Today I am going to share with you a story of mine on why L…
Today I am going to share with you a story of mine on why Layer 2 Network will fail.
Two years ago, I discovered a new game called Gods Unchained, which was run on a layer 2 network called Immutable. The game used its own currency, called $GODS, and through my efforts playing the game, I had earned a decent amount of money - around 50-100 USD. I was excited to continue playing and potentially earning more $GODS.
As time passed, however, I began to lose enthusiasm for the direction the game was taking, and I decided to "cash out" and withdraw my $GODS. But when I tried to do so, I discovered that the game required fees to be paid in ETH, and I didn't have enough in my account.
Determined to get my money out, I decided to withdraw some ETH from my Kucoin account into my Metamask wallet, thinking that this would allow me to pay the fees and withdraw my $GODS. But things didn't go as planned, I fell for the cheap withdrawal fees and chose to use the Kucoin network, not realizing the complications this would cause and that caused my ETH became stuck in the Kucoin-ETH network, unable to be transferred to the Immutable network.
Frustrated but determined, I tried to withdraw my ETH back to Kucoin in the hopes of being able to pay the fees and retrieve my $GODS despite knowing that ETH network has such a high gas fees. But this plan also hit a snag, as the fees for the withdrawal had to be paid in KCS, Kucoin's own currency. And when I tried to withdraw KCS, I realized that the minimum amount required was 10,000 KCS, which would cost around 200 USD - more than I was willing to pay just to retrieve my $GODS.
Feeling defeated and disillusioned, I gave up on trying to retrieve my $GODS and let them go. The whole experience left me wondering how the cryptocurrency community could expect mainstream adoption when the process of using these digital assets was so complicated and frustrating for the average person.
This is why I think BSV will work it is originally intended... on-chain, cheap and scalable. Be the revolution today and tell me your stories!
Replies
I made a typo when I said the minimum amount required to withdraw KCS was 10,000 - it was actually 10 KCS.