@nomadghada
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Why it could be a good time to swap some BCH to ADA
Disclaimer: This is no financial advise and I am no financial advisor. Do your own research and invest wisely. BitcoinCash price appreciation And is currently on a bull run with the price at the time of writing this article is at $775.39 Where as ADA is at $2.83 *Fiat prices are referred fron CoinGecko If you believe in Cardano project Cardano after seeing a monumental bull run in the last week is slowly falling in price from all the concurrency issue and all the FUD currently in the market. But it has its believers who are still positive about its future in the long run. BCH to ADA Converting or swapping crypto is not a new concept but is a bit different from trading as you aren't spaculating on the price but exchange from wallet to wallet in order to keep and/ir use the converted crypto. Of some of the BCH I hold with me or get from read.cash, I move around and use for different things as an active member of CryptoVerse. Be it NFTs or staking. I have in the past swapped some of my BCH to ADA and keeping that staked for small incentives. Needless to say never convert all your BCH I always keep BCH as my largest holding, at the bare minimum of about 50% portion of the portfolio. ADA turbulence A few weeks ago the price of ADA suddenly shot up and it became 3rd largest Crypto by market cap. From about $1.30 to over $3 the price saw a massive uptick. At present price it doesn't seem like the drop is price is anything concerning, however looks can be deceiving. The prices we see are in fiat terms and while rest of the major Crypto is raising ADA is falling. Here is the swap prices for month of August 0.039 BCH = 2 aug - 15.29 ADA 24 aug 20:24 - 8.79 ADA 26 aug 7:12 - 8.68 ADA 26 aug 22:05 - 8.85 ADA 27 aug 23:38 - 8.00 ADA 28 aug 20:45 - 8.20 ADA 29 aug 6:34 - 8.64 ADA 29 aug 16:49 - 8.53 ADA 30 aug 15:00 - 8.41 ADA 5 sept 9:29 - 8.96 ADA 6 sept 12:39 - 9.87 ADA 6 sept 13:39 - 9.90 ADA 6 sept 16:30 - 10.17 ADA 6 sept 20:37 - 10.18 ADA 6 sept 23:21 - 10.21 ADA At time of writing - 10.15 ADA *The swap rates are observed for manual check from simpleswap.io Note: The baseline is taken at 0.039 BCH and the responding ADA that will be swapped are observed. This baseline is taken because this was the minimum amount for swap at the time of first swap. A clear dip can be observed when comparing the swap rates. Conclusion While it is advisable to do your own research, what I will be doing is to swap 0.039 BCH as the swap rate keeps falling and will stop in case it falls below 20 ADA for 0.039 BCH, at that rate it would be too risky. I will be using the swapped ADA only for staking. Moreover at the very max in am only going to swap about 10% of my BCH. I just simply love my BitcoinCash too much Perhaps more than ADA but I want to stake them and in case it becomes a thing then spend that ADA to do something with NFTs on the Cardano blockchain. I have no plans to change to Crypto to fiat currency for a foreseeable future.
8 comments
> swap some BCH to ADA >This is no financial advise and I am no financial advisor. Do your own research and invest wisely. This is exactly what we call financial advice. >Converting or swapping crypto ... is a bit different from trading as you aren't spaculating on the price but exchange from wallet to wallet in order to keep and/ir use the converted crypto. It is trading. Converting (or swaping) means selling one crypto to buy another. it takes an exchange to trade and you also pay trading fees. You may convert using some function inside a wallet, but any kind of atomic swap or any other convertion mechanism is trading. > If you believe in Cardano project I don't. 5 years later it is still not a released testnet and just hype. I despise its marketing strategy (annoyingly aggressive shilling) and I will never own Cardano, since it will never be developed beyond an alpha stage.
No, this is not financial advise as I am not advising anyone to do what I am doing. I am doing this out of my own desire and admitting it could be a huge mistake. Yes, swapping can be considered trading but it is very inefficient as a trading tool because of the fees and the conversion rates. You are better off using an exchange for trading. Swap are generally used to get desired coin om short notice and generally used to avoid withdrawal fees on exchanges. Ok, if you don't believe in Cardano then obviously you shouldn't own ADA. I have always said only own the coins of the projects you believe in.
I am not sure should we buy ADA now or not. Because the price can go up to 5 dollars too but for long term condition. While now i think ada is hard to cross more than 3 dollars. Also there has risk of dump. look for other which did not pump well yet but the project is cool
Yes, there is always that risk and that is why I am looking at only a limited exposure.
Not bad.. Fill up your bag. But i think there will be little dump on market again??
Then it will get rekted, haha. I am just playing around with limited amount.
This is okay. i am going for long term now but confusing this long term will take me to next bull season .
With my luck, I am pretty sure I will soon be writing a article about how I got REKT swapping BCH for ADA