this post was submitted on 11 Oct 2023
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I'm still trying to transfer $100 from Kazakhstan to me here. By far the lowest fee option is actually crypto since the biggest difference is the currency conversion. If you have to convert anyway, might as well only pay 0.30% on both ends
Look into DJED on Cardano. It’s WAY cheaper than ETH (but perhaps not cheaper than some others). A friend of mine sent $10,000 to Thailand for less than a dollar in transaction fees. To 1bluepixel: Sounds like a use-case to me!
If only I had some money to transfer somewhere :(
Layer-2 rollups for Ethereum are also way cheaper than the base layer, this page lists the major ones.
Hmm.
You still have to deal with ETH fees just to get the funds into the roll up. I admit that ETH was revolutionary when it was invented but the insane fee market makes it a non-starter and the accounts model is just a preposterously bad (and actually irreparably broken) design decision for a decentralized network, makes Ethereum near impossible to parallelize since the main chain is required for state and the contracts that run on it are non-deterministic.
There are exchanges where you can buy Ether and other tokens directly on a layer 2, once it's on layer 2 there are no further fees to get it there.
Layer 2 rollups are a way to parallelize things, the activity on one layer 2 can proceed independently of activity on a different layer 2.
I have no idea why you think contracts on Ethereum are nondeterminstic, the blockchain wouldn't work at all if they were.
I think that because it’s true. Smart contracts on Ethereum can fail and still charge the wallet. Because of the open ended nature of Ethereum’s design, a wallet can be empty when the contract finally executes, causing a failure. This doesn’t happen in Bitcoin and other utxo chains like Ergo, and Cardano (where all transactions must have both inputs and outputs accounted for FULLY to execute). Utxo boasts determinism while the accounts model can fail due to an empty wallet. Determinism makes concurrency harder for sure…but at least your entire chain isn’t one gigantic unsafe state machine. Ethereum literally is by definition non-deterministic.