RE: Let's Chat #2 What Coins Do you HODL?
A: I HODL Steem in the form of Steem Power and that's really all. I haven't ever gotten any coins including even Bitcoin. This week I think I'll try and make my first withdrawal into fiat to see how it goes and to see my first profit from being active on the steem blockchain. Before that all my SBDs from posts that were not powered up by default went on to buy me Steem. I especially loved the period when SBDs were skyrocketing and Steem hadn't caught up because I was getting a lot of Steem.
A: Something easy to convert to fiat and that's probably all it's going to be - a way to take out a bit of income from here. I'm not interested in most other coins as I don't really see what utility they provide besides being an investment or something to speculate with. Steem is different because there is something to do on the blockchain - post and vote. To me that's something real and I'd rather keep my crypto portfolio concentrated into Steem Power that allows me to reward content I enjoy here and that allows me to be a productive member of the ecosystem.
A: I want to post and learn on the Steem blockchain and I want to keep meeting wonderful and interesting people. On top of that I want to grow my Steem Power while only taking a bit of profit from time to time to supplement my income. The best case scenario I am certainly not betting on is to be able to be making a full living from steem without destroying my steem power assets. Living in a country that is not too expensive makes that a bit more achievable.
To convert to fiat with minimum losses my tip is to go to a big exchange like Bittrex and buy anything other than BTC that you can in your country convert to fiat. Because BTC fees are going crazy and cost as much as 50$.
There is much utility in coins you just have do discover them, learn what they are about and if the problem they are trying to solve is worth investing money in. There are some really interesting coins out there :)
But Steem is also my facourite and I see the greatest potential in Steem. I said it a couple of times already and I'll keep saying it untill it happens. Steem is going to be 100$ soon, by the end of the year maybe.
But the price is the least exciting thing about Steemit when you start learning about the steem blockchain and the abilities it has to offer.
I'm exactly the same man! From day one my plan was to get as much SP until one day I could make a living on it. I only power up and plan on keep doing it forever. I also said to myself that I wont touch my SP for the next 10 years so... I'm here for the long run :) But with the recent price increases with SBD I decided to cash out some and reward myself for the 6 months of effort I put in Steemit.
Where do you live? I'm also from a low budget country, Croatia.
Thank you for the insightful answer and advice. $100 Steem would be absolutely crazy, I would love that for sure! For now I think it's safe to say that it's going to stay over $5 and is probably going to break $10 relatively soon. But we'll see when :) I live in a country that's in a similar bracket with yours but still a bit cheaper - Bulgaria.
On one hand, I know there are certainly other coins of value, on the other hand, I'm not sure I have the patience to research them while I have something that really fits me like Steem. I don't fancy myself a person with trader potential so I would rather keep it safe and simple. Still, if I had dug up into coins earlier, I would know more about converting a bit of steem into fiat and would have a bittrex account since they are not currently accepting new signups.
Exactly my thoughts.
Then go for PoS coions. PoS allows you to stake your coins to mine instead of buying hardware to do it.
Smartcash is a good option as it pays out 5-7% per month if you got more than 1000 SMART in your wallet and that's pretty nice + it has a big potential to grow as a currency.
Another good PoS coin is ColossusCoinXT I wrote about couple of days ago and its only 1.5 cents per coin :)
So you just get the coins and wait a year or two, come back and see the coins up 500x and you stacked up some nice passive profits from PoS alone :)
Bittrex isn't accepting new accounts any more? Just don't go to Poloniex as they were having a hard time paying out people that transfered steem/SBD there.
Thanks for the advice, I appreciate it.
Yes, Bittrex stopped accepting signups in December. It was a very unpleasant surprise now when I registered. The way I see it, since Poloniex is so unreliable, I have only two options - blocktrades and Bulgarian steemians looking to power up with cash. I'll have to figure something out.
Try finding Bulgarians to exchange as blocktrades takes about 5% or more in fees
Well, fees are everywhere, I'll surely have to pay some or make the person willing to trade for cash at least a bit of discount.
There are almost no fees on bittrex :)
Oh, yeah, rub it in :P It's kind of frustrating that I can't get in on the action there.