What can you do with your BitcoinCash earning from Readcash?

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If you are new to ReadCash or is probably wondering how you could best utilize your earning, this article will provide you with options that is suitable with your risk tolerance.

Also a disclaimer, this article is not intended as a financial advice, but an option to check whether you can manage the risk it holds. Always remember to do your own research and to verify everything first before you do any abrupt decisions.

To cut the drama,

Here are the following options you could do to benefit with the bitcoin cash you earned.

YOU CAN LEND YOUR BCH ASSET or USE IT AS A COLLATERAL TO LOAN

Have you ever heard about lending and earning interest from it? Yes there are more and more crypto exchanges and lending platform where you can hold your crypto to staking and lend it by locking your asset in a lock period of time offered by the crypto institutional wallet.

What are wallets where you can hold your crypto to lend?

1. Nexo

2. Crypto.com

3. And others

The two is among the common recommended wallets that offers high yields compare to others and I would always encounter from different blockchain social media platform and publishing network.

As for me, crypto.com asked a more complicated datas for kyc so I choose to lend my crypto.com I haven't recall if they did asked for IDs.

Currently I am lending my 1bch that I have earned last july 2020 and earning upto 8% interest.

Of course the pros is that your crypto is earning while you are holding them. Instead of just sitting them without working. And the cons is you are letting your crypto to a non decentralized platform like banks. And the banks controls your money.

Previously, I have written about nexo and my earning and whether it is best to lend or best to trade on smartbch.

If you have time, you can check this out,

https://read.cash/@Meyzee/was-it-still-profitable-to-hold-my-1-bch-on-nexo-23b671ec

Also, these platforms offers you to borrow stable coins depending on your credit limit! What can you do about these stable coins? You can also invest it during the bear market. And pay them from your profit. Many are doing it. But I haven't tried loaning.

YOU CAN TRADE YOUR ASSET, SELL HIGH BUY LOW

Recently I don't trade much as it requires to be attentive on the market, so I kind of stop trading bitcoin cash. But yeah trying to get back again and learning back crypto wave structure again.

You can do it on different wallet exchange, best example is binance, pdax, houbi, coinflex and other exchanges. You can also do it on smartbch defi.

Here is one of my example, last year I like to trade bitcoin cash as it becomes more volatile and the gap movement is profitable. I only made a 1.35$ here, which is probably more than I make on nexo. It is just one day difference and I feel like I am really really doing great here already. 😄

Also if you want to try leveraging its up to you. Coz I haven't managed to get back my bch I lose from futures trading. There are times that I am really trading along, the only thing is I can't control my emotion. The greed inside me is overtaking and it ruins my strategy. "What if it goes up or down a lil more?" Literally that question will make you poor. Haha. So I kind of hate futures trading. Makes me frustrated. Really. 😄

INVEST IT TO DEFI (SMARTBCH); BUY TOKEN, NFTs, FARM AND STAKE

To be honest investing into smartbch defi is the best and strategic way to make your bch grow. Also, farming and staking gives high yield of return. I managed to earn more than 1 bitcoin cash on my smartbch portfolio and I am really amazed how DEFI works.

I have tried farming too. And what makes it more less riskier is that since all of the pairs are peg only on bitcoin cash and flexusd, the downtrend and uptrend will be most likely at same percentage.

Nfts are a thing too. Some people made a large profit investing to it tho I can't still believe why. Haha. Its a thing so we just tag along the wave.

You can check out more of my article experience in farming and more of smartbch. You don't actually need to have a large capital to do it.

SPEND, REPLENISH or DONATE TO FLIPSTARTER

What is amazing with Bitcoin Cash is-- it is easy to transfer, with a lesser fee. And it is a peer to peer electronic cash, and is basically design to be spent. Hopefully more merchants will accept bitcoin cash in the future coz It is really heartbreaking to convert it to fiat at a lower price.

Also if you have some time to donate on flipstarter for all BCH project for a cause. 😃 There are a lot of flipstarter going on. Last I saw is coinriot or hackaton.

There are so many ways you can passively earn or possibly spend your hard earned bitcoin cash. Thats how coool it is. And how fvcking amazing is.

This turned out too long and boring. Thank you for reading!

All the best!

Images are screeshot from my wallets 😅

Lead image edited from picsart