So… let’s say your friend calls and to tell you he’s ran out of gas and needs $5 to get home. As a good friend you get ready and head his way with $5 in hand. The problem is to get him the $5 you have to drive 400 miles and it costs you $100 in gas just to get there. This is what Ethereum is. It’s all the money you have to spend to do a simple task. It’s annoying that to use a Eth based coin you still need to also own Ethereum.
Some may say that you need to wait for specific times before transferring eth or eth based coins… That’s the equivalent of me telling my friend that I have $5 for him but It’ll be sometime next week before I get it to him, so just stay stranded until then.
Real world examples:
I had $100 in a coin that I wanted to transfer from my crypto wallet to an exchange. Due to network activity, which that message always appears, the fee was $817… you read that right. In order to transfer $100 they wanted me to pay over $800. Needless to say that didn’t happen.
I thought about converting it to a different coin but they wanted the same price. This where I compare Ethereum to that of Giant Oil companies and we the people are paying for all the gas to use their product…
When is Ethereum based coins a good choice? When you’re buying them with no anticipation of doing anything including moving to a wallet. Much like a stock.