gas Fees?



 

 


Ethereum Gas Fees have dramatically increased over a period of 1 year by more than 1,000%. I will show you how you can defend your funds against it:

 

These gas fees have been also increased by other members of Ethereum ERC-20 Network.

 

For example my Metamask Wallet was charging still few months ago, something about 0.1 or 0.15 USD per transaction; last Saturday it charged  me over 1 USD. Yesterday I was charged 1.87 USD. 

 

So how can Uptrenndians deal with it?


Your 1UP will be sent after your request to ERC-20 wallet of your personal choice.

I personally recommend you the following. If you send any ERC-20 token from your wallet to exchange, or you convert it directly on Uniswap, then do the following:

Procure to wire or convert amounts which will be worth over 50 USD. If they are over 100 USD, that’s even better.

 

Why?

Example 1:

If you have 400 1UP = 14.4 USD. And you rush into converting them into ETH, consider the following:

 

You have to pay fee of withdrawal from your wallet and commission per exchange. If you do it on some exchange you will also have to pay commission per withdrawal.

 

The fee of transaction and commission for exchange, will be from 2 to 4 USD.

So let’s say you pay 3 USD per 14.4 USD, the commission will be totally crazy, it will be around 21% or more. Ethereum Gas Commissions change every day, one day it’s more expensive, another day is cheaper.

Example 2:

If you have 1,500 1UP = 58 USD. If you are charged 3 USD, then the % cost would be around 5%. This is still high, but much better than on Example 1.

Example 3: 

 

If you have 3,000 1UP = 114 USD and you pay 3 USD. Then it would be less than 3%. That is Ok.

 

I personally recommend you to accumulate the amount of 3,000 1UP to reduce these costs.

 

Now there is another option:

You can send 1UP to Probit Global, you will be charged between 0.6 to 1 USD for withdrawal from your wallet, depending on the amount and speed of your transaction.

There you can convert 1UP, it’s called OneUp over there to Bitcoin. Don’t send Bitcoin because the commissions for BTC withdrawal are even worse than Ethereum’s. So instead of converting 1UP to Ethereum, you'd better convert 1UP to BTC, and then convert BTC to Bitcoin Cash and then send Bitcoin Cash - BCH to your wallet or to your crypto card, bank account, you can reduce the cost of commission at least by 40%-60%. It's a considerable way of saving.

If you use this quick hack by Converting it into Bitcoin Cash (BCH) or Dash. The commission on BCH withdrawal is around 0.0001 BCH = 0.03 USD, and you can collect it in Bitcoin Cash.

When you enter to your wallet on exchanges, click on withdrawal and you can find out the amount of those fees and you just compare by converting the fraction of BCH, ETH or BTC or Dash by its rate in USD. Use google for example BCH/USD Coingecko and you do your math.

 That Bitcoin Cash can be easily converted into your national fiat or you can send it your Bitcoin Cash Wallet.  If there is no BCH in your country, check Dash, Litecoin, Doge – they have pretty good commissions.

I have to do these hacks every day, because commissions are financial expenses and in RFND token we have to optimize our expenses so we can deliver the best value to our community.

NEVER:

Send and convert ERC-20 tokens below the value of 10 USD, I think the financial cost of these fees or commissions would be very high and it would eat fruits of your cryptoblogging, trading, etc. In a very substantial way.

I also don’t recommend you to trade on Idex. Last Saturday they charged me 5.4 USD for depositing my 1UP and they also charge very high fees for withdrawal. I prefer 1000 times Uniswap to Idex.

Some people told me that on ETH 2.0 network, the commission may be reduced; I am not well informed about it but I have to stick to current reality and I decided to share my tips with you.

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cryptovato1
cryptovato1

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