CryptoTrading and Reinvesting in SteemIt
Hey everybody! Sleepy Gary once again, with what should be my last post on CryptoCurrencies for a little while. Today I want to discuss my slow-ass strategy to invest in Steemit via my other cryptocoins, which I am collecting via a slow drip faucet system.
As mentioned in my previous post, I have been dabbling with Faucets for the past week. Most of that time was spent out of town, and with only my mobile to collect, but I managed to rack up a fair amount of coin in that time.
So far, I have traded $30 SBD for an uncertain amount of Bitcoin on Blocktrades (not recommended, find another exchange unless you are desperate. I turned $3 SBD into the equivalent of $0.75 Bitcoin.) I got into BTC when it was at $3450, so my plan was when it got to $6k I would consider selling, though i was really leaning on the $6900-$7000 range.
I have in my home 5 smartphones with broken screens, so I've loaded Minergate onto all of them, along with my 3 alternate laptops that just sit around. I am not 100% sure how it's going to look on my powerbill, but I haven't noticed a lot of difference in battery life, so if my bill goes up more than $10 I will probably consider shutting down what I call "The Quarry" (because I have 8 Miners, haha.), especially if I can't get 1 whole coin out of any of them. Pfff. [Not sure if Minergate is worth the trouble, unless you have an otherwise useless device and a LOT of time to wait.)
As far as the faucets go, I have collected enough on Faucethub for a Dogecoin withdrawal of 15.x coins, but I am waiting on them to finalize in the transfer (unless I totally messed up and sent them to the Abyss. Entirely possible, since I am new.) It says it could take as long as 3-7 days, ugh.
The rest of the coins I have been working towards have not yet yielded enough for a payout, and ended up selling them into the exchange for Bitcoin when it dipped to $4k yesterday. (I have been punching the refresh button on my PC for days, lol. As I write this, I am waiting for Bitcoin to dip down into $4k again. It's hovering at around $4099 according to Google, and $4106 by CoinGecko.) My goal is to have an amount high enough to withdraw by the end of the month, so I can sell it on an exchange for SBD or Steem, whichever one I can convert into Steem Power. I am not sure if it will be worth the CryptoCoins I wind up with at the end of the month, but the experience should make up for that if nothing else.
And with Coinpot's ability to trade Doge into Litecoin and Litecoin into Bitcoin with no fees, it's pretty easy to collect a fair amount of Satoshi just using the volatility of Bitcoin's price.
Well, thanks for reading, I hope you enjoyed and make sure you check out my other posts. Steemon you crazy wonderful people!