My newbie stress reliever

[KingsGambet19]

It had been a very busy week with only few hours of sleep as a frontliner against this covid19 risking our life by saving others is a tough work. But I never did complain and instead continue to move on as life goes on.

As usual, I am trying to get the stress out by learning other things. What I mean is that learning about cryptocurrency. I was amaze the first time I had brought the ETH and send it to another wallet. At first I made a small attempt just to try the system and if it fails then it will be a small amount to be wasted. But, it was successful and I continue to manage for another successful transfer. I just notice something the transfer fees cost almost 4 USD was it normal transaction fee?

I consider the success as stress reliever. This is why I had been sharing this for I wanna know how other newbie feel as well at the first crypto transaction. Next stop is bitcoin but still it is difficult to understand how it works. ETH network seem better to understand than bitcoin blockchain network.

I might think as well to put savings in cryptocurrency and bitcoin would be better but not for now. Bitcoin is at higher price and too risky to get involved after seeing its graph which has been to almost flat 3k usd.

What can you say about the plan?

[1713494411]

1713494411

[Shimmiry]

~
But, it was successful and I continue to manage for another successful transfer. I just notice something the transfer fees cost almost 4 USD was it normal transaction fee?

Transaction fees for Ethereum recently just went high. This is because there are more transactions lately than the usual transaction traffic on ETH network. More traffic, more expensive fees. 4 USD is almost the average transaction fee recently, it's not normal than usual, because it is much less before.

AFAIK, transaction fees will be less in then near future, means you can save more from tx fees.

[mk4]

But, it was successful and I continue to manage for another successful transfer. I just notice something the transfer fees cost almost 4 USD was it normal transaction fee?

The Ethereum blockchain has been quite congested lately hence the quite-high fees. Funnily enough, bitcoin has had cheaper fees since the past month.

ETH network seem better to understand than bitcoin blockchain network.

It's actually the total opposite. Bitcoin is far simpler to understand simply because, well, it's a lot simpler! Ethereum is trying to be a lot of things at a time that it's a huge mess.

Bitcoin is at higher price and too risky to get involved after seeing its graph which has been to almost flat 3k usd.

Yeap, and it's not impossible for something similar to happen again. That's why when investing in speculative assets such as bitcoin, you need to control your risk. In general, it's better for an inexperienced investor to risk an amount of money that would sting just a bit when that asset's price crashes, but at the same time that you didn't risk so much money that you'd be homeless.

And lastly, in my opinion, don't delve too much into "cryptocurrency" in general as you're going to find a lot of crap in it. Here are some BETTER topics(in my opinion, of course) that you should delve into:

• Internet security
• Internet privacy
• Finance and Investing in general

And yes, I didn't even mention Bitcoin in the short list because I think these things are far more important to learn first.

[joniboini]

Next stop is bitcoin but still it is difficult to understand how it works. ETH network seem better to understand than bitcoin blockchain network.

I'm quite confused by this. How did you arrive at this conclusion? Which books do you read? Pretty sure if what you need to do is just send some satoshis then you'll find it very similar. Open your wallet, click send or something, input the address, set the amount, set the fee, and then broadcast (overly simplified but just for illustration).

[Assface16678]

If you think this becomes your stress reliever it's a good thing for you but I think it's not a good healthy habit investing a small amount of money and then you will reduce it too because there is a transaction fee. One of the best ways you should do is to store your money first and wait for the ETH or the BTC to fall down the transaction fee because most of them now are expensive.

I think you must be aware that the market of those you chose coins is volatile there is no assurance that you will earn or you lose your profit. It's better to prepare yourself for this kind of thing because it's needed and required a lot of technical skills.

[akirasendo17]

its a good thing that people now are starting to accept crypto currency in life , sooner or later we can't escape the reality that its here to stay,
when it comes to investment , you just have make a move when you see an opportunity, you also need to watch over it, because the price can move up and down in a matter of seconds, stress reliever I'm happy that its the effect in you. don't stop exploring

[KingsGambet19]

Next stop is bitcoin but still it is difficult to understand how it works. ETH network seem better to understand than bitcoin blockchain network.

I'm quite confused by this. How did you arrive at this conclusion? Which books do you read? Pretty sure if what you need to do is just send some satoshis then you'll find it very similar. Open your wallet, click send or something, input the address, set the amount, set the fee, and then broadcast (overly simplified but just for illustration).

Bitcoin wallet seems difficult with different types of address and its support. Switching from cold and hot wallets for I am using mobile bitcoin wallet. Seems technical but it could be learn anyway I am working with it.

[Alucard1]

It is the same feeling with me when I have my first-time transaction in crypto, at first I am a little bit nervous, thinking that I could go wrong when transferring my money to another crypto wallet, it takes a triple check for the XRP wallet address before I submit it and it is really satisfying when you already received the money you had transferred. It is a normal feeling and experience for beginners.
Well about the transaction fee, you better store first your money before transferring, it would be a waste of money once you are always doing it because it consumes a transaction fee. It is better if you do it with a large number of your money and.

[Little Mouse]

Fee is high due to the pressure on its network. A lot of transactions are made each day and that's why tx fee is high. However, it's not that high if you consolidate tx ehen fee is low.
It's not true that ETH is easy to understand and BTC is hard, if you spend enough time, you can learn easily. I have more knowledge on bitcoin than ETH because I spent more times on BTC blockchain.

I might think as well to put savings in cryptocurrency and bitcoin would be better but not for now. Bitcoin is at higher price and too risky to get involved after seeing its graph which has been to almost flat 3k usd.

It's not true. There's no other coin is as safe as Bitcoin because it has the highest liquidity. Even if BTC get crashed, it will eventually recover while other crypto most likely will not be able to recover.
Look at ETH. It's ATH is $1500 in back then 2018, then it crashed to 2 digit even and recovered to maximum ~$450. On the other hand, BTC ATH was $20k and crashed to $3800 but later recovered to $13k even. Which one had better recovery?

[tranthidung]

ETH network seem better to understand than bitcoin blockchain network.

Maybe I am different than you but from my perspective, Bitcoin is easier to understand than Ethereum.  

Regarding to transaction fees, on any network, you need to know how transaction works, basic rules and some vague discoveries on best time to move coins at cheapest fees. Eventually, make your plans and implement them when best time comes!

Now, if you check ETH transaction fee, it is good enough to send ETH and get confirmations with 51 Gwei. ^[1]

In the last 30 days

• Gas_used around 60k combines with gas_limit around 200k⁺ (p75) look to be good for confirmations.
• Hour-frames from 7 to 10 UTC are likely best.
• Hour-frames from 20 to 23 UTC are likely worst.
• Sunday is the best day (in median). Next one is Thursday (in gas_used, gas_limit) with median, IQR, and p75 values.

There are weekend-effects on bitcoin network and you can usually get cheaper fees in weekend-days (Sundays are mostly cheaper than Saturdays).
To be honest, I expect to see weekend-effects on ETH network. My findings make sense (somewhat) !


^[1]: https://ethgasstation.info/calculatorTxV.php

• ETH/ERC20 - Check and select good Gas price
• Gas_used and Gas limit (19/8/2020 - 19/9/2020) on ETH network (I run the analysis but data is not long enough -- just limited to 30 days so results are likely not solid and need bigger, longer data to confirm weekend-effects !)
• Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

Above are all about transaction fees, now I'd like to discuss with you on the investment aspect.

How did you think that invest in Bitcoin is more risky than in Ethereum?

• Bitcoin is King
• Bitcoin dominates the market
• Bitcoin can kill Ethereum price in market massacres (if BTC falls 5%, ETH might drop 10 to 15%)

[Pmalek]

One of the best ways you should do is to store your money first and wait for the ETH or the BTC to fall down the transaction fee because most of them now are expensive.

Ethereum's transaction fees are high due to all the craziness revolving around DeFi projects. But that has nothing to do with Bitcoin. The Ethereum fees are actually on the lower side today (below 100 Gwei). Lately they have been as high as 300-400 Gwei and they change frequently.

The weekend is coming up and that is usually a time when the mempool of unconfirmed Bitcoin transactions empties. That means moving funds at lower fees.   

[Raflesia]

One of the best ways you should do is to store your money first and wait for the ETH or the BTC to fall down the transaction fee because most of them now are expensive.

Ethereum's transaction fees are high due to all the craziness revolving around DeFi projects. But that has nothing to do with Bitcoin. The Ethereum fees are actually on the lower side today (below 100 Gwei). Lately they have been as high as 300-400 Gwei and they change frequently.

The weekend is coming up and that is usually a time when the mempool of unconfirmed Bitcoin transactions empties. That means moving funds at lower fees.   

Well maybe because of the madness of the DeFi project so that the transaction is higher it could also be because the high price of gas can go up more than 500, it touched when the ethereum price was $ 430 so this situation will not be normal once the network is still congested sometime the gas will go down again as before but don't want Ethereum going low; D

I have done transactions on Ethereum by sending tokens with low fees that are not sent all day, even at the end of the failure it cannot be confirmed, I still have to adjust to the current gas condition.

[NavI_027]

What can you say about the plan?

Well, there are things need to consider first before making crypto savings. First, if you are only putting extra money from your source of income (whether a job or came from business) then that's fine because it will not harm you once the situation gets worse. But if you are planning to invest some coming from your monthly budget then Abort the mission! right now. That was a bad move for sure.

Actually, it doesn't matter whether your entry point is around $10k, lower or higher. It's not the issue. The crucial thing here is you are trying to make a volatile asset as your savings. I hope you understand what I'm talking about.


Anyway, thank you for your service as a frontliner kabayan. We salute you . God bless and keep safe.

[Lordhermes]

I just notice something the transfer fees cost almost 4 USD was it normal transaction fee?

Yes it normal as the network is getting congested while miners needs high fees for fast transactions. Bitcoin on the other hand has low transaction fee when using electrum segwit wallet for transaction, why not consider using it for your daily routine transaction to save fees.

Bitcoin wallet seems difficult with different types of address and its support. Switching from cold and hot wallets for I am using mobile bitcoin wallet. Seems technical but it could be learn anyway I am working with it.

Bitcoin nertwork is not difficult as people think, although it's splits right from hard fork. Different wallets supports different bitcoin addresses, and so you have to be conversant of these,  electrum wallet supports both legacy and segwit addresses.  Read more about mobile wallets at this article [Gerenral] Bitcoin wallets-what, which, and why

[Bekuciwu9]

I consider the success as stress reliever. This is why I had been sharing this for I wanna know how other newbie feel as well at the first crypto transaction. Next stop is bitcoin but still it is difficult to understand how it works. ETH network seem better to understand than bitcoin blockchain network.

For me bitcoin is really simple and straightforward, and i dont have to worry about failed transactions that i hate when it comes to ethereum because  fees are high now .

[20kevin20]

If $4 is the amount you have to pay for an ETH tx fee, then BTC is way more affordable right now. Small sat/byte fees go through quite easily these days as far as I've noticed. Guess the DeFi hype caused some troubles with the ETH network.

ETH is only easier to understand from one perspective: you have a static address that you use every time. Otherwise, BTC is much more newbie-friendly imo.

But now going back to your question, I don't get what your plan is? It looks like you're stress-relieved when you make txs - is that what you're planning to do? Just to move funds from one wallet to another? As a newbie, the best stress reliever is securing your funds. Try to learn some stuff about wallet security (purchasing a Hardware Wallet is the easiest way) and secure your funds at all times. Once you're done, besides volatility, you won't have much of a stress anymore.

[pooya87]

ETH network seem better to understand than bitcoin blockchain network.

it might be because you have not yet tried to understand it otherwise bitcoin is so much simpler than ethereum. not to mention that it has lots more documentation and lots more good information on the internet from wikis, stackexchange site and forums.

Bitcoin is at higher price and too risky to get involved after seeing its graph which has been to almost flat 3k usd.

you don't have to buy a million dollar worth of bitcoin to take such high risks
you can buy 10 bucks and use that to learn how it works.

on top of that you can easily and within minutes start using bitcoin testnet (that is a test network exactly like bitcoin but the coins there have no value) and test bitcoin.
- download Electrum and verify its signature
- install and run it with -testnet command line parameter
- google bitcoin testnet faucet or ask someone to give you some tbtc for free
- receive and send coins as many times as you want without worrying about losing money while learning how things work.

[aioc]

I consider the success as stress reliever. This is why I had been sharing this for I wanna know how other newbie feel as well at the first crypto transaction. Next stop is bitcoin but still it is difficult to understand how it works. ETH network seem better to understand than bitcoin blockchain network.

I might think as well to put savings in cryptocurrency and bitcoin would be better but not for now. Bitcoin is at higher price and too risky to get involved after seeing its graph which has been to almost flat 3k usd.

What can you say about the plan?

\
It's ok to invest in Cryptocurrency as long as you invest what you can afford to lose, I would like to correct you, Bitcoin is the safest investment here, it has volume it has liquidity and it has potential and the first one who started it all, nobody so far have loss to Bitcoin they just need to know the correct time to buy and to sell.

[noormcs5]

I might think as well to put savings in cryptocurrency and bitcoin would be better but not for now. Bitcoin is at higher price and too risky to get involved after seeing its graph which has been to almost flat 3k usd.

What can you say about the plan?

You are wrong here. Bitcoin at 3K was a past and it wont come back to that price again. The current price is bitcoin is still very low when you consider that bitcoin all time high was 19800$. So if you buy bitcoin today at half the ATH price, you can earn 2x profit when it will again reach ATH. But for this you need some patience as it will take a bit of time.

[Asuspawer09]

It had been a very busy week with only few hours of sleep as a frontliner against this covid19 risking our life by saving others is a tough work. But I never did complain and instead continue to move on as life goes on.

As usual, I am trying to get the stress out by learning other things. What I mean is that learning about cryptocurrency. I was amaze the first time I had brought the ETH and send it to another wallet. At first I made a small attempt just to try the system and if it fails then it will be a small amount to be wasted. But, it was successful and I continue to manage for another successful transfer. I just notice something the transfer fees cost almost 4 USD was it normal transaction fee?

I consider the success as stress reliever. This is why I had been sharing this for I wanna know how other newbie feel as well at the first crypto transaction. Next stop is bitcoin but still it is difficult to understand how it works. ETH network seem better to understand than bitcoin blockchain network.

I might think as well to put savings in cryptocurrency and bitcoin would be better but not for now. Bitcoin is at higher price and too risky to get involved after seeing its graph which has been to almost flat 3k usd.

What can you say about the plan?

I think experiencing and using cryptocurrency, bitcoin,ethereum, etc. is really a unique experience for a lot of people, and it's really satisfying just looking at the technology or knowing that it is possible to make a transaction at this way. Maybe it's a great stress reliever for some people like you.

But personally, I think making an investment is not a good stress reliever at some point since you could lose your funds because cryptocurrency is just a risky investment. I guess you could still enjoy trading because earning a profit would really make you great but at the same time losing is not. Still, you need to make it as your investment, not just a stress reliever.