YOUR DAILY HASH ~ THE BIGGEST MISTAKE MADE WHEN TRADING ALTCOINS

in #bitcoin3 years ago (edited)

YOUR DAILY HASH ~ THE BIGGEST MISTAKE MADE WHEN TRADING ALTCOINS

I've been reading numerous posts from different cryptocurrency groups, and I have noticed one disturbing mistake that people are making.

Many people are measuring their gains agaisnt the USD instead of measuring their gains agaisnt ETH/BTC.

In short: You should be measuring your gains agaisnt ETH/BTC because you NEED to make sure that you're gains are higher than the growth rate of ETH/BTC.

This is because if your gains are HIGHER than USD but LOWER than BTC/ETH, you would've been better off just HOLDING on to your BTC/ETH.

You can keep track of this with Blockfolio, numerous other applications, or you can use Excel.

There are other mistakes that people make which I will highlight on in future videos, but this is a big one.

EDIT: RECORD YOUR GAINS IN USD FOR TAX PURPOSES, BUT KEEP THE ABOVE IN MIND


Interested in buying some of the hottest cryptocurrencies? Well check out Binance! They have a mobile app that allows you to SEND, BUY, AND SELL Numerous Altcoins!

https://www.binance.com/?ref=10808506

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So true and so hard! I get it right sometimes.
Looking at your wallet and seeing everything down in % makes you freak out until you just take a closer look. I used to keep a written leger of all my crypto and the difference of morning and evening. When btc crashed earlier it was harder to keep tabs. Now I just look at the coin's btc value and as long as it is still higher than when I bought it I just leave it alone.

Shared your post. Thanks for sharing your insight:)
Hope you have a good day
Lizelle

It's always good to know that there are great people out there, such as yourself who have an open mind! Exactly, that's the point I was trying to make as well. Your Alctoins need to be HIGHER than when you bought it in Bitcoin (except for tax purposes).

Very fair point you brought out there. Maybe might want to add XRP now that it's passed ETH. Also looking forward to more of your threads, so here's my follow!
PS: If you're into music, waste 2mn and check out my blogs, where i showcase some of my beats and music discussions

Yeah I'm definitely into music, I'll check you out, Thanks for the comment!

I just followed you cause your posts seems to be informative post you can find similar crypto news on my steemit that might be productive for you too...
@reewy

Thanks for the support @reewy, I will definitely take a look!

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Resteemed upvoted
That is a good point for new trader to take note.
That is because most exchanges accept BTC and ETH for USD

Yes, many traders are essentially betting against themselves if they don't take this into consideration.

Found your blog today. Lots of good content. This is great info and I forwarded your video to a couple of friends who I think would appreciate it. Upvoted you and followed you today. Keep up the good work.

Thanks for your support. I really appreciate it. I'll follow you back! Stay tuned!

This post has received a 8.89 % upvote from @booster thanks to: @brokecollegegrad.

Cardano is now the new hot thing! If somebody need help with buying cardano, I made step by step guide.

https://steemit.com/cardano/@karolynaz/cardano-ada-is-the-next-big-thing-in-crypto-but-how-do-i-get-cardano-coins-guide-howto

Thanks for contributing to this post! Cardano has killed the charts recently!

#bitcoin
If I look at bitcoin prices now, I ll get dizzy because I ve sold them

#bitcoin
bitcoin prices will go up you should not be sold first

What are you talking about? Could you please elaborate?