DISCLAIMER! Technically speaking I have ZERO idea what on earth I'm doing, I am learning. DO NOT take anything here as financial advice - you could likely lose everything.
I took some huge steps forward with my knowledge about cryptocurrency, interest, investing, buying. I have not sold!
I asked on noise.cash about a place I can earn interest on BCH. THANK YOU to Fexonice1 and Pichi28! I now have Nexo.
Below image sources are screenshots from noise.cash:
It is absolutely astonishing that next year January I would have been here for a year, and I've "met" such awesome people on these platforms. People are so ready and willing to help and I couldn't be more thankful to be part of these communities. Most of the time people end up wanting to keep the knowledge they have for themselves, whereas on here everyone wants to share the knowledge to help everyone.
I still do to an extent. I was using Coinbase, Luno and AltCoinTrader. I was earning 2% interest on my BTC in Luno, zero interest in Coinbase on anything. I didn't have anything in AltCoinTrader for interest earning (even though it offers the chance) - I got it so that I can have a "friendly" platform to buy from for South Africans.
I pulled my USDC out of my savings account on Luno to buy the dip yesterday.
Thanks to BitcoinBaby on noise.cash I decided to pull some money out my credit card so that I can have it easily available for the advice offered, which was this:
Above image source is a screenshot of BitcoinBaby's post.
If BitcoinBaby is wrong - I've lost nothing but a bit of time it took me to put the money in there, if he is right it means that I've got the funds immediately available for the next one.
Above image source is screenshot of my BCH purchases from Luno.
I sent my XLM to NEXO so that I can earn interest on it.
I've sent all my XRP over there too.
The XRP from AltCoinTrader was near enough "instant", the send from Luno has now finally cleared. They were having massive issues on the platform yesterday which meant it was epically slow and I was semi-freaking out because I am still new at all of this. I get paranoid that the crypto will be lost in some abyss of a network that I don't know anything about.
I'm panicking even more so now, because my 3.2 BCH is on its way over to NEXO from Luno and I'm basically terrified of it reaching there. I initially sent over $5 just so that I could be sure of the process. There is an address issue from my Luno account to NEXO where it asks you to change it to a different format. This is what it looks like, and this is the link I used successfully so that I could transfer it.
Below image source: Screenshot from NEXO
Above image source: screenshot from tools.bitcoin.com
End to the panic! It's "showing up" on NEXO...
Below image source: screenshot from NEXO
Well at least that means that after the confirmations are done it will be there!
In a nutshell (what I can see) in total layman's terms, you can use it to earn interest, you can get loans on your crypto, and you can use it to buy the following:
Above image source: screenshot from https://platform.nexo.io/
There's two ways that they allow you to earn interest:
FIXED Term
Means you cannot get a loan on your crypto while you are earning the interest. It also means you cannot "draw" your money out during that time period. Which is a month - which you can tick the box for auto-renew, or manually do it again at the end of the month.
You can choose to earn interest in kind (the crypto you have), or you can earn in NEXO tokens.
Above image source, screenshot from https://platform.nexo.io/
The loyalty level in the top right block appears to allow you to earn more interest depending on the ratio of NEXO Tokens you have against your portfolio, it also allows you to make more withdrawals over a period depending on your level.
Above image source, screenshot from https://platform.nexo.io/
FLEX Term
Means you have access to your crypto whilst earning interest, but that you earn less interest. For example on my BTC, I'm earning 1% more interest because I've put it as a fixed term for month.
Fear.
Uncertainty.
Doubt.
I used to suffer severely with FUD before I even began with crypto. I was sceptical of how these things worked, but I believed in them. Ten years ago I was even considering mining BTC but with the cost of electricity and start up equipment it was not viable. Today? I do see that I missed out spectacularly.
In 2015 I was in a position to "invest", but I didn't because of FUD. I've grown up to be that person who doesn't take risks. At that point BTC would have been a risk...
Below image source: https://finance.yahoo.com/quote/BTC-USD/history?period1=1420351200&period2=1443934800&interval=1d&filter=history&frequency=1d
I would be a millionaire today if I had invested the money that I had available. I could kick myself. It makes me shake my head and go WHAT WAS I THINKING! I'm not doing that anymore. I have every intention of using crypto as my retirement policy. I won't sell anything off, it needs to just sit there earning interest and growing.
I'm going to go and figure out how things work with the different options on opensea.io because there must be a "cheaper" way for people to buy my NFT's. First, it's time to shove my coffee in the microwave because it has now turned ice cold while I've been typing this and reading the latest news 😂
I want to say a huge thank you to everyone here who has been so supportive in sharing knowledge with me while I'm learning! I am the equivalent of a first aider asking for help from a heart surgeon at this stage 🤣 thank you all for being patient and sharing your knowledge 🤩
Do you think we will see another massive dip?
And what is your opinion on:
XRP
Shiba Inu
XLM
Do you think they will be worth anything one day?
Above and lead image source: merged screenshots from Google of AltCoinTrader, Luno and NEXO.
Lucky are those who bought the dip
To be honest, I don't know. Maybe the value will go up, but it may possibly continue to go down. Volatility hinders any skilled analysts to predict everything. Hopefully it goes up though.
Anyway, thanks to this article, I learned something more. I have always been eyeing Nexo but never really trued it out. Maybe I'll transfer some BCH there to earm me some interest. I won't lose something there, even if I do nothing, right? I just wanna make sure hehehe.
Thank you, thank you. I read with much focus on everything you shared here. It's like a friend talking to me, and I am hypnotized to do the same thing, too. 😂
And about the NFTs, I wanna learn about it, too but I don't know where to start. How did you get to start and learn about it?
Wow this is awesome. People are really helpful feom read.
I think this is the last dip of the year. I don't know anything about crypto, but still I expect a bull run
Interest earning is an area of crypto I have had a strong recent interest in (no pun intended), in particular because throughout my investing life dividends have always played a significant role in my growth. Currently I use Celsius for this purpose, and the only interest I earn in Coinbase is from Algorand and Cosmos, and just a wee bit of USDC. But I definitely see the value of not only the interest earned, but the compounding as well since the interest in paid in in-kind coins.
So far I have only "staked," if that's the proper term, BCH and BTC at Celsius. But I suspect I will be adding other coins as time goes on and I get more comfortable with it.
I still see an interesting future for crypto, even though I have many, many doubts about its future as well honestly, which is a reason I only allocate 2% currently of my portfolio to crypto. But only a handful of coins are going to survive when all is said and done IMO. For sure BTC will be one of them. I suspect ETH will continue to exist. I have this strange feeling that BCH may become the top coin at some point based on its ease of use, potential for utility, speed of transactions, and virtually no fees to use it. But that's just me. Who knows if I have a clue of what I am talking about.
Thoughts on Shiba Inu, which is the only coin I have an opinion on of the three you asked about? I think it is ultimately a dead coin. BUT, I do have some money invested in it, but my intent is to simply ride up the next pump which is supposedly coming and then cash out to trade the proceeds into other coins I truly have faith in.
As for my crypto investments overall, the two coins that top my interest for investment purposes are BCH and BTC in that order, and that's where the bulk of any money I make in crypto in total winds up going to.
Interesting article, and I enjoyed reading it.