Well hello there! Thank you very much for checking out this article. I have finally decided to get serious about Crypto.
Due to 2020 being overall a pretty.... let's say sus year, I was able to set a bit of cash aside. Instead of letting it rot on my Fiat Account I want this money to generate value.
Now I wanted this to be kind of like a "history of my crypto experience" to get the point across, why I decided to put a $1000 on staking. If you are just interested in what I will invest my money into, skip to the "My Strategy" - Part.
My History with Crypto
I'm 25, I work an IT job from 6am to around 5pm, make less than six figures a year and life (I would say) in the middle class. There is nothing special, my parents told me to handle money with care and so I did... for the first 23 years of my life at least. At that point I started to read and hear about this Bitcoin thing in the News. Wondering what it could be I researched it. Getting in to Cryptocurrency is a logistical nightmare to say the least, I had no help since nobody from my circle was interested in crypto. Which wallet should I use, where to buy, what documents do I submit where, is it even legal in my country, what about the taxes, etc. But with a lot of help from the community I somehow managed to find my way into the World of cryptocurrency.
In my mind it was simple, buy Crypto, keep it in your wallet and then sell / exchange it once the value has sky rocketed. But then I heard more and more about staking, liquidity provider, big words - sounded like a financial adviser - and I was yet again confused (Having english as my third language didn't help the situation either). I'm no financial expert, most of my life I had the mentality of: "I work, I get money, I spend". But here it's more like rephrasing an essay while doing a handstand at midnight with no lights: "You buy crypto, but only from these special exchanges, then you swap them here since the rate is better, but careful about these tokens because they have a network fee attached, and then these tokens you can stake but there is like 15 different versions of staking...".
And that is exactly why I'm here. A part of me wants to get rich with crypto, of course I think we all got into this thing not wanting to loose money. Another part is just interested in the whole market and supporting these different creations. You probably all understand way more and in detail how these coins work, I get about the basics and that's it. But I'm willing to learn and that's why I decided to not shimmy around the wallet anymore.
Up to this day I had invested around $300 over the course of 2 years in 48 different currencies (yes I have several "no name" tokens, I hoped would gain traction). But from Feb. 1 this will change.
For some people it might seem like peanuts, but to me a $1000 is a very big sum to spend on something. Now I personally don't want to invest all of that into a single platform. After much thinking I decided to stick to the following distribution:
$250ish each for SUN / FARM / DFI / CAKE
$50ish - Hidden Fees, taxes, Network transactions (looking at you here ERC20)
Why invest in three different stakes?
Because I'm a curious person. I want to try them all out and also would like to know which of the three is the most "beneficial". Also putting money on three different stakes is less volatile to market rising and dipping in my opinion.
Sun staking will be my TRX base. Having small to non Fees for transaction, this coin has always been something I felt keen on using.
Farm yielding. I heard a lot, and I mean A LOT about Farm and I finally want to check it out. Now FARM being a ERC20 Token already leaves a sour taste in my mouth. Not because I don't like ERC20 but rather because I don't want to take up a mortgage on my house in gas fees just to move 5 dollars worth of ETH around the mainnet. Nonetheless this one is the one I'm most curious about.
CakeDeFi Staking. Don't know too much about this one but people have really emphasized about how profitable it is. I won't be staking BTC or ETH. I will be staking in pure DFI.
What I'm scared about
A few things: Spiders, exams, taking responsibilities.
But in all seriousness the thing that scares me about crypto is not calculating every single thing. A simple calculation error in Fees and all my profits could go down the drain. As I have never "cashed out" any of my crypto, I'm not even sure where I would do so. Most exchanges into Fiat have a lot of very bad reviews on them.
I will be publishing my earnings either weekly or monthly on this platform, if you'd like to check it out a follow would be greatly appreciated, if not that is also alright. I'm always open to tips and tricks from better informed people since this Project is based around getting me into staking.
Thank you very much for reading this article and I'm pumped about making this my Project for 2021.