When Trading Altcoins, Look at BTC Gains not USD (+a tip)
I see alot of confusion with this and it makes stuff hard to check if you made money or lost.
BTC, LTC, ETH and some others you can buy directly with USD but most coins (STEEM!) you actually buy or sell with BTC first.
So in this case you actually spend BTC not USD, despite that USD is there and this is how you should look on the investment - with currency that you used to buy the coin.
So when looking for profits you should actually to look for a pair that was used USD/BTC/ETH etc, not the USD value.
Currently coins can move 0 satoshi and gain USD and sure you made profit, but not trading wise.
Top10 Marketcap Coins
Actually POPULAR (aka more than 2 exchanges to USD) coins here are only BTC, ETH, XRP and LTC. USDT i dont count as this is for me an altcoin with not sure backups.
So for your trading records (unless you really wanna go out into FIAT fast) keep prices of things with currency pair you have used to buy it with.
Extra Tip
If you are good with fast counting then this 2 exchanges often have really amazing prices but the equation will not be easy.
- OpenLedger and CNY pairs. Here coins in CNY are often cheaper than on other places in BTC or USD.
- Binance and BNB pairs. There is no fees on this and a few coins trade this pair, some really good deals here.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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@kingscrown stop spamming your shitpost on steemspeak general channel! We have given you 100 warnings and yet you keep at it.
Wow, he must have a lot of free time ..
Hey so I would recommend you add something more than just top marketcap coins... maybe add some longer opinions on where you see things headed? or what you notice from all ur time watching crypto markets?
Excellent advice. I'm just now starting to wade into the alt-coin pools. This really helps!
tnx for guid us @kingscrown
BTC is the standard and why it is valued at so high but good tip for alts
This is some interesting tips. Thanks for this.
Thanks for the tip
Yeah, fiat currencies are so embedded in our brains of course, that you just naturally compare everything with them. I guess this will have to change. As a teenager I was evaluating everything for a while in cases or bottles of beer lol, I guess I should be able to do it in Bitcoin now ;-)
Nice tip mate, that’s exactly how I do it.
Also, I use Delta app for tracking. This allows you to enter the pair and exchange you bought your coins and also calculates exchange fees automatically. Gives you correct profit loss figures.
Holly hell that is the greatest tip, I never knew. Well I learn something new every day. I will resteem this so the next person can say the same thing...