Stop wasting money

Stop wasting money

By CryptoSorted | CryptoSorted | 19 Dec 2020


It's amazing how people go about losing money and complaining about transaction fees without making efforts to change the situation.

When all they needed to do was use alternative means of achieving the same result.

The crazy part is that most of these people are not ignorant of the cheapest ways to make transactions.

They're just too reluctant to make the rational choice.

Don't let yourself go broke in the name of "decentralization" or "loyalty" to a chain that's not friendly on your finance.

 

Ways you're wasting money on fees and how to avoid them

 

1. Trading on Ethereum-based DEXs

Before I started trading on Uniswap and other DEXs even a $1 fee on any network was unacceptable.

Then Uniswap made me accept that $5 was cheap. And even $7 to $10 is within the limit.

To the extent that if you're trading with anything less than $1,000 your chances of making a profit is very limited.

Because immediately you execute a trade you're already at a loss by 2% to 5%.

Are you sure you're here to make money or gamble and hoping for some luck?

Except a token is not listed on any centralized exchanges, or other chains avoid buying or trading it on an Ethereum-based DEX.

Use a centralized exchange and move your funds to your self-custody wallet when you're done buying or trading.

You will not die. And the FBI will not show up in your house demanding an explanation for your trade.

Transacting on Ethereum-based decentralized exchanges is mostly favourable to those with lots of capital and a $25 to $50 is negligible to them.

 

2. Moving BTC or ETH across exchanges

The average fee to move Ethereum out of an exchange is between $2 to $5.

Some exchanges charge even up to $7.

While others like HitBTC are in business to make you poor with their horrific fees generally. I'm still surprised that that exchange is still in business.

Another exchange you will do well to also avoid is Coinbase for the very same reason - unreasonably high fees.

You can also cut down on the exchange withdrawal fees by moving coins with cheap transaction fees.

These include TRX, XRP, BCH, LTC, NANO, BANANO, DOGE etc.

When it gets to your destination exchange you can then convert it back to your BTC or Ethereum if you have to.

 

3. Forcing yourself on Ethereum

I have started experimenting trading and yield-farming on Binance Smart Chain (BSC).

Why do people keep using Ethereum when they can achieve similar results on BSC?

In fact, I'm even surprised that many projects have not ported their apps to BSC.

This, understandably is why most people are "stuck" with Ethereum.

If not for anything, but to give users the "option" to choose what chain to use based on their preferences.

Please if anyone knows why most projects are hesitant to use BSC as an option. And why remaining stuck with Ethereum is the best way to go, kindly, let me know.

When Ethereum sorts its shit out, I will use it more, but until then, I would rather use the better alternatives.

 

Conclusion

I cannot allow my brain to assimilate 2 figure transaction fees as normal.

In fact, anything above $1 is no longer normal at all.

I'm I talking this way because I don't have money, let alone having enough to waste?

I guess so.

But I can also see that a lot more people are bearing a situation that they can actually control and even change.

 

You may also like: Top 5 decentralized exchanges on Binance Smart Chain (BSC)

 

 

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CryptoSorted
CryptoSorted

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