Any trader of Cryptocurrency loves the gains that we are witnessing right now. Whether a Bitcoin whale, or an Altcoin addict, the market is surging. Traders with no experience at all are even riding high and probably telling their friends about their "successful trades." I can't speak for anybody else, but when rookies start getting big breaks in the market, it makes me nervous. I begin to wonder whether my own personal strategy will be effected by moves unforseen. I start to wonder about "Butterfly Effects" if you will. On top of that I go to move investments and realize its going to cost a fifth of the initial investment to move it into some hardware.
I encourage anybody that reads this to please share your tips on avoiding hefty gas prices. I can shine only a small, possibly redundant light in the general direction of the complex problem. Ethereum in your exchange.wallet as long as you feel comfortable doing so. Moving to a personal wallet is sure to cost you a pretty penny these days. To move currencies between exchanges, EOS is the blockchain that ive been going with the most here lately. EOS doesnt charge for transaction fees at all, however the exchange you are withdrawing the EOS from may do so. The most that I have paid for an EOS transfer was about 30 cents. This bit of information is going to come in handy for traders that only use one exchange to buy crypto but use several to exchange them. I do this to avoid high dollar purchase fees. These occur when exchanges use third party crypto dealers such as Simplex. Cashing in and out through only one exchange also helps me maintain a higher degree of anonymity. Most exchanges require KYC verification prior to allowing traders to connect a bank account to the exchange. Thisalone takes away from the anonymous structure that crypto was founded on.
Right now traders are going to want to avoid moving small.amounts of a currency to a personal wallet. If you feel that your assets are secure in the wallet your exchange lends to you, leave them there until you acquire a good portion of that asset or exchange it for another. I don't much understand the ins and out of the logistics behind blockchains and wont feign to do so. I cant tell you why it doesn't cost a flat standard rate to move Bitcoin or Ether. I don't know how a change in price can make a currency harder to move. My best guess is that if there are more transactions miner fees are higher?
Tron was a go to for moving currencies between exchanges. The keyword in that statement is "WAS". Tronix (TRX) is a token on a blockchain of the same name. Tron was initially designed to push tokens of small value very efficiently with low gas prices. The currency was created with online casinos and other types of gaming in mind. A couple days ago the representatives of the Tron blockchain met to discuss a game plan that would revert the path of Tronix away from its initial, modest roots. The plan, called Proposal 51, would implement higher gas prices for moving the currency . The goal here is to make Tron a deflationary currency. When holders of Tron "freeze" the token for a minimum of 3 days they are rewarded with energy or bandwidth that is used to cover transaction fees. Now that Trons gas prices are up traders will.have to cover some or all of their gas prices by burning Tron. The idea behind this proposal is that as the total supply of Tron begins to fall away, the currency will gain value. While Bitcoin and altcoins surge in value, Tron has received gains that are mediocre. Proposal 51 has possibly changed the dynamics of Tron, only time will tell.
