Disclaimer

The content on this blog is for informational and educational purposes only. I am not a financial advisor, and nothing contained in this blog constitutes financial, legal, or investment advice. All content represents my personal opinions and experiences with cryptocurrency.

Any information about cryptocurrencies, tokens, or related technologies should not be construed as an endorsement or recommendation to buy, sell, or trade any investment or security. Cryptocurrency markets are highly volatile and risky. Never invest more than you can afford to lose.

Before making any investment decisions, please conduct your own research and consult with qualified financial and legal professionals. I am not responsible for any investment decisions you make based on the content of this blog.

My experiences with crypto

It’s been a few months since I’ve been used one of my favorite cryptocurrencies, EOS. My time for things in life that make me happy is dwindling down, and I’m glad I have the chance to make time for checking in with EOS once in a while.

I have never been interested in Ethereum or Solana, as even Solana’s fees can become unaffordable. I once was playing around with leveraged trading at low amounts. It wasn’t the leverage which killed me, it was the fees! It cost almost nothing to open a trade, however closing your position costed around $7 at the time. I eventually cashed out, and the math worked out well, but that experience still haunts me.

The implication of fees

While $7 does not sound like much, if you are trying to partially withdraw profits on trading, or doing other tasks, these fees can stack up to incredible amounts. Don’t believe me? Just watch a video with MetaMask in it, where the user will most likely sign a transaction with over $10 (sometimes in the hundreds!) in fees, as if it’s nothing.

Unfortunately, I don’t think I will ever be an active user of blockchains like these, as I cannot fathom paying such fees.

EOS has worked for me

Bringing it back to EOS, I have noticed EOS has been the only blockchain I have used to trip some massive fee. Trading, gaming, and transacting on EOS can come with an upfront cost of network resources and fees for creating a wallet, however that’s it. Transactions are “free” because you are utilizing your staked EOS (you can get this back after staking for 4 days).

I must be honest, though, I do not see an investment opportunity or future in EOS, nor do I really care about one. EOS is simply amazing technology which isn’t widespread, and might not be ever… However, we can still use the blockchain, and people are actively maintaining and using projects on EOS. It’s a small community, though not a dead one.

Going forward

I plan to post a few future updates on my EOS work this “season,” as I may be entering into some development projects. It’s always a crazy yet fun place in the crypto world.