Dipping My Toe Into CryptotradingsteemCreated with Sketch.

in cryptocurrency •  5 months ago

Decided to move a little STEEM into the trading world

I don't know how well I will do in crypto trading, because my regular trading has been hit and miss. Sure, I bought SiriusXM at a couple of bucks, but then I also bought a weed stock after the election as they all tanked when their horse failed to show. So, I guess it is good to use STEEM to do the trading, because it is nothing but a bunch of my hot air and typing.

The first thing I did was open an account on Bittrex. That wasn't very difficult to do. However, I had to do the Enhanced Verification, because Uncle Sam wants to know who is trading what. I guess I won't have to worry about it too much, because I doubt I will be bringing the big bucks any time soon.

There is a limit with the Enhanced Verification of withdrawing 100 BTC a day. Since it has been a few years since people were using multiple full Bitcoins to buy coffee, this amount means a lot more. At the time of me writing this post, Bitcoin was trading around USD$9,300. Withdrawing 100 BTC a day at that price would seem a bit like money laundering and cause the attention of the Feds. But, again, I have no worries about that.

I also did Two-Factor authentication, which might affect the ability to trade for USA accounts. I'm not sure, but see below.

I only put 25 Steem Dollars (SBD) and 5 STEEM into Bittrex. That was easy as clicking on the Wallets menu in Bittrex, selecting Steem and creating a memo and getting the bittrex account name. After you create it once, it is there for use again. You have to create one for SBD and STEEM.

After you get your SBD into Bittrex, you apparently have to wait about an hour before everything is confirmed confirmed, because it wouldn't allow me to buy any BTC for the first couple of tries. I ended up going back to my settings and enabling Two-Factor Authentication and when that was done I was able to convert the SBD to BTC.

Not knowing how the fees were taken out, I didn't convert all of my SBD to BTC. For future reference, it is taken out when you do the conversion. So, you don't need extra SBD in your wallet, it will just subtract it from your proceeds.

Now that I had my very very very small amount of BTC, I decided to pick out some currencies that might have some future.

Alt CoinAmountPrice
Stellar Lumens (XLM)1000.00000511
Dogecoin(DOGE)50000.00000021
Siacoin (SC)10000.00000060

As I mentioned, I didn't put a lot in, so I didn't purchase a lot.

Stellar Lumens

I picked Stellar Lumens (XLM) because IBM picked it.
IBM's Stellar Move: Tech Giant Uses Cryptocurrency in Cross-Border Payments. Even if it doesn't shoot to the moon, it might have a long-term slow in its future.

Dogecoin

Dogecoin(DOGE)](http://dogecoin.com/) was created apparently as a joke. Since I had heard of it and it is still extremely cheap, I figured it would be a good buy. Also, even though it is a little bit up and down today, it might be on a spike rise.

Siacoin

I picked Siacoin because of the low price. Also, I the name probably caught my eye because of a group I like that features Sia as the singer.

I didn't pay too much attention to the fees (All trades have a 0.25% commission.) or try to get the best price on the buys. I used the last market price for each, just to make things easier. As I do more trading, I will probably try to wrangle out a few pennies in the trades. Maybe if I hit it big with some STEEMit article, I will put in some more to build up my trading portfolio. All I hope for now is to trade what I have at a profit.


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Let the positive energy sing!

More Power to the Minnows!!


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That's the best way to do it.
Use Steem.
Like you said...just hot air and typing.
You can NOT loose.

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I only wish I had more Steem to have invested earlier. But, it doesn't look like the bubble will pop tomorrow.

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don't we all
I've noticed that living off your income and investing it seem to be at odds with each other.

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Yup.
I'm glad that I have an actual job that pays me to fall back on.

Great article. I am new to the cryptocurrency myself. I have been doing my own research and have opted for a hard wallet. Your articles are enlightening.

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Well, you need coins to put in the hard wallet. Bittrex has a wallet and you can move it in and out of your hard wallet. But, since I only have a tiny amount in it, I'm not too worried.

That's what I've been trying too. Right before the fork (that didn't happen) I moved all my coins to btc hoping to double my tiny investment. Oh well, better luck next time lol

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Yup.

There was one I was trying to get in before its next fork. Einsteinium (EMC2)
I just got some, but only 20. I wish I could get more.