I tried to save with BAT.

I tried to save with BAT.

By MadMaxx | Psycho Crypto | 23 May 2020


We've all been taught to live below our means and save money for a rainy day. And if you weren't taught, you just were!

In the same way, I started thinking about saving money in cryptocurrency, because of its ability to appreciate beyond what the banks give you. I was equally aware of it's ability to depreciate, but that seemed to worry me less, mostly because I was picking a strong cryptocurrency.

So why did I choose BAT? Well first, it has a big backing, so it's not going anywhere soon. Next, it has great tokenomics, ie it saves a problem that not many others venture into solving. Third is that the price remains relatively stable. So if I could buy at the lower part of its range, I knew I was safe.

This wasn't trading though, so no stop losses, no ichimoku clouds or anything. Just buying and holding, like a normie. So once I got my income from trading for that week, I set aside my usual amount of savings, but this time kept it in an offline wallet.

After about a week, I started thinking of ways to get even more interest upon the appreciation of the price. So I headed over to Compound, the DeFi lending platform. I lent my money out for a sweet 2.1% APR, I'm addition to the usual appreciation of BAT's price.

As it is a savings account, I add to it whenever I get income from my trading and other sources. I have been doing this for about 2 months now(since after the March crash, when BAT was a 0.075), and I have a very low average price, and will continue to save on dips on BAT.

Anyone else save with a certain cryptocurrency? Which one is the best to save with? Let me know your thoughts down below.

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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