Why the fees are too high for trading crypto currently
Airdrop 29
Trading
3 years ago
1 QCP
Hi All
I felt compelled to write this post today as I transferred a tiny bit of chainlink #link to my metamask wallet and OK I expect a small fee to pay which from coinbase to Metamask the transaction took less than two minutes.
So one of the things i've found with Decentralized Finance #DeFI coins is that the value rises so quickly so for something that when it is released costs but a few cents, and rapidly like in months coins are then trading for a dollar or more, which is huge. So why pay $100 for 100 coins when getting in early will get you a 1,000.
So i txfered my bit of link to Metamask and wanted to purchase some new YFI Coins there's been a few released over the last couple of weeks and you can find all the latest coin releases here https://coinmarketcap.com/new/ always worth giving this a look at once a week.
Metamask charge eth fees to swap one coin to another, so now i've paid my coinbase fee and now metamask want to charge me another fee, which in my eyes was nothing less that astronomical for exchanging $65 of link they wanted $22.54 dollars for a slow transaction up to $40.00 for a fast one which in essence means a guaranteed transaction.
Now you see why the fees could kill the growth of #defi exchanges, Dapps are moving forward and people can become rich, especially those that bought into #Uniswap #UNI early on.
So this is just a warning to all instead of just clicking accept the fees when making a transfer and if the txfer is pretty much the value of the coin being transferred it may just be worth leaving it on the exchange where you purchased it originally.
I personally think for DEFI to thrive the fees need to be reduced and drastically I didn't go ahead with mine due to the costs, and I suspect millions of others are dropping out as well.
My ideas are either a set fee or a max fee of say $5.00 but scaled up to $5.00 as this will encourage use and will see defi rapidly grow, for now i'm just going to carry on buying but leaving on the exchanges such as Coinabase and Binance as this seems the cheapest option with the current trading conditions.
i've enclosed a graph of the top coins in DeFi today so you can see what I mean how quick they are growing in value.
Good luck with your crypto trading and go careful, remember it's a gamble after all.
I'm on twitter as well @DefiCrypt
Thanks for reading
I felt compelled to write this post today as I transferred a tiny bit of chainlink #link to my metamask wallet and OK I expect a small fee to pay which from coinbase to Metamask the transaction took less than two minutes.
So one of the things i've found with Decentralized Finance #DeFI coins is that the value rises so quickly so for something that when it is released costs but a few cents, and rapidly like in months coins are then trading for a dollar or more, which is huge. So why pay $100 for 100 coins when getting in early will get you a 1,000.
So i txfered my bit of link to Metamask and wanted to purchase some new YFI Coins there's been a few released over the last couple of weeks and you can find all the latest coin releases here https://coinmarketcap.com/new/ always worth giving this a look at once a week.
Metamask charge eth fees to swap one coin to another, so now i've paid my coinbase fee and now metamask want to charge me another fee, which in my eyes was nothing less that astronomical for exchanging $65 of link they wanted $22.54 dollars for a slow transaction up to $40.00 for a fast one which in essence means a guaranteed transaction.
Now you see why the fees could kill the growth of #defi exchanges, Dapps are moving forward and people can become rich, especially those that bought into #Uniswap #UNI early on.
So this is just a warning to all instead of just clicking accept the fees when making a transfer and if the txfer is pretty much the value of the coin being transferred it may just be worth leaving it on the exchange where you purchased it originally.
I personally think for DEFI to thrive the fees need to be reduced and drastically I didn't go ahead with mine due to the costs, and I suspect millions of others are dropping out as well.
My ideas are either a set fee or a max fee of say $5.00 but scaled up to $5.00 as this will encourage use and will see defi rapidly grow, for now i'm just going to carry on buying but leaving on the exchanges such as Coinabase and Binance as this seems the cheapest option with the current trading conditions.
i've enclosed a graph of the top coins in DeFi today so you can see what I mean how quick they are growing in value.
Good luck with your crypto trading and go careful, remember it's a gamble after all.
I'm on twitter as well @DefiCrypt
Thanks for reading
- Buy/Sell Crypto
- Crypto exchange
- DeFi
- Ethereum
- Crypto fees
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