Hey there! In this short post, I’m going to show you the smartest way to buy crypto, convert one cryptocurrency to another and grow your crypto wealth systematically but surely.
What Do You Do With Your Crypto Earnings?
What do you with the cryptocurrencies you earn through the various means available to you?
For example, on Publish0x you are tipped with DAI, LRC, and BAT. Some of us aim to HODL all of them for years and see what becomes of them.
Others do not consider holding all a perfect idea, so they will convert one crypto to another that they believe in enough to HODL for the long term.
Still, some others like me feel –keeping my crypto just idle in my wallet for years is unfair to my wealth-building strategy.
So what do I do? I trade them in a secure and convenient exchange to increase their value and my overall crypto wealth over time.
Whichever strategy you adopt to put your crypto to use is perfect as long as it helps you achieve your personal goals.
This post is intended to help you discover one smart way to swap, buy and trade your crypto securely and conveniently.
What is the Smart Way to Swap Cryptocurrencies
One of the most popular ways to convert your DAI to BAT is to transfer DAI to a centralized exchange like Binance and KuCoin, sell it to Bitcoin and use the Bitcoin to buy BAT.
That’s not smart. That’s wasteful and here’s why:
- You lost some DAI as the fee to move it to an exchange
- You paid another fee to convert it to bitcoin
- You paid another fee to buy BAT with your Bitcoin
- And another fee to move your BAT to your wallet.
Four different fees just to achieve 1 goal –not wise in my opinion.
What do I Suggest?
Use our ChangeNOW powered exchange service.
How does that work?
Simple! First, you DO NOT need to create an account. Just walk-in, swap and walk out like you were never there.
Using our previous example of converting your DAI to BAT.
- Go to the exchange.
- Provide your wallet address where BAT will be deposited
- Transfer the amount of DAI you want to swap to the smart contract
- Get your BAT in your wallet in less than 10 minutes.
Compared to the myriad of steps when you use a centralized exchange, this does seem to be a smarter way to get the same job done in far lesser time, nearly zero risks and of course lower cost.
What’s the Smart Way to Trade and Grow Your Crypto Wealth?
I am a huge fan of efficiency –using minimum resources to achieve maximum possible results.
Why keep my crypto idle in some wallets for years in the name of HODLing when I can realistically increase my crypto wealth by simply swapping them occasionally?
I am suggesting trading at maximum convenience and only when profit is GUARANTEED.
Hey! CryptoSorted, but in life, nothing is guaranteed –yes, I’m old enough to know that but guess what?
You can create your guarantees and here’s how.
We all know that the cryptocurrency market is extremely volatile. While that is a problem for the novice trader and investor –smart traders (like you) profit and thrive in it.
The concept is so simple that it’s easily ignored and disregarded –buy low and sell high.
For simplicity and clarity let’s imagine a trading scenario with BTC and BAT.
In my wallet, I have 1 BTC and 1000 BAT. I am a HODLer because I believe in the future of Bitcoin and the Basic Attention Token and Brave Software respectively.
Due to some miracles, news, whale activity, luck or pure magic (whatever) –next week the price of BAT has appreciated by more than 15% against Bitcoin.
It seems I wouldn’t wait for the next 5 years to become the first millionaire in my family after all –I’m HODLing tight like Spiderman suit.
It’s Sunday, you went to bed, woke up on Monday and BAT has dumped, losing more than 10% of the previous days' growth.
Guess what, you just missed a perfect opportunity to accumulate more BAT –because of FOMO.
You’re like, hey it could go up 100% -yes, it CAN.
It can also go back down 75% –please always take profit.
What I Would Have Done?
Let’s for a second assume I am confident, due to whatever my confidence is based on, that the price of BAT will shoot above this 15% to maybe 100% (wish me luck).
- I will swap 50% of my BAT to Bitcoin immediately at a 15% profit
- I will swap another 50% of the remainder to Bitcoin at say 25% profit (if it keeps going up)
- Until I finish selling my entire BAT
- If I don’t see BAT going beyond this immediate 15% profit ( I can be wrong) –I will convert all to Bitcoin and keep my profit while waiting for a retracement to buyback.
No crypto has maintained a consistent upward price movement without any form of retracement and consolidation. Do you know any?
Remember you’re HODLing these assets in the first place, so you can patiently wait for BAT to “cool down” –it always does, and then buy back at a cheaper rate –thus increasing the number of BAT in your portfolio that you didn’t have to buy with extra cash.
This is the form of trading that I preach. It’s safer and has some guarantees –if you take the profit you have NOW.
What Makes This Strategy Hard to Pull Off Successfully?
It will be hard to execute the above strategy if:
- You are a “fanboy”, “moon boy” or you have “fallen in love” with particular crypto that you feel guilty taking a cold-blooded profit.
- You’re greedy, expecting and waiting for higher profits until the ice begins melting on you and you’ll be like –oh I should have sold at so and so profit.
- You can’t muster sufficient patience, discipline, and cool-headedness required to “take advantage of the market movement”. It’s not a sin to take advantage of the market to strategically and systematically build your crypto wealth –feel happy doing it.
Avoid the long exchange procedure that eats into your profit, privacy and time.
Swap and Trade Your Crypto Here –fast, secure, anonymous.
