Escape volatility while holding your BCH with Stablecoins (Swap Features)

Avatar for Eybyoung
4 years ago

We all know that volatility is crucial in cryptocurrency and BCH is not an exemption. Smallholder like me feels sad every time BCH price fluctuates, I hold BCH that I earned here on read cash hoping for little profit and save it for future purposes. I also learned to love how BCH works because of its convenience, I also want to be part of how far it will go. But volatility is somehow hindering us to bet on Bitcoin cash, but gladly sir @Telesfor thought me how to escape it somehow, through Bitcoin.com wallet.

If you are not using the Bitcoin.com wallet, I recommend you download it and store your BCH holdings there. The wallet is more secure as it provides seed phrase to avoid being hacked or stolen, do not store your BCH in an exchanger wallet for safety purposes for example Coins.ph. Coins.pH do not have seed phrase, it is also prone to hacking. The seed phrase is the 12 words given by the wallet for safekeeping of your asset and also for recovery purposes if ever you lose or broke the gadgets you used. I used two wallets, for now, this one and coins.ph, I store the same amount there so I can convert easily if I need the money. But for holding purposes I used the Bitcoin.com wallet.

You can also integrate your read cash wallet on the Bitcoin.com wallet by backing up, once your read cash wallet was linked to your Bitcoin.com wallet all transactions that were made will reflect in there including your balance. You will also receive notifications when you receive tips from other users and the bot. See photos below how it looks like.

If you want to integrate your read cash wallet to Bitcoin.com back up your wallet now by the following sir Telesfor's guide.

https://read.cash/@Telesfor/how-to-integrate-readcash-wallet-into-bitcoincom-wallet-80747c24

If you are done importing your read cash seed phrase but you cant see any wallet reflection, tap the wallet then tap wallet information, next is scan missing transaction then scan transaction. After that your read cash wallet will appear.

So let's go for swapping your BCH to stable coins.

Swap to a stablecoin

"Other users might simply want to escape the volatility of cryptocurrency. BTC and BCH prices change every minute of every day. There is no market-open or market-close like in traditional stocks, as trading taking places 24h per day 7 days per week.

If the price recently went up a considerable amount, some users may want to lock in those gains by swapping from BTC or BCH into USDT or USDH. Stablecoins such as USDH and USDT are pegged to the US dollar, allowing users to escape the volatility of crypto in place of the wider perceived stability of the US dollar.

If the price is going down, some users may also worry the price will continue to go down further. Stablecoins provide the fastest way to make your personal choice whether to escape volatility or not." - Written byΒ Jax

How to swap BCH/BTC to stablecoins?

  • Tap the Big SWAP button- Open your Bitcoin.com wallet and tap the big swap button. Under the asset breakdown.

  • Choose the asset you want to swap and the stablecoins- For example BCH to USDT and set the amount you like to send. Tap the button according to the number I indicate below.

  • In selecting a receiving wallet in #4, if you happen to integrate your read cash wallet or you imported other wallets, make sure to select your Bitcoin wallet for your SLP token address. DO NOT USE your read cash wallet for SLP tokens or the stable coins as your receiving wallet. (Edit your wallet name to avoid confusion, just tap the wallet , next wallet information then wallet name. By the way do this first upon setting up your wallet.)

  • Confirm swap- After filling up the details tap to slide the confirm swap button.

  • After confirming the swap you will wait for the notification in the bell to see the transaction while it is being processed.

  • Tap the notification bell to see your swap transaction- On the left side above on your wallet tap the notification bell to see the confirmation of your swap transaction. Click view transaction for the details. Please ake not that it takes 5-15 minutes to complete the transaction.

Once the transaction is completed you will now see the token on your wallet. Tap on your BCH/SLP wallet, then tap asset you will now see your stable coins which cannot be affected by the volatility of the market.

This is the safest way to lock in those gains after the price value increases, it is like a safe vault which cannot be affected when the price value goes down. You can trade all your BCH to stablecoins when the price pumps and buy BCH again when the price goes down, always remember the rule buy low and sell high. But you can also trade the exact amount you gain and leave your principal amount of BCH.

You don't have to worry because the transaction fee will only cost you cents, Bitcoin Cash has lower transaction fees than BTC.

Important notice:

If you want to use your gains or change it to fiat currency, you have to SWAP your stablecoins (USDT/USD) back to BCH again then send it to your wallet exchanger for fiat.

Note:

Lock up only your gains don't lock up all your assets because stablecoins do not move, if you want your assets to grow don't be afraid with volatility it is the beauty of this market you will able to see the movement of the coin, let it float. Always remember any investment always comes with taking risk.

I always wanted to lock up my gains before but I don't know how to do it, I also wanted to hold my BCH so the little profit I had was eaten by when the price values go down, at least now I know what to do. This is better than saving it to banks they will not give us profit as the crypto market does. Big thanks to sir Telesfor for mentoring me how to do it, and answering all my questions regarding BCH😊

Now, you can hold your BCH without worrying so much about volatility. Grow your asset using Bitcoin.com Wallet via swap features. (If I happen to mention misinformation, you can correct me. I am still a noob when it comes to crypto-related topics but I am trying my very best to learn).

If you have any questions or clarifications beep me in the comment section.

For a simple guide about the swap, here is the source:

https://support.bitcoin.com/en/articles/3954100-how-to-swap-between-cryptocurrencies-in-the-bitcoin-com-wallet

Read more about stable coins pros

https://read.cash/@feebie/how-stable-coins-help-maximize-profit-in-bitcoin-cash-b2617633

All photos are my screenshot

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4 years ago
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Comments

Pag na'swap na sa stable coins ba, hindi na maapektuhan ng pagbaba at pagtaas?

$ 0.00
3 years ago

Oo hindi na.

$ 0.00
3 years ago

Nice article dear. Well, with the fluctuations, I myself cannot make it possible. Because I don't have BCH. 5 months thisπŸ˜‚πŸ˜‚πŸ˜’πŸ˜’. All what I have done so far, waste. Rusty no longer notice me. Any post I post on read.cssh or noise cash, I have allot of suscribe so but I don't know what's happening. I'm frustrated.

$ 0.00
3 years ago

Hi der,, this is an old article of yours which I have saved. but until now d q p rin maintindihan kung paano ung ibang details, shunga lng aqπŸ˜‚.. kya I keep installing ang uninstalling my bitcoin. com app.

make sure to select your Bitcoin wallet for your SLP token address.

alin po ang bitcoin wallet or san q mkikita ang bitcoin wallet po?

DO NOT USE your read cash wallet for SLP tokens or the stable coins as your receiving wallet

slp token b is the same as stable coins?

tia

$ 0.00
3 years ago

When you install Bitcoin.com wallet automatic ka magkakaroon nang BCH wallet address yun ang piliin mo na wallet para sa slp wallet address. Dont use read.cash wallet kung na link mo ang read.cash wallet mo sa Bitcoin.com..

Yes slp and stable coin is the same.

$ 0.00
3 years ago

ok thanks.... am planning na ilink ang read. cash wallet q sa bitcoin. kaya kagabi pa aq basa2 ng basa sa mga related articles nyo nila eirolfeam. and yep thanks also sa paglink mo sa article ni sir telesfor. nasundan q ung paglink sa rc wallet at sa bitcoin

$ 0.00
3 years ago

Lock up only your gains don't lock up all your assets because stablecoins do not move, if you want your assets to grow don't be afraid with volatility it is the beauty of this market you will able to see the movement of the coin, let it float. Always remember any investment always comes with taking risks.

I think I also stated it here, some users want to get the interest of their coin when the price pumps up and let the principal coin amount float.

$ 0.00
4 years ago

What did you get by copying comments?

$ 0.00
4 years ago

Salamat ng madami! Kakause ko lang ng bitcoin.com.. And ngayon mejo na sad ako d ako nakinig kay telesfor before.. Hahaha.. Wala pa kasi sa isip ko mag hold ng bch before kasi puro convert ako.. Ngayon, gets ko na.. Salamat.. Balikan ko to next time pag me laman ulit rc ko.. This post deserves something. ❀️

$ 0.00
3 years ago

Hehe, I always listen to Telesfor he is like a mentor to me 😊 As from holding BCH I hold it since the beginning because that's what Marc Demesel always imply to newbies. Telesfor teach me these things and told me to do report like this so I can influence others too..or rather help if they want to hodl BCH too.

$ 0.00
3 years ago

Closed minded kasi ako that time hahahah.. But past is past ika nga.. So moving forward na lang.. Thanks sa post mo.. Ngayon ko lang to nabasa.. Balikan ko to next time.. 😊

$ 0.00
3 years ago

Hehe, lately, lang din kase tayo nag met 😊 pero okay lang yan its not yet late.

$ 0.00
3 years ago

wow vary improtive article dear keep it doing

$ 0.00
4 years ago

Thanks 😊

$ 0.00
4 years ago

It is very informative article. Thanks for shareing.

$ 0.00
4 years ago

Thank you 😊

$ 0.00
4 years ago

This is a very helpful guide. Thanks for sharing 😘😍

$ 0.00
4 years ago

Did you tried it dear? BCH pumps up a little now.

$ 0.00
4 years ago

Great article mam.lot of information is here.thank you for share.

$ 0.00
4 years ago
$ 0.00
4 years ago

I already read it before posting this one.

Some users like me want to lock up gains that cannot be affected by the price fluctuations that is why I did this.

$ 0.00
4 years ago

But you didn't state this on your article to give more understanding on the need for stablecoin

$ 0.00
4 years ago

I think I explained it here. Refer to the screenshot. I Cannot copy paste it says spam.

https://sigma.rcimg.net/images/4/6/2/Eybyoung/f14c1667/75efe4357a5550b8368c1c7e6025e72f.jpg

$ 0.00
4 years ago

The stable coin swapping is good only for traders who uses different exchanges and for those who want to keep their coins only for a short time before cash out. If making gain with your BCH is your goal, you don't need stablecoin because it's like locking up your assets and it will never increase in value. So to make gain let your coin float, the best way to secure the value is to invest it.

$ 0.00
4 years ago

Lock up only your gains don't lock up all your assets because stablecoins do not move, if you want your assets to grow don't be afraid with volatility it is the beauty of this market you will able to see the movement of the coin, let it float. Always remember any investment always comes with taking risks.

I think I also stated it here, some users want to get the interest of their coin when the price pumps up and let the principal coin amount float.

$ 0.00
4 years ago

Thank tou for this, tatry ko din to, sownload ko yan. Mejo di pa napaaok sa utak ko yung paliwanag mo, mejo nagugulumihanan pa kasi ako, ahahaha. Rereread ko nalang ulit.

$ 0.00
4 years ago

hahaha mahirap ba intindihin? I mean di ba maayos pagka explain ko? If may di ka naintindihan don't hesitate to ask me.

$ 0.00
4 years ago

Madali laang, maayos pagkaka explain mo, di lang talaga nagana ngayon ng ayos ang utak ko ahahaha

$ 0.00
4 years ago

Okay I thought I made it complicated to understand πŸ˜†

$ 0.00
4 years ago

Ahaha, di man magatanong nalang ako pag nabasa ko na ulit, hihi

$ 0.00
4 years ago

Okay cge tanong ka lang 😁

$ 0.00
4 years ago

What about tokens? How do you deal with it? I don’t have any idea about tokens, do you have?

$ 0.00
4 years ago

USDT/USDH stablecoins are the tokens. I explain everything in the article read it thoroughly.

$ 0.00
4 years ago

Okay

$ 0.00
4 years ago

I'm just worried about the eth transaction fee.. It's pretty high. that's the reason why I'm just holding it in my trustwallet..

$ 0.00
4 years ago

This is USDT on Bitcoin Cash blockchain not Ethereum blockchain. This is the advantage. The USDT transaction fees on Bitcoin Cash blockchain are very low. Almost zero.

$ 0.00
4 years ago

Yeah i installed the wallet already... Maybe ill just gonna swap all my ethereum to usd or bch using trustwallet then transfer it to bitcoin wallet

$ 0.00
4 years ago

I keep my ETH on Exodus Wallet. I will hodl it. ETH is a good coin. Unfortunately, transaction fees are sometimes a bit expensive, but not nearly as expensive as BTC.

Note that there are different versions of USDT.

https://wallet.tether.to/transparency

You can only send the USDT ETH (called also USDT ERC20) to USDT ETH wallet and USDT SLP to USDT SLP Wallet. You cannot send USDT ETH to USDT SLP wallet.

$ 0.00
4 years ago

No eth on Bitcoin.com BTC, BCH lang tapos USDT/USDH token.

$ 0.00
4 years ago

Yun lng.. Btw you should include there that only swap if the value is high...

$ 0.00
4 years ago

You can trade all your BCH to stablecoins when the price pumps and buy BCH again when the price goes down, always remember the rule buy low and sell high. But you can also trade the exact amount you gain and leave your principal amount of BCH.

I think I included it here.

$ 0.00
4 years ago

Qow. Thank you so much. I actually have trustwallet, coinbase wallet, coins.ph, but dont have bitcoin wallet.. So i guess ill gonna transfer all my assets there to keep safe and secur..

$ 0.00
4 years ago

I also have coinbase and trust wallet but I didn't used it, for holding BCH and BTC I use this Bitcoin.com..

$ 0.00
4 years ago

All my eth is in my trustwallet.. I made it before when i joined a platform which triples my eth investment..

$ 0.00
4 years ago

Trust wallet is also safe, it has a seed phrase so you have nothing to worry about.

$ 0.00
4 years ago

I have, coz i forgot to save the seed phrase.. I dont know bout that thing before.. Lol..cant retrieve anymore

$ 0.00
4 years ago

Here you can read how to find your recovery phrase in trust wallet

https://wiki.costaflores.com/plugins/servlet/mobile?contentId=16254445#content/view/16254445

$ 0.00
4 years ago

Unfortunately, the link is not found.. πŸ˜… so there's a way, i guess ill search bout it.. Thank you

$ 0.00
4 years ago

Wow. Thank yo so much sir..

$ 0.00
4 years ago

Oh, that's sad.. I am not so familiar with trust wallet too if I know how to retrieve it will tell.

$ 0.00
4 years ago

I only learned about the importance of seed phrase here in readcash πŸ˜…

$ 0.00
4 years ago

Ako natago ko pa nmn seed phrase ko sa trust wallet, kaya lang di ko nmn ginamit..maramj nga tayo natutunan dito sa read cash noh.

$ 0.00
4 years ago

true.. And before i thought seedphrase is just like a captcha that you need to enter when registering to a certain site πŸ˜…

$ 0.00
4 years ago

hahaha may nakalagay nmn ata don na recovery phrase kaya I keep it dahil sa word na recovery πŸ˜†

$ 0.00
4 years ago

D ko pinansin yun..haha

$ 0.00
4 years ago

hahaha pansinin mo kase πŸ˜†

$ 0.00
4 years ago

Bago plng sa crypto world at d ko akalain na magkakainterest ako sa iba like rc.. Kya d ko pinansin yun..haha

$ 0.00
4 years ago

I will try this one po n try my very best to do what u said here in this article of yours po, mdyo mhina po aq sa mga gnitong bgay but i'm willing to learn about BCH n other crypto currency n joined some online too but it doesn't turned out the way i want it to be po, like u said, it's a risk po but still hoping that i will get what i invested there soon po n thank u po for this article of yours, gained another knowledge because of this n already read, sir @telesfor's article too with the same thing about bitcoin,wallet, thank u to both of u, it helped me learned n gain knowledge again po :)

$ 0.00
4 years ago

Sir Telesfor's article is a guide on how to link your read cash wallet in Bitcoin.com while this one for trading stable coins. If you are confused while doing it don't hesitate to ask me, I am willing to guide you. Welcome, my pleasure to share my new learnings too.

$ 0.01
4 years ago

Yes po, a little confused about it po but i will try it po n ask u po about it n thank u po to u n to sir @telesfor too

$ 0.00
4 years ago

Sure, beep me if you have some questions.

$ 0.00
4 years ago

Opo, i will po

$ 0.00
4 years ago

Guys please comment and like my post...your write is very good

$ 0.00
4 years ago

Thank you for writing this. I've been wondering where should I store my cryptos. Will definitely read through this again and sir Telesfor's article too. So much to learn! :)

$ 0.00
4 years ago

Same here I been wondering for long, thanks to sir Telesfor for mentoring me. Take your time 😊

$ 0.00
4 years ago

Thank you for this. Will read sir Telesfor's article later and try this πŸ‘

$ 0.00
4 years ago

Welcome, try this if you are holding your BCH.

$ 0.00
4 years ago

Kapag ba may bitcoin.com wallet app ka na, okay lang kahit mag store ka ng malaking amount sa read.cash?

$ 0.00
4 years ago

Still no, di nmn nag advice si red cash. Pag malaki na send mo na lang sa BCH/SLP wallet mo para mas maipon at malaki interest pag nang up ang price.

$ 0.00
4 years ago

I see thank youu

$ 0.00
4 years ago

I didn't look at the fees but just make sure it's not more than fluctuations. Also if you plan to hold for later you can wait for it to go back up. You might actually earn more that way but it is more work.

However it's a nice and detailed article. Good work.

$ 0.00
4 years ago

There are no fees there. You will be shown how much USDT you will get. The price is about 1,5% worse than on most exchanges, but the exchanges have charge fees. Furthermore, with the swap you get your USDT immediately in your wallet. If you want to transfer it out of the exchange, you have to pay an additional fee.

$ 0.00
4 years ago

1.5% seems like quite a bit. I get 0.5% average fees from exchanges. But yes taking it out might cost more. I guess its irrelevant and impractical for most users here. Thanks for the details.

$ 0.00
4 years ago

For people who trade a lot it is cheaper to do it on exchanges. Sideshift has two advantages for occasional users, because no registration and no KYC is required. For small amounts 1.5% does not make much difference. Many people here use coins.ph. I think the fees are higher there.

$ 0.00
4 years ago

Yeah, this is just a temporary escape and we all know if we really want to earn more we should not be afraid of fluctuations but we should always watch out the up and down of the market.

Thank you for your appreciation 😊

$ 0.00
4 years ago

well said, dear. I love how you made this one.

$ 0.00
4 years ago

Thanks dear 😊

$ 0.00
4 years ago