Even As A Crypto Noob, These Gas Fees Are Too High!


Too Damn High

Most of you know that I am not too experienced with crypto and I don't quite understand the technology behind it. But that doesn't keep me from collecting and buying into crypto. I started as a bitcoin man, but I soon ventured into other alt-coin projects. I even started to dabble with stablecoins because I liked the thought of having a hard value for a coin. 

For the longest time, I had been sending all my coins to BlockFi to earn a good chunk of interest. This was a great strategy because at that point in time fees were minimal and would not eat into your profits. It pains me to say that this is no longer possible. Today I tried to transfer $30 in $USDC to BlockFi and the gas fee was $2.27. With a fee that high, I cannot justify sending it over to BlockFi at the moment. It would take far too long for that $30 to recoup the loss of $2.27 right off the rip.

This also applies to anything alt-coins I have sitting in my Atomic Wallet. I would love to swap and convert a majority to $BTC or $ETH, but the cost is just getting so high that I am just sitting on *essentially* useless coins right now. All my earnings from Publish0x and other platforms are not working as hard as they could be for me and it is a big bummer!

With that being said, I am still super interested in growing my crypto holdings, I just wish that I was able to earn a better return at this time. It can be hard to do when you have your assets spread amongst so many different wallets and addresses. This was just a silly rant about someone who doesn't understand what a gas fee is or why it exists, but still recognizes the annoyance of it! 

 

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*The BlockFi link within this article is a referral link*

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CryptoSnarf
CryptoSnarf

Snarf, but with a hint of #crypto


Personal Finance and Investing
Personal Finance and Investing

I really enjoy talking about personal finance. I like to share my insights with others' as well as learning from others. I also like to share my financial and investing journey with other people.

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