I Sold All My ERC-20 Tokens And Bought ADA.

I Sold All My ERC-20 Tokens And Bought ADA.

By Edwin TechKnow | Edwin TechKnow | 11 Feb 2021


With ETH gas fee's going through the roof that affects ERC-20 tokens, and in my mind, cast them all in a negative light. To transfer fiat money between two different bank accounts, the bank is going to charge you right around $10. After recently spending $15 in gas fees for transferring 15 LINK tokens to a Defi platform, I asked myself, "Why?" So basically Ethereum is now charging more than banks for AHC transfers. This prompted me to get out of all my ERC-20 tokens.

The whole point of crypto is to escape the high costs of using banks.  

As much as I liked some of the ERC-20 tokens and their programs, such as LINK, UNI, SNX, to name a few, I exited my positions in all of them because of ETH gas fees.

So, in general, I like fast coins, where it takes only a few seconds to make a transaction, and even more important is how much in fees you are going to incur when making those transactions.

In my portfolio, I have three lightning-fast coins with low fees. They are XRP, XLM, and ADA.

As I have stated before, I do believe XRP will win its lawsuit with the SEC, but I have a ton an XRP. 22,000 to be exact and I have never sold any of it. 

XLM is another horse I like. It might now have the big short-term gains as other coins, but I like its utility, so yesterday I transferred $2500 into XLM. 

I started buying XRP and XLM very early on. Most of it was between $0.05-0.12. 

So I was late to ADA. I started buying at $0.23 but only had a few thousand until yesterday. I took the bulk of my ERC-20 token money and bought ADA or roughly $12,000 USD. Yes, I paid the higher price close to just under $0.80. Today it is already $0.95 and between my three horses, it is the only one really doing much at the moment.

ERC-20 tokens will probably still do well, but they are going to do it without me. I will not buy another ERC-20 token or project unless they do something about the gas fees. I did keep a few that are used for Defi purposes, but those are tokens I have to keep in order to get higher gains. 

One person recently stated it best..."ETH is attempting to repair a car while it's in gear on the highway. By the time they are done, all the action, engineers and big developers will be on Cardano."  

 

 


Edwin TechKnow
Edwin TechKnow

I am a developer of web-related technologies and author.


Edwin TechKnow
Edwin TechKnow

Let's talk about cryptocurrency! With that being said, I am not a financial advisor, and all of my posts are solely my own opinions. Before investing, you should do thorough research and not take my word for it.

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