How I'm Saving 95% on Fees With Bridging and You Can Too.
Bridging crypto between different smart chains is one of the easiest ways to save on fees. Learn how to bridge between chains quickly and cheaply.
They say that when you want to learn a language, it's best to immerse yourself in the language. If I have the choice to take Spanish classes or go live in a Spanish-speaking country, I will become a much better Spanish communicator living in the country. The same thing holds for crypto.
Initially, I traded crypto on exchanges. This is because it was my only choice when I entered the space. However, I didn't have the knowledge or comfort to trade peer-to-peer, so I set up accounts on different centralized exchanges. Then I discovered decentralized finance (DeFi) and learned to do much more in crypto and manage it all by myself.
By immersing myself in the DeFi ecosystem, I have learned many things that have made me money and other things that have cost me a lot. But with anything in life, you have to pay to learn. And now that we are entrenched in a bear market, I am using my knowledge to save as much money as possible as money is more scarce.
After spending more time in DeFi, I see how big of a ripoff centralized exchanges are. For example, if I want to buy $1000 worth of crypto assets on Coinbase, I have to pay 1% or $1. Meanwhile, on Binance.US, converting BUSD to US dollars (fiat) costs 2% and a small fee.
Secrets for saving on fees
I can often trade and purchase crypto assets for a lower fee than centralized exchanges using decentralized finance. Additionally, I keep custody of my crypto assets when I use decentralized finance. This is beneficial in a day when you can only partially trust any centralized entity in crypto.
Furthermore, decentralized exchanges offer a wider variety of coins I can buy and sell. Often, these cryptos are riskier than what you will find in centralized exchanges but also can be more rewarding.
When you load your crypto onto a Metamask wallet, you can use multiple smart chains. Different chains have different tokens, platforms, and fees. For example, Ethereum is…