Member-only story

Scott Debevic
4 min readApr 13, 2021

--

How high gas fees pushed me over to Binance Smart Chain and some of the BSC projects that I’m investing in

Today, I read a story about a person who put $74 in DAI tokens in PoolTogether, a crypto-powered lottery, and turned it into just about $40,000. I decided to research the project and it seemed like a really good idea so I figured I would give it a whirl. I wanted to put in a little bit of USDC and see if I too could get lucky. I spent $40 on gas fees approving access to my wallet. Then I got approached with a $300 additional gas fee to deposit my USDC in PoolTogether. I quickly rejected the option and, disgusted, I decided to try to just earn basic yield on my USDC in my Coinbase Wallet. That wound up being nearly a $200 gas fee! Now, I’m stuck with the USDC sitting in my Coinbase Wallet that I’m going to have to spend more gas fees to get it over to BlockFi or Celsius. Ughhh!!!

I have decided that I going to stop using the Ethereum network. It has become too costly to do trades or just about anything else for normal people like myself. I still own my Ethereum and will continue to buy it (in the expectation that improvements will make it reasonable again), but for now I am knee deep in the Binance Smart Chain (BSC). I first looked at the Binance Smart Chain when Ethereum delayed adding a layer 2 solution that Vitalik Buterin had promised was “coming in weeks.” I bought some BNB tokens, but couldn’t figure out how to use the Binance…

--

--

Scott Debevic
Scott Debevic

Written by Scott Debevic

My goal is growing wealth and earning passive income. Mainly focused on Bitcoin and crypto. Feel free to contact me at: scottdebevic@gmail.com

No responses yet