The recent events of the past few weeks have been a roller coaster of excitement and despair for many people but thanks to my change in perception of things (click here to read the post) I haven't been very worried. My focus has been on how I can improve the number of coins I have and whilst the dip has been frustrating (because pay day is a long way away and I want to buy more!) the drop in value of my portfolio has not caused me any sleepless nights. My long term strategy is to build up the portfolio bit by bit using any way that I can. I play with the StormGain app to mine free coins that I can trade and keep any profit I make, I walk and earn satoshis. I do the daily tasks on the OKEx app earning 250 satoshis every day and also use a number of websites to earn small amounts of coins (see here for more details). But there is one strategy that I haven't really talked about so carry on reading below! (All the above links are links to my blog posts about these things apart from OKEX as I haven't made a post about that yet so it is just my referral code)
I bought my first house when I was 23 and very quickly became acquainted with the concept of compound interest. This is when the interest charged on your mortgage is added to your current balance every day thus making the amount you owe bigger as interest the following day is calculated based upon the larger amount. Now you may ask what does this have to do with crypto currency? The answer is that some exchanges actually pay you interest on the crypto you have deposited on their exchange accounts. Now I don't want to get into a debate of not your keys, not your coins. At the moment I haven't been able to get hold of a cold hardware storage wallet due to custom difficulties and the joys of the Chinese postal system. When I do finally get one I will be transferring some of my holdings offline, but I will also continue earning interest on my crypto in different ways.
Currently I stake Cardano in 2 different ways - 1) using my exodus wallet- I get 4% interest on this holding every year. I also stake directly using my Yoroi wallet to a pool (Lucy) and earn ADA that way as well. Neither give me loads of ADA but remember compounding- every little bit adds to the making the next reward I receive a little bigger, and over time these rewards will increase exponentially.
I also use Nexo to gain interest on my currency- currently I am earning just over 350 satoshis every day just by keeping some of my BTC with them. I also earn ETH, XRP and LTC every day as well. Currently the interest rate varies depending on what membership level you are on, and this is determined by how many NEXO tokens you hold, but the minimum interest rate is 4% APY (5% if you lock the crypto into a monthly term). As I am not trading, just holding, I am happy to lock them into monthly terms which are auto renewed, with the compound interest it goes up to 5.127%. Assuming I don't add anything else to it I would have doubled the initial amount in my 14 year target. Of course I will be adding regularly to it with the mining, walking and any purchases, which will both increase the balance and also increase the amount of satoshis I earn every day. Drip by drip, like rain falling into a bucket, the amount will increase!
So this is my long term strategy. It doesn't matter what the market is doing, I am still earning plenty of coins every day, adding to the portfolio and this helps me sleep at night. I add extra when I can through the other ways I get coins (buying, mining etc). Over the next 14 years I think this will really add up. Hope this helps someone! A link to an online compound interest calculator can be found at the bottom here.
Please click here to the blog post with referral links to the websites I am using to make money- will be updating this very soon. Any other suggestions/support would also be gratefully received.
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