My beginner Crypto interests
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My beginner Crypto interests

By Gosslinq | YouAreHere | 5 Mar 2021


I've only been investigating and investing in crypto since March 2020 and I must say there is an overwhelming amount of information, apps, exchanges and conflicting opinions out there. It seems to me there's a distinct divide between the people arguing for the utility of a crypto versus the store of value. There is definitely room for both as it makes sense to want to buy and hold something that will increase in value and offer long term payoff, but also to want something easy, fast and cheap to use to make and receive payments. It might be nice for one currency to do both sometime too.

I've got small amounts of BTC, More of ETH, Some LTC, EOS, and XLM. I've been lucky to get in when I did this year as my returns have been pretty good for the amount I invested. I was late to pick up BTC but ETH did me well as my first primary investment and I'm excited for upcoming changes to address the gas fees and other inefficiencies. LTC and XLM have been both good to hold and I also buy them on my exchange when I Intend on transferring amounts to other locations because they are fast and cheaper to acquire and move than ETH I have found. I've been collecting Pi on my phone on the off chance some day it will be usable and registered on exchanges in the future (use Gosslinq as your invitation code if you decide to join Pi please:). I found Nexo bank and have been harvesting interest on my crypto deposits there and plan on financing some home improvements on loans with crypto as collateral. Its been fun!

After I exhausted my budget on the other cryptos I keep reading about NANO and I'm not certain if my optimism about it is a symptom of the hype that its supporters generate, but it really does sound like it has the potential to be a game changer in the realm of using crypto as a method of payment for goods and services. So far the most complicated part about it is trying to buy it.

NANO has many faucets offering small harvests. I've been offhandedly popping into luckynano and gambling with free tickets to win NANO, and users there will spontaneously tip other players. I have WeNano app but there are no spots for me to interact with close by, the nearest being 2 hours away, but I love the concept of walking into a business and sending instant payment from my wenano app for a purchase. I've seen the instant transfer between wallets, and its impressive.

The complicated part has been setting up to buy. I signed up on coingate and went through the tedious identity verification process only to find that when I attempt to  buy nano they redirect me to simplex which also requires another identify verification process. I found that only the more expensive option of visa/mastercard purchase is available to non-european countries, rather than a bank transfer or e-transfer, and of course there's a pretty high minimum purchase price to make it cost effective for them I assume. My concern is I prefer my first transaction with a particular method be a small amount because I've read so many posts about people losing their crypto trying to send between wallets and exchanges.

Then, since I didn't have my own wallet I put the nano app on my hardware wallet but had to set it up in Nault to be able to send and receive NANO to it also.

I think that the difficulty is largely because NANO is low on the crypto totem and app and exchange developers aren't widely adopting it yet so these workarounds between service providers make the end user experience complicated and time consuming. As of now I should be set up to purchase my own hopefully within a couple weeks. I have yet to collect any except the small amounts from online faucets, tippers and luckynano, but just the experience with the easy/fast/free exchange of nano (once you have it) has really encouraged me to dive in.

So far it seems that the top cryptos have been a good store of value and of course there is unprecedented growth this year and an apparently inevitable long term crash, as the 2017 veterans prephecy. My hope is to get the timing right to covert a good percentage into stablecoins in the Nexo app, to sit and harvest interest during the bear market. My focus now is holding the crypto's i have, and setting aside time to use and learn more about NANO.

 

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Gosslinq
Gosslinq

I work in communications technologies, am an avid reader and weight lifter. I have long been interested in economics, evolutionary sciences, the psychology and biology of gender, science fiction, cultural and religious mythology.


YouAreHere
YouAreHere

Reviewing various aspects of where humanity is and seems to be going; thoughts on the evolving technologies and the careers that race to keep up; thoughts on running 21st century software on caveman hardware. Photos from https://www.pexels.com

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