Just got your first crypto? Your balance is about jump from 0 ETH to ... something greater than 0. That's what you taught, ethereum has very unpleasant detail - everyone who falls for this trick remembers it for the rest of their life - and those who know about it - dodge it for the rest of their life. If by now you still don't know what am talking about, it's the Gas Fees. Most beginners end up stuck on a screen asking to pay for a transaction worth up 100 times the value of the ethereum they are trying to transfer, and that crashes the new Honda Civic trying to survive on the Crypto highway.
Ethereum (Layer-1) can only handle a limited number of transactions at a time. When it gets busy, fees skyrocket. For this analogy, imagine a congested, single-lane highway. Everyone drives their own car, and to overtake, you have to pay a massive toll ( and in other words high Gas Fees ).
However, more roads are available to reach your destination. Layer-2 (L2), forget about driving your own personal car, instead try using public transport, a bus for example, this saves the Earth and also saves you from expensive Gas Fees. This time, imagine an express bus. An L2 network takes hundreds of individual passengers (Transactions), rolls them up into a single bus, then (like all buses do) sends them down the Ethereum highway together, as a result instead of paying for 25$ worth of fuel (Gas) you split it with hundreds of people and end up paying a tiny fraction of the cost between: $0.003 and $0.01.
TOP 3 CHEAP NETWORKS
So here is a list of the top 3 bus agencies to take (Only simple details are given below to keep everything understandable):
- Arbitrum: This network is the biggest hub for swapping, lending, and borrowing crypto assets without traditional middlemen. It is incredibly popular because transactions happen in less than a second, and there is always plenty of funds available for smooth trading.
- Polygon: Although not Ethereum based, this platform acts as a friendly "starter network" where wallet setup is simple and transactions cost tiny fractions of a single cent. Because it is so cheap to use, many popular crypto faucets and mainstream apps use it to hand out rewards to beginners.
- Base: Built by the popular exchange Coinbase, this network is rapidly growing and designed specifically to welcome everyday users. It offers some of the lowest fees in the market, making it the perfect playground for trying out new apps with just a few dollars.
In conclusion, dodge the big Ethereum network completely to avoid the high Gas Fees which eat up your very first Crypto instead stick with the absolute beginner friendly networks Base and Polygon, build your wealth from small. Later on, once you reach higher amount of money, embrace Ethereum's Gas Fees and in return you will be blessed with absolute security as well as well-funded pools.