Rant: Thought I was late to the Crypto Game, but realized I am way too early
As my title states, I thought I was too late for the Crypto world. But after my experience with Ethereum realized that Crypto is still in infancy mode.
All I wanted to do was to buy some Altcoin I heard about. I am posting this in r/ethereum as this is what caused most of my expensive pain…although this can relate to most of Crypto
I'm gonna say this now because I know some guy is going to blame this on user error and side with the platform. In product development whether software, hardware, or physical product. It is never the user's fault. It is always the products fault. If a user makes an error, it is because the product was designed poorly. If designed well, the user would have never made that mistake.
Background: I'm a guy that played with Crypto 3 years ago and got back into it.
- Wanted to buy some Altcoin and first problem was trying to find the a the proper Exchange that I could trade on (US problems) with the Altcoin.
- That was Crypto.com and Uniswap
- Funds Tied up
- Gemini because Approved Addresses take a week
- Kraken, they don't have ACH. So really have to plan out each Fiat Deposit because of Wire Fee
- Crypto.com has Credit/Debit, but nearly all cards reject Crypto stuff. ACH on the way, but that takes forever (Altcoin has already pumped…)
- So I take whatever Fiat I have in Kraken to buy USDT because I thought it would just be more convenient to see Altcoin to dollar than ETH to Altcoin. Honestly can't make out if I'm profiting if its Crypto to Crypto
- I got USDT and withdraw to my Hardware wallet through Meta Mask on UniSwap
- I had some ETH luckily on my Hardware Wallet to Approve on UniSwap, but not enough to Swap. Already paid approval fee… Oh and really high Liquidation Fee. This took forever to get approved.
- Had to sell off my DOT on Kraken for ETH. Withdraw that to my Hardware Wallet to fund the UniSwap transaction
- Unfortunately closed out original approved tab on UniSwap. So now I still have USDT from before because I was stuck on Approval. I noticed before that Uniswap was switching to ETH in between anyways. (USDT > ETH > Altcoin). So I'm like ok I will just switch USDT to ETH this time. Another high Gas fee…
- Then Switch ETH to my Altcoin. High Gas fee again. Finally!!! done also creating multiple taxable events when I didn't need to.
- One mistake here and there. $35+ fee each time. My Banks $20 wire fee. Kraken Withdrawal fees. Liquidation Fees. I have lost of $150 on this ordeal. Had lots more problems, but am trying to keep it brief.
- If I have type in one more Authentication code, I'm gonna lose it.
TLDR; Crypto has a long wayyyyyys to go guys. This stuff is not user friendly for the common person. Plus, I work in IT and code too.
Edit: Now that I paid all those fees to get my altcoin….It is now tanking because this took so long.
ETH 2.0 seems like that’s never happening either.