Before you read this article, please understand that I love crypto, and everything it stands for, with no central authority..
I just don't like where I think it is headed for..
Today day i attempted to withdraw some btc from an earning wallet into my storage, just so I could try to 'stack more sats'.. $4 worth of btc was going to cost over $20 to send. this is USD equivalent btw, so for AUD it is much more. $1USD=$1.52AUD At Time of Writing.
I get, the halving is coming, but WOW!
From wallet to wallet, it isn't so bad, but still a decent chunk at about $1.30USD to send about $14USD. For this example, I used Exodus. This particular example was a BTC to BTC transfer.
On another note, an exchange of 0.18LTC to (estimated(0.0002357))BTC was going to make it an unprofitable exchange, and it even informed me as such, giving back an estimated 0.0002337BTC, so a fee of around $1.36USD.
I am not one to get on the wrong side of people, but consider this:
We all whinge about the fees associated with doing banking, especially with ATM withdrawals across different networks, where the fee can be like, $3.50AUD in my part of the world - so $2.30USD (AToW). This is quite an extreme fee, and honestly, I have only ever seen it once or twice in exceptionally remote areas. It is more like a $2.50 flat fee in some shops to use their ATM to withdraw cash, it doesn't matter if it is $50 or $500 that is pulled from the machine.
If fees are like they are now with crypto, then my fear for the future is that the decentralisation will also lead unto a monopolisation, especially if digital currencies are the way forward.. where we don't have the option of walking into a bank to withdraw (for no fee), or paying directly with cash (also no fee).
Would YOU pay $20 in tx fees for a cup of coffee? I personally don't think many people would. And those that do, well they have more money than sense.
Personally, for me, it is better to accumulate in a lesser valued crypto, such as in LTC, where it costs me far less than a dollar to stack my lits..
For direct payments, I will take the BTC though, as the fee is not taken from my side of the transaction.. I do feel for those other poor people though!
It is only then I feel, that I can stack sats.
Please let me know what you think of the direction of fees!
