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Wyldanimal
MODERATOR
Mitglied seit in Mar 2008
17111 Beiträge

My "first" experience with crypto currency

Alles über iStripper
24. September 2022, 24 antworten
A question: Are you able to sell the "left overs" and get back some of your money?

One must keep in mind, that every Crypto transaction has a Fee attached to it.

Someone, must do the work to process the Blockchain and that is where you get the, mining of crypto from.
when you Mine Crypto, you spend CPU or GPU cycles and Electricity to do all the Math to calculate the New Block Chain, and for that service you are rewarded with coin.
When you figure it all out, small time Miners barely break even, or they might even end up with a loss.
They spend more on Electricity, than they make on the process.


So where does that coin come from to pay the Miner? The person making the transaction pays for it as a fee.

On the ETH network it was/ is called a GAS fee.
And it has been Very High.

So no matter which way you go.
Buy ETH or Sell ETH the fee to do so was very high.
But even Higher when you traded ETH for something else.

Also, you have to have enough coin in your wallet to pay the GAS fee.
if you initiate a transaction, and run out of GAS in the middle of the transaction.
your transaction fails, but the GAS used up to the Point of failure is Lost.

So if the gas needed was 25.00 ETH, but you only had 20.00 ETH.
you'd loose your 20.00 ETH and the transaction would fail.

Also, you can get Bids that let you know how much GAS you will have to Pay, and select from the low Bidder.
Or you can put you transaction up for Bid, with a GAS fee limit.

But just because you accept a Bid, does not Guarantee that your Transaction will succeed.
you might still run out of GAS, and end up with a failed Transaction.

Best to always go with the Estimated GAS fee needed, than to Low BID on the GAS.

if someone with more crypto experience finds anything her incorrect,
Please post a correction.

this is all based on my past 5 years of Crypto Investing
( which tanked in the end of 2021 and early 2022 and I pretty much Lost everything. )





mdekker
Mitglied seit in Oct 2007
199 Beiträge

My "first" experience with crypto currency

Alles über iStripper
23. September 2022, 24 antworten
Management summery: Don't do it.

Okay, not my real FIRST experience with crypto currency since I own a few digital Gulden coins for fun and nostalgia, but my first experience in trading and buying things using crypto currency. Why? Because there seem to be good deals buying iStripper credits with crypto currency, better deals than buying credits the more traditional way with credit or debit cards or via ideal.
So I figuered I'd go for the 3000+600 credit deal for €249,99. I had already set up a Trust wallet for Dolz, so I thought I might as well use that one and Ethereum seemed to be the coin to work with. So I bought just enough Ethereum to be able to buy the iStripper credits (that in the end seemed to be my only mistake.... I'll get back to that later). So I bought €253,64 worth of Ethereum (apperently there is a different conversion rate iStripper calculates with on their site, but hey , what's another €3,65). On top of that I was charged €11,19 "processing and network" fees. So by now my €249,99 deal has already cost me €264,83.
So now I have enough Ethereum to buy my so desired 3000+600 credits deal and I went on to buy it, only to find out the sell was cancelled because I did not have enough Ethereum to buy the "prosessing and network" fees for that transaction (see, this is where my mistake kicked in). This left me with no other option than to buy another €49,98 worth of Ethereum, since that is the minimum amount one can buy Ethereum using this broker.
Now having enough Ethereum to buy the 3000+600 credits deal and the "prosessing and network" fees i continued to do so and... succeeded 😄
What am I left with? Well... I have my 3600 credits and I am left with about €45 worth of Ethereum which I will most likely never use again (or maybe on Dolz😎). In the end these 3600 credits and left over Ethereum did cost me ¢314,81. That would be €0,087 per credit. If I fool myself and reduce it with the €45 left over Ethereum, I end up with €269,81 for 3600 credits, which is €0,075 per credit. On the other hand, had I bought 1320 credits for €99,99 by credit card, it would have cost me €0,077 per credit.
My conclusion: just use the credit/debit card promotions instead of going the crypto currency way. Even the best crypto deal with iStripper only matches the less attractive traditional debit/credit card deals. The "prosessing and network" fees are the dealbreaker. They are left out of the equation on the promo site, but it makes all the difference and eats up any benefit you expect to make. The only reason to use crypto currency is if you are already into that and can use the "left over" coins for other intentions or are able to share the "prosessing and network" fees. The positive note on this experience: buying and selling coins was easier than I expected it to be.
celine
TEAM
Mitglied seit in Sep 2007
8044 Beiträge