Ridiculous Network Fees | We Are Really Spoiled By Hive

in LeoFinance8 days ago

First, how are you?

Markets are bleeding. Not that It really impacts me a lot, I am not a trader but rather just your uninteresting coin holder who takes advantage of the good times (lucky shots) some times.

The current bull market though somehow compels me to try and learn something new each time, like for example checking out other blockchain projects and this thing called DEFI. The learning curve is steep, as in Mt.Everest-steep but since the majority is saying that cryptocurrency is still in its infancy, it is just right that I explore more.

Recently, I have tried PankcakeSwap and staking on Cardano ADA, both of them really were nerve-wracking for a n00b like me.



Spoiled by Hive

My first crypto exposure was of steem Hive. Though at the beginning there were also lots of things to learn, I can definitely say, after trying the above, that Hive is still a lot more "noob-friendly" than other blockchains.

I could not help but compare how straight-forward the processes here at Hive - powering up/ staking, wallet transfer, or even delegation. Unlike other networks, we do not have to deal with complex addresses when performing wallet transactions. We only have to make sure we spell out the correct username. What's more, the transactions are almost instantaneous!

The other day, just before the current epoch on the ADA blockchain, I tried to transfer some more ADA for staking. While on my first try, the transfer only took 15 minutes, this time around it took almost 4 hours! I went to sleep (really couldn't) with much anxiousness. Thankfully, the funds were there in my wallet when I checked in the morning.

Network Fees

Oh, and need I say about the network fees? Here in Hive, we can do peer-to-peer transactions without fees.

I really do not pay a lot of attention on fees, example when we have to move our hive tokens to an exchange. But those high fees, like ETH for example, I stay clear from them.

On Bittrex
On Abra


But when it becomes this much, a button is pushed here. 😅 This small-timer cannot afford to spend $54 on fees! Ridiculous!

The current bloodbath is giving me opportunities to buy some coins on sale so I decided to move some of my USDTs to Binance. The fees stalled me for a while, as I thought of means on how to be able to move my funds without incurring that much fees - 2 wallets would mean USDT 108, that's no joke. Until I decided I have to buy other coins with smaller network fees with my usdt first, before moving them to Binance. In total, I spent around $3 in fees. That's way more acceptable than $108.

How about you, how do you go about high network fees?

❤️ Arlyn


Cover image credit: Canva

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This is one of the reasons I dislike ethereum. Gas fees are ridiculous. One cannot do anything on that chain without paying through their noses.

$50 transaction?! That's enough to get one a sizable amount of hive. We are really spoilt here. Hope it remains that way

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Yeah, right. $50+ in fees is really outrageous. Well, I also hope it won't change here on Hive.

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Compra dogecoin muevelo y veras como se ahorra una fortuna de dinero en fees haga la prueba.

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I didn't try doge... maybe if I'd be in such a situation again next time.

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There’s a trick for USDT transfer from an exchange to another. You can use TRC20 (tron) blockchain instead of ERC20.
Fees are 0 for that :)
What about ADA staking ? How are the fees?

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You mean buy tron first? I'd take note of that next time, if I'd be in another such situation. :)

In ADA, there was 2 ADA fee to activate the staking wallet which will be refunded once you unstake.

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No no do NOT buy tron to perform the trick.
When you transfer USDT you have to chose which blockchain to use. Either ERC20 or TRC20 or OMNI. All come with fees associated except TRC20.
It’s a direct transfer from USDT to USDT using the Tron blockchain.

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Oh, I see, I see! Though I did not find that option when I transferred out from Bittrex and Abra. I think I see that on Binance. I'd keep that in mind for next time. Thank you! 🙏

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I could not agree more
Hive was tricky at the beginning but nothing like the wild, wild west of crypto out there haha
My Hubs is not into crypto, but now showing some interest and I keep telling him that Hive is truly the place to be.
It's own eco-system - it's like one of those high-end gated communities that has everything (school, hospital, clubhouse, commercial centre) that you don't even need to step out if you don't want to hahahahah
I think you are doing great stepping up your game :D

So true! Everything is here. That is why when I see other crypto projects being discussed elsewhere that says, "this so and so" is going to be their core thing, I am like - "Hey, we already do that in Hive!"
The only thing is that the token price has really stagnated. It should really be worth more.

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