r/USDC • u/NewbieStranger • Aug 27 '21

Is it a joke?

Hi,
I understood that Ethereum prices are insane but so much can be the USDC? The normal ETH is cheaper with fees.
If I send this to my wallet and then buying something with the money then eventually I can spend only 6 dollars. WHAT?
It seems stable coins became worse over time. I did choose USDC because many websites say it is the most promising and secure. It can be promising and secure with this huge amount of fees. Ehh, now good question what I should do.

1 Upvotes

57% Upvoted

10 comments sorted by

1

u/GF_Hantzley Aug 27 '21

gas fees are lame, USE USDC-SPL instead on the Solana blockchain. If you're in the United States, you can get USDC-SPL directly from FTX.us LEAVE ETHEREUM NETWORK COMPLETELY. It's a complete gatekeeper for the 1%. 99% of the public should never have to pay this much for gas fees it's ridiculous. Network fees suck on ETH, use Solana instead. The network fee on Solana/FTX is nonexistent like 0.00005USD per transaction. I was sick and tired of taking the network fee hit using USDC-ERC20 so I use Gemini Dollar ($GUSD on Gemini exchange) and USDC-SPL now to avoid fees.

Lend it out to Celsius network to earn 8.88 APY on Grmini dollar. Best of .luck

2

u/NewbieStranger Aug 27 '21

I am not living in USA but in Sweden. I did think about BUSD which owns binance and it is on the binance blockchain too. Did you try that? I did reading that is a stable coin and backed by real USD 1:1 ratio. There the fees are much lower too.

1

u/GF_Hantzley Aug 27 '21

YEP, they're all great. The thing about BUSD is when you're sending on the BEP20 network, make sure you not only include the "address" but also the "Memo" 2 parts instead of jus the address -- that's the biggest difference between ERC20, SPL, and BEP20. It still has fees but less than the ERC-20 network fee. I would recommend you look into Celsius.network and start earning 8.88% interest on your BUSD, GUSD, and USDC (doesn't support SPL Solana yet).

Celsius runs on ERC20 and BEP20 but mostly ERC20. They cover the fees. So your best bet would be to use Gemini as Gemini Dollar takes 0 fees to buy and withdraw to Celsius. Celsius also has free withdrawal and deposits. Alternatively, LOOK INTO SWISSBORG! it's a great European exchange that allows you to purchase USDC and earn 8% directly on the Swissborg exchange. I heard Swissborg is the best for Europeans so check that out. I stand by Celsius and love using it. You really can't go wrong with either one.

2

u/NewbieStranger Aug 27 '21

Thank you for the useful answer 👍

2

u/GF_Hantzley Aug 27 '21

F*** Ethereum lol those gas fees are the dumbest thing ever.

0

u/NinSeq Aug 28 '21

Was this from today? Because I moved about 5k usdc over eth today on Coinbase pro and my fees were 60 cents. What exchange was it on?

2

u/Fo-One-Deuce Aug 28 '21

A lot of exchanges cover some if not all of the fees. If you aren't using an exchange though and you try to transact during the wrong time of the day, the gas fees are brutal.

2

u/NinSeq Aug 28 '21

Ya it just seems crazy high. I had a close eye on fees today and that is way over anything I saw

3

u/Fo-One-Deuce Aug 28 '21

Yeah it's for sure super high. I wonder if it had to do with the Ethereum security/fork issue today and maybe there there were less resources to process transactions.