Intel on 3 Options for When It is Time to Exchange
Intel on 3 Options for When It is Time to Exchange

Intel on 3 Options for When It is Time to Exchange

By BryRi | BryRi Method | 22 Feb 2021


We are all faced with the decision at one point or another. You're long a position and now you want to exchange. What do you do?

Let's look at 3 options.

 

Who is this for?

Let's start with that, because depending on your role, experience and otherwise involvement in the crypto space, there is a different array of opportunities for everyone.

So maybe, let's start out for who this is NOT for;

  • trader

  • old guard crypto enthusiast

  • crypto developer or programmer.

I think you get the gist here. If you are "in" the space, before you go and throw water on this article, just check this out and see who it is for and possibly reflect on when you first started.

So this article is for those who are just starting out in the space and are looking to keep from making any major fatal flaws from the get go.

 

The Approach

We all reach a point when we are in a position that we want to lock in profits or move laterally to a different ladder and continue the upward climb.

In essence we are looking to exchange our position for another. Now if you are already to a certain level of astuteness in this quickly changing environment, congratulations.

The approach we are talking about here is something that I would refer to as the "bridge" in exchanging positions. It transfers you to the other side of the exchanging process and builds competence and more importantly confidence.

Because at the end of the day we want everyone to be operating at a place where you can drop your asset on an exchange and transact quickly and in the most cost effective way possible.

In the meantime there are a few options that can reduce your risk profile overall.

 

Atomic Wallet Exchange Function

I have always been an advocate for Atomic Wallet. In terms of decentralized hot wallets, in my opinion it gives the broadest range of capabilities and functions combined with an ever growing list of supported cryptos.

As with many wallets, there are exchange functions or better stated "swap" functions that are often associated. In this case, Atomic Wallet, uses Changelly which is closely tied to Atomic Wallet's founder and CEO.

Changelly is a swap service which is available on its own or when you exchange directly within the wallet with Atomic Wallet, the swapping is executed by Changelly.

It keeps everything in house from the user's perspective and makes the process feel seemless.

The biggest obstacle at times can be the fees associated with a swap. If the user were to transfer cryptos to an exchange, the fees would include a sell Tx, buy Tx and gas fees to move back off the exchange.

Depending on the crypto this could be extremely expensive like with ETH, or very minimal such as with ZIL or VET.

The in wallet exchange function does not have fees per say that are explicitly disclosed yet the difference in total value reflects a difference that has been affected by fees that would be much higher than through an exchange.

So the question to leave with, how much is your time worth?

 

Exodus Wallet Exchange Function

Keeping with the in house swapping or exchange function, Exodus Wallet is worth mentioning. Many users from novice to expert rely on Exodus alike.

The exchange function is very similar to that of Atomic Wallet listed above where everything is completed with in the wallet.

Again the cost of using this exchange seems much higher than that of Atomic Wallet, but it really depends on the crypto specifically. For example, in testing out the different swapping functions I found these approximate results based on exchanging $1000 of BCH and then again with BTC.

$1000 BCH

  • $825 XRP

  • $725 BTC

  • $700 ETH

$1000 BTC

  • $815 XRP

  • $730 BCH

  • $710 ETH

The estimated results were just that, they were estimated. The swap was not finalized but rather taken to through the first step up to the point of "exchange" and then backed out of.

Now all of this to say that if you were to take the time and place sell and buy orders on an exchange, you would save somewhere in the neighborhood of 50-75% of that difference. Then again it is your time.

Also, it's noteworthy to add that Exodus is cautiously discriminate about which coins it supports on the wallet. So with that in mind, you can rest a little easier knowing that many of the garbage tokens that reside on numerous wallets are not part of the Exodus ecosphere.

 

SimpleSwap.io Exchange Function

The third option, and remember this list of three is no where near exhaustive but provides 3 platforms to make the swap or exchange.

SimpleSwap is a stand alone function and is used by both veteran and novice crypto users alike. Very much like the services in Exodus and Atomic Wallet, crypto is sent to the the service and exchanged for another crypto.

The premise is very much the same in that actual fees are not levied from the user's perspective, but rather the cost is tied up in the exchange amounts.

As a user the difference is noticeable from value in compared to value coming out the other side. From this author's research the cost of doing business is again not as efficient as working directly on an exchange but substantively less than executing within a host wallet like Atomic or Exodus.

All three options are solid for different reasons, but in this author's opinion, if you're looking to swap then out of the 3, SimpleSwap.io is your place.

 

Many Choices Exist

With all of the burgeoning choices of defi platforms for swapping coins such as Uni, Sushi & Pancake, as well some of the other platforms like InstaSwap, the choices are plenty.

Trust your inner guidance and do your own research to see which one works best for you. Or by all means if you have the time and capability, then get it done on an exchange. There's no shortage of those either.

Now go get 'em tiger & Be blessed!

 


BryRi
BryRi

Exploring Adventures in Life & Crypto


BryRi Method
BryRi Method

Runner | Crypto Enthusiast | Writer on Publish0x.com/bryri-method & Read.Cash/@BryRi | Fan of Dogs

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