I've joined into a lot of projects for the sake of possibly making some crypto gains from them that might grow over time or exchanging them into other projects that I believe will boom. In many cases I gave up cause either there was a necessary minimum you had to deposit or the withdrawal limit was too high. I wanted to use my free time to, free of charge, get some assets that could just stay in a wallet. But there is a massive problem for all of us attempting this that's hard to notice if you don't have any other crypto assets.
The main problem is the high barrier of entry caused mostly by the necessity of fees and withdrawal limits as well as the unavailability of free tools for growing this small value we obtain. Some of you may say we could always use feeless or very low fee projects, but you'd be wrong. Mostly because almost all projects as of right now are on Ethereum, the only others I've experienced are on Tron. In both cases the fees were a large % of what I had earned or just the entirety of it sometimes, just to move it to an exchange. Especially in ETH's case, where currently, almost all transactions are more than 3$ and usually a lot more than that. And that might seem like a small amount, and it is for someone that's working with massive amounts of assets, but we're talking about people that are just trying to start out in crypto with let's say 10$ (which is actually a lot when compared to how much some sites pay).
Best case scenario in recent times - I'd send 10$ from the project to the wallet, than I'd have to already have ETH on the wallet (which would also have to be transferred from somewhere so even more fees) to either approve or move the assets which would cost me 2$ minimum. Once I move the now 8$ to the exchange I exchange it, hopefully at a good price and I still have 8$. But oh wait, the withdrawal minimum on the exchange is 10$ and now, my assets are stuck on an exchange until I either buy more or get more somehow and than transfer that as well and lose even more money through fees. And than when I do get to the 15$ minimum, there is an additional fee, depending on the exchange. And even after that, if someone wanted to exchange that for fiat there would be even more fees to pay and you'd end up with almost nothing of what you had.
All in all you'd have to:
- Waste a bunch of the assets you gained on fees
- Waste even more of your time amassing enough assets to even be able to withdraw
- Be basically unable to exchange your crypto to one that you want to cause you DYOR'd that project
- Never get that money out of your wallet unless it grew exponentially after a long time (which is unlikely with these free projects)
- Lose bits of your sanity attempting to find ways around all of the aforementioned
Thankfully, Publish0x's option of sending to KuCoin somewhat lessens the impact of this but there are still fees and withdrawal limits involved especially with projects where the value of the coin/token isn't ~1$. Like ETH, BTC, SOL... But overall P0x is still the best possibility any of us have to actually earn something for free out here. Hopefully FARM will at some point soon also be available on KuCoin.
So for anyone looking to earn something online, if a project is based on ETH, at least for the time being, it's not worth it. Once ETH 2.0 rolls out it's possible that fees will be lower but that is still not happening very soon.
If anyone has any solutions to what I talked about, to somehow bypass most of the fees or a layer 2 solution that just fixes it or something, tell me in the comments I'd honestly love to hear about it and possibly write about it in another article so people know.
Thanks for reading, hope it was helpful.
