Other than Steemit (watch for a pro's and con's story on this) this month was my first month really getting involved with cryptocurrencies. Now I was one of the few who did buy Bitcoin around .10 and got out at .30 - .40 (actually it was a friend of mine in Russia who talked me into it and handled most of the transactions) but to me this was just too complicated and annoying in how they did business so I just got frustrated and dropped it.
A few weeks ago at the urging of a friend I turned my paltry bit of Steem into Bitcoin and through some exchanging turned that $42 US into currently $172 US, but this could have been more if the fees were not so damn high for such small exchanges AND if the exchanging didn't take so damn LONG. Waiting for something to change up to 2 hours kept me from snagging a low offering and making a small profit on it.
Another con for me was waiting for these damn crypto wallets to sync up - as of now I have 3 wallets still syncing (Potcoin - Dogecoin, and Daedalus) all at 20 - 30% synced - this is unacceptable, one would think that all these computer geeks making this shit would be able to have you download a wallet that is ready to go - and along with this con, why the hell can't they make a wallet that accepts all cryptocurrencies? A good example of wasted time and lose of profit, is Dogecoin, I downloaded the wallet when it was around .02 and it has hit a high of .07 but as of this post is around .0061 so even if I wanted to purchase I have no place to keep them, which brings me to my final rant about crypto.
WHY CAN'T WE BUY ALL CRYPTO WITH CC'S OR BANK WIRE? Why is it only a chosen few? I purchased some Funfair (FUN) this morning but because I had to use Bitcoin I lost $22 off the bat in fees and then lost another $6 in transferring the crypto to my wallet - not to mention the waiting period I had to wait to move the Bitcoin to my wallet (and the fees associated with it - so my $100 turned into only $60ish when I was finished - to me this is BULLSHIT. I never have that problem purchasing gold or silver - or moving around fiat currency.
So my main question here is "WHY CAN'T ALL THESE GENIUSES WHO CREATED THIS SHIT COME UP WITH A BETTER (AND CHEAPER) WAY TO BUY OR TRANSFER ALL CRYPTO'S?"
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If anyone has the answer to my cons please comment to help me understand this a bit more - if you have a downloadable wallet that takes all coins and doesn't take a week to sync or if you know of an exchange site that helps to exchange crypto easy and fast please post it
Thank you - a pissed off but still a believer in crypto
blockchain tech is still in development, but most of the cryptocurrencies are based on the original (bitcoin) which is the problem you will find in most places. The original bitcoin had a problem of scaling, where it solved so many other problems it introduced the scaling problem, and at the time the transaction cost wasn't one of the problems because it was a time where bitcoin wasn't worth anything, so who cares if you use 0.01btc on some transaction when you can get 500 for $2 or whatever. Now bitcoin is going into the tens of thousands of dollars each so the transaction cost follows along with that. There are plenty of cryptocurrencies that have tiny transaction costs, steem even manages to have zero transaction cost, but many of them use different technology so you will often notice exchanges only have wallets for coins using a certain archetype and are missing all the other ones, because they have to work with that specifically in order to have the coin on the exchange.
It's all a big convoluted disaster really, but there are many great things emerging from it too, like steem/golem for example :)
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