You Can Send Millions In BTC For a Few Bucks in Fees, But You Need $100 on Ethereum for "Ants Transfers". Hive, You Need To "Kill It"...

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Ethereum has yet to be killed and so far quite a few projects are relying on this old dinosaur. You literally can't even have access to most of the famous NFTs without ETH and there are probably hundreds of ERC-20 tokens built on it. Ethereum is somehow the biggest compromise we have to have in crypto.

On one hand it allows for tons of apps and projects to be built from scratch, but on the other transactions using ETH are so damn spicy. It's insane... You can literally send millions in BTC for a few bucks in fees, but you need $100 to move a few grands worth of ERC-20s around. I've got myself burned with ETH for the second time, last night.

It's not the first time I say I'm not touching ETH or any ERC-20 token ever, but I do plan on making it the last one. I had a feeling last night that alts are going to have a party the next few weeks/month and I thought I should trade UMA and the liquid LINK I had for some ETFs on Binance. Those are leveraged tokens with up to 4x.

If you know how to play your game with ETFs you can have a better ROI on short periods of time than by holding actual crypto. To be able to send UMA and LINK from my Exodus wallet to Binance I had to have ETH for gas fees. Man, ETH gas really hurt my belly...

EthereumGasFeesontheSurgeETH2.0toProvideSolution.jpg
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Hence I had to buy ETH from Binance, send it to my Exodus wallet for $17 in fees, use $50 worth of it to send UMA from Exodus to Binance and about $25 to send LINK and I also paid $7 to send the rest of ETH back to Binance. Such a pain in the ass. About 100 dollars for such a small transaction. In this regard BTC is killing ETH...

You can't play games or build DeFis on BTC though, but you can do that with Hive and that's where my hope is. To have so many apps and use cases on Hive that I wouldn't even think of using ETH. I honestly hope this was the last time I had to use ETH. It's weird you know, they've been talking of upgrades reducing GAS fees for years literally and nothing happens.

Cardano and Solana are eating the gap between them and the king of DApps and hopefully they'll become viable alternatives for Ethereum, as this Russian flavor blockchain is literally a plankton and minnow killer. The fees are insane. I don't know if there's any other blockchain with so high fees.

Hive is dirt cheap though, it's actually free and it's becoming a competitor to Ethereum as well. Splinterlands being a proof in this regard. I have honestly never had any issue sending HIVE to an exchange, between exchanges, or to another account. It's so damn fast and free to use. I'm staying away from ETH and its ERC-20 tokens until they do something with the fees.

What about you, are you using Ethereum often, how do you feel about the fees?

Thanks for attention,
Adrian

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(Edited)

I have stopped using ETH since November 2020 to be exact :P Not exactly but you know what I mean. I have 300$ worth of various tokens in my metamask wallet chilling just because of ETH fees. I don't know what to make of ETH fees. Its success is its own failure for non-millionaire crypto individual like me :D These days, I solely thrive on BSC and Matic. I need to explore Solana and Cardano projects.

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May I know exactly what tokens you have? While preparing to get into minting NFTs on OpenSea I've discovered some new things which made me alter my plans and learn more about them before proceeding with my minting.

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Nope, I stay away from ETH. It's useless. I still have some ERC20 tokens here and there yet their value is less than the fees to sell them so ... I forgot about them already.

@tipu curate

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I got some and I said just forget it I have to pay a high fee when the tokens are not worth that much
how did you become a @tipu curator?

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Curators need to be nominated by me but currently there are no free spots :(

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The fees seem to have more years to live, so I guess we got played thinking some fork will lower 'em?

Speaking of Solana, I'd stay away from that for the mean time, a lot of system failures lately and that's some pretty bearish events, so glad I followed my guts and not FOMO into it at $200 per unit, I almost.

However, Hive, I guess good things take time, I'm more enthusiastic about Hive than I am about Ethereum fees getting lower.

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I use layer 2 stuff like optimism and polygon. I think ethereum will be huge in the near future as big corporate gets involved so its good to hodl but use other blockchains for defi and utility.

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Many people have used Etherium for their learning. And in the end, the sums earned do not cover the exchange fees. There are solutions to avoid its fees. For example through physical exchanges. If, you know someone who wants Etherium and you want USD. Just make the exchange by transferring from account to account. And you get the dollars back in cash and in your hands.

In Paris, it is the Golden Boys who make this type of exchange

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(Edited)

Pulsechain solves this

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I honestly never heard of it...

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Look into it, worlds largest airdrop, it will be forking ethereum and bringing over the entire system state. So you will get a copy of all of your ERC20 tokens over on Pulsechain.

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Ethereum transaction rate is too high, Even main blockchain wallet, there transaction is high but for Hive they say is free.

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I'm sorry to break a spear in favor of ETH, but it has the tx cost it has because people USE IT.

Do you want cheaper fees? Perfect, use Arbitrum or another cheaper chain (but remember you're exchanging security for UX).

Probably it's because I'm a relatively 'big' player and can afford to pay ETH fees, but I see the high cost of tx in ethereum as a feature, not as a bug.

If you know how to play your game with ETFs you can have a better ROI on short periods of time than by holding actual crypto.

Don't think so. Holding beats Trading long-term, always. I encourage you to AVOID at all costs using leverage of whatever form. Even more in Binance (famous for being down in moments of extreme volatility). Please, be careful.

In this regard BTC is killing ETH...

Not really. Apples and Oranges there. we're not talking about the same because 100% of Bitcoin is into the Store of Value proposition. Sending 'plain' ETH costs around 2-5$.

I'm staying away from ETH and its ERC-20 tokens until they do something with the fees.

Ironically, 90% of ALL my assets are in ETH or ERC20's because I can't afford the risk of other chains like Solana after the recent events, for example.

Would you risk being trapped in a centralized chain because 'xyz'? Remember how it was the exit process from Steem?

No way. This is the reason we pay to use ETH. Because it's the place where 90% of defi and settlement happens.

For all that reasons (although I would prefer them to be a bit more user-friendly) I prefer to use Ethereum.

Regards Adrian. Hope you're fine :)

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Thanks for the comment, but I will still stay away from Ethereum. In regards of those Binance leveraged tokens I own, they're not the same as leverage trading. It's just they're a bot more volatile and the ups and downs are stronger than in the case of holding the actual currencies. It's up to 4X. I thought the rest of the year will see the bull cycle continue and I'd score a better revenue by putting some money into them.

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(Edited)

It's up to 4X.

4x is not 40x, but it's not 1x either. And if you can't sell it in moments of high volatility (because of platform inaccessibility), you are better off holding the base asset. EDIT: With 4x, a sudden 25% drop produces 100% loss.

empo knows what he's talking about. Including about Ethereum. That doesn't mean that I like it.

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You can always set limits. When it comes to exchanges going down, you're in the same water weather holding ETFs or actual crypto. You still have to wait for it to get back running before being able to send your coins. I do believe that DCAing will keep me out of such situations.

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exchanges going down

Well, that's why I don't keep almost anything on exchanges unless I need them as intermediaries.

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Fee is the major bottleneck, difficult to scale and sustain. ETH 2.0 might solve some problem, there are promising candidates like Poly, cardano etc. Hive is indeed amazing in terms of transactions, many reliable systems can be built on it. Hope the market recognizes this sooner.

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agreed eth need an update and what coming soon.
but the hive is best cause no fee just some resources credit which will fillup again and you can do as much traction as you want with no fee

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I remember there was a project trying to bring Ethereum smart contracts to HIVE; very much like BSC with added features of HIVE. That could be an easy way to get some DAPPs to migrate.
!PIZZA

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The only thing I have of ETH in an empty purse waiting to be filled, but because of the high cost, I think it will remain empty for a long time.

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