My SmartBCH Experience And The Lessons That I Learn
Blog #139
January 25, 2022
Diving into the crypto world is a lot of risks especially when it comes to investing. When you invest, it is either we will gain profits or we will lose.
When we just dive into it without proper knowledge because that is what others did, will tend that some things will not work. That's why before entering into this world of cryptocurrency, one must know about it or we must have someone who will guide us along the way to make things right.
In my almost four months of investing in SmartBCH, here are the things that I learned.
Research, Read and learn how things need to be done - I admit that when I first enter SmartBCH the only thing that I know is setting up my wallet. After reading an article about setting up my wallet, I immediately went to my Metamask app and then set it up. After setting up, I was happy that finally, I created my account in SmartBCH already so what I did, is add funds to it.
Adding funds is not that hard coz I followed the steps in doing so but I felt so nervous transferring my funds coz it doesn't reflect on my wallet immediately. The bridge that I used is coinflex because that was the only available bridge at that time. Unlike today there are a lot of bridges that can transfer our funds fast.
When I transferred my funds it took almost 1 hour to reflect in my coinflex account then after seeing the balance, I sent it to my Metamask.
After having my funds, I then proceeded to Benswap DEX to buy my first token which is the $EBEN. Jumping into buying tokens without proper knowledge will only cause errors as I have experienced.
When I put the amount of how much do I need to buy, I confirm it immediately but after clicking the confirm button it says "error". I thought it is only because of my internet connection that's why it's an error. So I confirm the transactions over and over again but still, it wasn't a success.
The next thing I did, got back here to read.cash and search for an article that would help me to make the transactions successful. It was @Jane's article that help me make it a success.
What makes the transactions error? It's because of the wrong gas fee that I set that time. I really that after confirming a transaction, there's no need to set the gas fee but I was wrong, that's why it's needed to research and learned some things first before diving into something.
Always research on some new tokens or DEX if it can be trusted or not - last year there are so many rugs pulls that happened in SmartBCH that really made others cry because their investment was gone for nothing.
I also admit that I was one of them when I bought a small amount of $AGON. I was into that token that time coz I see that others are into it. I didn't do some research about it because I give trust to that token but after how many days I just read that it was gone. It hurts but not as deep as what others feel because it was not that big. But even if it's not that huge amount I still get affected by it because the money spent on it is my earnings in noise.cash.
That's why today, I only buy those tokens that already had made a positive work in all DEXes and those others that are new, I just relied on some airdrops so that if things will turn out not to be okay, then I didn't lose any.
Today I also prefer staking than farming because when I started farming, I experienced an impermanent loss with one of the tokens that I add to liquidity.
If I will try farming, then I will only do it to those tokens that I received through airdrops so that I won't be afraid if one of the pairs will be smaller if I unstake them.
I think I will end my article here today coz my fingers are hurting already. Thanks for reading! Have a nice day/night everyone!
To my ever-supportive sponsors, thank you so much. To my readers, likers, and those who leave comments in every article that I published, thank you so much to all of you. God bless and keep safe you all.
This is me, 🧕BCH_LOVER 🧕once again. Thank you for your time today.
God bless and Keep safe you all!
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Maayo nalang Sis na okay na karon. Mao ganing wala sako nag enter ani kay mag tan.aw sakog mga videos pud haha