MyCrypto BETA - Easy LRC, DAI and BAT Cross-Conversion
MyCrypto BETA Image

MyCrypto BETA - Easy LRC, DAI and BAT Cross-Conversion

By Thomas Wolf | Thomas Wolf's Den | 20 Apr 2020

LRC, DAI and BAT all cross-convert through MyCrypto Beta.  In fact, cross-conversion is really easy!

So, if you were worried about LRC being too much of a pain, or worthless, think again.  Most of you are probably ready to instantly cash out to the token of your choice if you previously installed MyCrypto and MetaMask.

I'm glad I opted to check out their Beta site as it's much nicer and I ran into functionality issues on their present site when I went to make conversions.  I ran into an error page on the original, but, I did not have any problems with the Beta version and I like the feel, and functionality of the new site a lot more.

The trio of MyCrypto's desktop wallet connected through MetaMask's browser plugin connected through MyCrypto Beta's website makes all conversions and transfers extremely easy.  There is a tutorial for setting up MyCrypto and MetaMask directly through MyCrypto if you haven't done it:

One thing that I didn't see in the guide that I'll make a quick note of: You need to activate DAI, BAT, and LRC by going to "Don't see all your tokens, click here to add a token." and add them one by one (there's only 3).  Otherwise, you may freak out and think your funds didn't show up.  Don't worry - they all do, you just have to tell the wallet/s to display them and they display instantly.

Now that I know how easy it is, I am not worried about what I get paid in here on Publish0x - all the tokens cross-convert readily!

There's a process of course, but it's very intuitive on MyCrypto Beta.  It's the same for each token - DAI, LRC, BAT.

I would do a walkthrough but the reality is, you probably won't need one since you have the link to how to set up MyCrypto and MetaMask, and MyCrypto Beta is ridiculously intuitive.  I'll be happy to answer questions if you have any, though.

MC to CB
I cross-converted my earnings to BAT to help buffer recent BAT losses and sent it to my Coinbase account.

MC to CB 2 Confirmed
And as you can see, everything arrived just fine.

So, that's the good news - cash outs will keep going and we can have our choice of what to be paid in.  Here is the slightly bad news.

Fees are an unfortunate part of how Ethereum tokens operate, and ETH is required to convert and move your funds.  I think Ethereum is a great investment opportunity during the current crash, especially with my increase in support for BAT and LRC!

The only downside I am seeing so far in being paid primarily in LRC is now I have to pay "gas" in Ethereum to convert and send the earnings to my Coinbase wallets, and there is a low conversion fee added on of 2.5%.

The fees required me to send a little Ethereum (about $1 USD) from Coinbase to my MyCrypto wallet to pay for the gas to send my earnings to Coinbase, so, I had to spend a little money to get my earnings.  The only thing I did wrong (I think it cost me 0.03c in ETH gas) was not clicking advanced settings during my first transaction so that it would automatically calculate the gas and it failed.  I let it calculate automatically the second time and it worked instantly.  I left a little ETH in my account for future conversions, but I'll note you can cross-convert to ETH as well - once you have a little gas.  For this reason, it seems smart to keep a little ETH in your account at all times.  It's pennies unless you are making many times what I am here.

Otherwise, I have far better feelings about MyCrypto's desktop wallet program and Metamask than I did when I first joined Publish0x.  I regret even writing an article to show that you could withdraw BAT to Coinbase directly; it was not productive in the long run, though that is how I performed every withdrawal I made prior to this.  These were my first DAI and LRC withdrawals from Publish0x.

My current evaluation is that LRC and MyCrypto/MetaMask are great.

That, and I hate paying for gas whether it comes from a pump or a crypto exchange, lol.  A necessary evil, I am afraid!  But, it's not so bad - some fees to keep the payment engine running is better than no engine running at all; the added option to choose what to convert all of your earnings to buffers the fee aspect a little, at least to me it does.

I really dig the MyCrypto Beta dashboard:
MC Dashboard
As you can see, it pretty much has the answers right in front of your face, and below this, the site lists your accounts and recent transactions.

How are you guys adjusting to the switch?

Also, If you haven't already read it, MuyAsk wrote the article "Top Things You Should Know About Loopring and LRC" and you should read it immediately; this is Publish0x's official article and is by far the most informative one you are going to find about Loopring and LRC as a whole.

-Thomas Wolf

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Thomas Wolf
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Technical Researcher, Writer & Editor. Cryptocurrency & Blockchain Technology Advocate, STEM Student, Self-Taught Techie, PC Gamer, Nature Enthusiast, DIY Specialist, and Market Trader.

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