I’m new to cryptocurrency. Actually not new, but I just recently got involved a bit serious.
And I just lost $50 transferring Ethereum between my wallet. Here how it happen.
I was actually on the lookout of an ICO (Initial Coin Offering) or coin which just launch which I think a good project with bright future. While on the lookout, I stumbled upon UFO Gaming Coin. I thought this is a good project.
I read their whitepaper and got interested. But as a small time investor, I don’t have a lot of money to be invested. So I thought, well its not going to hurt me if I invest $50 to this project, plus that’s all I can afford to invest.
I have around $50 worth of Binance Coin (BNB) in my trustwallet. I tried swapping my BNB coin for UFO Coin via PancakeSwap, just to watch it fail. It cannot go through. Only then I figured out, UFO Gaming coin is under Ethereum network. That’s why transaction cannot go through.
I did some research, found out that I need Ethereum so I will be able to swap for UFO Coin. Which prompted me to transfer my Binance Coin to Binance, convert my coin to Ethereum and transfer back my coin to Trustwallet.
To my surprise, the transaction costed me $14!
I tried swapping my Ethereum balance worth around $36 via Uniswap for UFO coin. And another surprise, its asking me 60 fuckin dollar for the transaction! Which of course I rejected.
Since I cannot make the swap, I was thinking I will just convert it back to BNB coin. I tried to transfer my Ethereum back to Binance, and another surprise. Its asking transaction fee of $60!
When I saw someone tweeted below, I was wondering. Is it really Ethereum network that bad?
I remember transferring my BNB and BUSB coin between my wallet, the most expensive fee was $3 and that’s it.
Someone transferred $883,169,000 in #Bitcoin and paid a fee of $0.90.
That’s a transaction fee of 0.00000000019%
No government bank or third party had to verify the transaction, nor could they have STOPPED IT, if they wanted to.
— Watcher.Guru (@WatcherGuru) November 20, 2021
Now my $36 money stuck in my Trustwallet because I cannot transfer out without adding more money for transaction fee and I cannot swap for other coin since the gas fee is too high.
That is how I ended up losing $50. Hope there will be a way to transfer it around without incurring a very high charges. Until then, let the money sit in that wallet.
I’m not gonna use Ethereum, ever again after this incident.