My Crypto buying experience during this Crypo-crash days.
When Bitcoin dropped around $7500, I thought that it was a great opportunity to buy Steem since Steem dropped to 12.5 cents. Since Coinbase does not have Steem and held purchased crypto for five days, I bought $200 worth Ethereum. I assumed that both ETH and Steem will rise or fall at the same rate so that I can get 1600 Steem.
Unfortunately, BTC dropped to $6700 and I lost $40 in unrealized profit. However, I took another hit to buy another $200 of crypto (82 EOS). In this time, I chose EOS since it fell more percentage than ETH.
Morevover, I converted my purchased ETH to EOS. Coinbase let you convert your crypto to another crypto with some fees. Now, I have around 152 EOS.
Since Bitcoin recovered to $7200, so does EOS. My current purchase recovered to full amount: $394. Anyway, I paid $6 or 1.5% to purchase crypto in Coinbase.
Interestingly, Steem price recovered sharply than EOS and ETH which jeopardized my Steem buying plan. My plan was to buy Steem. Since I can't buy Steem from Coinbase, therefore, I bought EOS in hope that both EOS and Steem will recover or fall at the same rate. My calculation was that I would get around 3450 Steem for $400.
But at the current rate of EOS/Steem, I will get 3310 Steem or, 140 Steem less.
If Coinbase let my fund release immediately, I could have get my desired Steem immediately. Coinbase let buy Crypto immediately with Debit Card. Though I have Bank of America Debit Card, it charges foreign exchange fee (2%) since Coinbase execute Debit card in UK which is very strange.
My first purchase is held for 5 days and second purchase will be held for 8 days.
These experience just showed how hard it is to purchase cheap Steem in the time crash due to different hurdles. Even though I live in one of the most crypto-friendly(!) country, I am not able to buy Steem on same day but wait for 8 long days.
When will we see Steem in Coinbase?
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions. This opinion is only for educational purpose.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
@dtrade
Cryptominer , occasional trader and tech blogger since 2013
Could Leo make an exchange and/or sell on Paypal?
The Leo token sure has some buyers.
There is a talk of multi-chain LEO. A gateway will convert LEO to TRON-LEO, EOS-LEO, SMT-LEO then LEO can be added to any bigger, mainstream exchanges. If that exchange support Paypal, then yes it is possible.
Yea Steem on Coinbase .... the long awaited thing. Hope it happens at some point.
Congrats on your buyings :)
Thanks ;)
I am from Singapore. Over here, the easiest way for us to get crypto is through Binance.sg. There is a fee of 0.6% but the exchange rate is quite competitive.
The major plus point is I can transfer my crypto to my wallet almost immediately. That will allow me to switch to STEEM quickly if I want to. It will be even better if I can buy STEEM directly on Binance.sg with fiat. Still waiting for that to happen though
Yes, Singapore is one of the most progressive countries for cyrptos.
puh seems like a lot of hustle. I would be especially annoyed that they hold my crypto for this long.
I also bought some crypto the last days via bitcoin.de though and they let you withdraw immedatly.
did you try kraken or crypto.com yet?
Crypto.com with credit card may be possible. Earlier some credit cards were blocked from purchasing Cryptos.
Wow. I was waiting to by Steem also, but I was holding Litecoin, it followed Bitcoin down, but not up :(
So I bought 1 LTC worth of Steem and now waiting to see if Steem will go lower.
Some are predicting 7 cent Steem? What do you think?
I have account on Coinbase and I have tweeted to Coinbase, voted for Steem on Coinbase polls, but as yet no Steem on Coinbase.
I am in US a very unfriendly crypto country with exchange options shrinking all the time. We can’t use credit or debit card here..
Good Luck!
Hard to tell. I would rather try dollar cost average. My DCA for steem is still 50 cents. However, long term it will go beyond $1.
I think you will see Steem-Engine offering fiat conversion long before Coinbase has STEEM.
I think they are shooting for this by the end of the year, if not in January.
That will alter things a bit.
That could be a game changer. Even stable coins such as USDC, USDT, DAI, PAX will be easier to implement and be convenient. For example, one can buy USDC without any fee from coinbase.
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