We have a lot of curated content on this blog.
Take this simple 20 second Quiz to Help You
Find The Exact Content You Are Looking For!
ADDITIONAL WEBSITE RESOURCES
Start your formal crypto education for free and earn tokens at https://cryptoversity.com/ — This was inspired by a true story.
A few nights ago I was sat with a friend of mine who wanted to invest $3,000 into the Bumper Finance token since it was close to it's all time low.
This can be considered an Undiscovered Crypto since the only place you can buy it is Uniswap.
Now he had a bunch of USDT on Binance and wanted to use $3,000 of that to buy BUMP tokens.
The first problem was that the average fee on the Ethereum network at the time was around $35 and he only had $26 worth of Ethereum in his MetaMask wallet.
So we were faced with the possibility of having to buy some ETH with his Tether, withdraw that to the wallet to pay fees…
And then withdraw the Tether to the wallet so we could trade it on Uniswap.
That plan quickly fell apart when we realised that if we bought $100 worth of Ethereum and withdrew it to the wallet to pay fees, the exchange was going to charge us a $35 Ethereum transaction fee to withdraw it.
That would turn that $100 worth of Ethereum into $65 before we’d even done the swap.
Then we’d be looking at another $35 Ethereum transaction fee to withdraw the $3,000 worth of Tether.
That would have been $70 in Ethereum transaction fees before we’d even done the trade (which would incur another hefty Ethereum transaction fee).
So we went back to first principles.
We asked, what is the end result we are going for here?
BUMP was trading around 8 cents at the time so we were looking to buy about 37,000 tokens.
The next question we asked was “what is the fewest number of steps to achieve that?”
Because of course, the fewer the steps, the less we’ll spend on fees.
Now, like with every problem, if you invest the time to precisely craft the question, the answer becomes obvious.
So what we ended up doing was taking $3,100 worth of Tether and buying Ethereum with it on the centralised exchange.
Then we withdrew all that Ethereum in one transaction to the wallet.
Now, transaction fees on Ethereum are only estimates because you don’t know what the total fee is until the transaction is complete.
I liken this to only being able to estimate the cost of fuel for a car journey. Until you get there, you don’t know precisely how much fuel you’re going to burn.
The same goes for Ethereum since, (in both cases) stuff happens along the way that affects the cost.
When the transaction withdrawing the Ethereum from the exchange was confirmed we only spent $6, so that was great.
But in any case, in one step, we now had $3,000 worth of value moved into his MetaMask wallet, but using Ethereum as a temporary store of value.
Remember that we bought $3,100 worth of Ethereum with his Tether, so we were expecting that extra $100 to get cut by the withdrawal fee to $65.
But since that transaction only ended up costing $6, we had $94 worth of, (let’s call it) “fee paying Ethereum” added to the wallet balance.
So let’s do an inventory here because the secret to this is keeping track of what is happening in your head since it’s not obvious looking at the numbers.
At this point in the process if we just look at the MetaMask balance it said the only asset we had in there was $3,120 worth of Ethereum.
But he and I knew mentally, that balance was actually sub-divided into 3 categories:
The $26 worth of Ethereum that was in there at the start
The $94 worth of Ethereum that we bought with Tether and withdrew from the exchange
The $3,000 worth of Ethereum that we bought with Tether and withdrew from the exchange in the same transaction
So now we were ready to do the Uniswap transaction, which was a piece of cake.
We went to Uniswap
We selected Ethereum as the asset we wanted to swap…
BUMP as the asset we wanted to receive…
The transaction fee on that was $43 worth of Ethereum…
And within 30 seconds, the transaction confirmed and the BUMP tokens appeared in his wallet.
Mission accomplished.
One of the main points here is to demonstrate how you can enhance your returns just by being a bit smarter with your money movements.
$35 saved on a transaction fee is the best return you’ll ever make because it’s like making a trade with no downside risk and a guaranteed profit of $35.
I’d take that trade every day.
And those opportunities are there all the time. It just requires a bit of know-how.
So to tie this back into the title.
Do you see now what I mean by using certain crypto assets as a “value transfer mechanism?”
In this case, we simply used the ETH asset to store our $3,000 worth of value for a few minutes while we moved it to where we wanted it.
The fact that ETH is a volatile asset doesn’t really affect us because we only held it for a short period of time.
But don’t get stuck on Ethereum, this is a principle you can apply to any network. The Cryptoverse features reading the news from various sources. Each episode lasts approximately 15 minutes and includes my moral, ethical and philosophical interpretation of current events. If you’d like to be kept up to date on Bitcoin, cryptocurrencies and blockchains by someone who believes in the free market, equality of opportunity and the value of education then subscribe to The Cryptoverse today. Video Source https://www.youtube.com/watch?v=lGWOxn1iMWQ
FREE PDF REPORT !!
7 Steps To Turn Your PASSION Into An Online Business
Most people over complicate the process of making money online. With these 7 essential steps you will be able to start your affiliate marketing business asap.
Crypto Currency Resources & Recommended Products
The following lists are tools and resources that I put together to help anyone that is interested in crypto get a head start. It can be quite daunting when you first get into cryptocurrencies. There is some much information out there and some much uncertainty.
Disclaimer This new crypto movement is an economic revolution. While it may be an exciting time to get started with crypto currencies, this digital gold rush has a plethora of bad information out there. The recommended products below are based on my own experience with my own personal use of these products.
Disclaimer: I am not a finical advisory. I do earn a small commission if you choose to purchase any of the recommended products below. Please make sure that you do your research before you purchase any Cryptocurrencies related products or services.
Crypto Currency Wallet & Coin Exchange
Coinbase is one of the worlds leading cryptocurrency wallets. It also gives people the option to purchase and trade digital currencies like that of Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum and Litecoin.
Coinbase popularity stems from its ease of entry and exit from the cryptocurrency world. It's pretty quick to get set up and start investing in digital currencies. Get $10 FREE Bitcoin {BTC} when you spend $100 with our referral link.
Cash Network & Affiliate Training
Trust me here… If you’re like many Internet marketers, you can’t help drooling when you peruse the famous (and quite addictive) ClickBank marketplace.
From just the front page of the marketplace ClickBank’s clients will earn close to One Hundred Million Dollars this year! As you click from page to page, your eyes get wider and wider... your heart starts pounding...
… and your jaw drops to the floor when you start to see the incredible popularity, the gravity, all those product pitch pages…
Check out the video to learn more...
What you’re about to see is not a joke... It’s not a lousy ploy. This is truly a dream come true... I am about to give you something so exciting and SO valuable you may not be able to keep it to yourself.
BUT, I need you to please keep this a secret until you see what I’m talking about.
I cannot risk something like this getting out to the public. At least not this early… Follow the link below to finally realize what it feels like to have control. Feel your dreams come to life!
Don’t believe me? See for yourself. If you don’t act quickly, I’ll have to pass this along to someone else who is willing to create a better life for themselves.
I have a feeling you’re going to love this :)
Cryptocurrency Exchange
Binance is one of the worlds fastest growing cryptocurrency exchanges. Because of its trading volume and the number of altcoins it trades it will be one of the worlds biggest crypto exchanges in the world.
While Coinbase is still the easiest way to get into cryptocurrencies, Binance trades a lot more Altcoins compared to that of Coinbase. If you want to purchase Altcoins like Cardano ADA, Ripple XRP, Steller Lumens, TRON, Dash and Monero then Binance is your first port of call.
In order to trade here, you must hold some cryptocurrencies first. So it's best to purchase some Ether or Litecoin from Coinbase and transfer it too Binance.
Click Here Watch A Tutorial Guide On How To Use Binance.
?
Cryptocurrency Hardware Wallets
One of the most popular Hardware Cryptocurrency wallets is that of
Ledger Nano S. The Ledger hardware wallet provides a secure offline solution for cryptocurrency traders to store their digital data.
Commonly knowns private keys the Ledger hardware wallet gives users a multi cryptocurrency offline storage solution. Because of essential, these hardware wallets are similar to that of a USB key, it provides security by hosting the private keys offline making them difficult for hackers to access your cryptocurrencies.
It hosts some of the more common crypto coins but also some fewer know Altcoins Bitcoin Gold, Ark, Bitcoin, Bitcoin Cash, Digibyte, Dash Dogecoin and Ether.
Watch A Video Guide On How To Use The Ledger Nano S
Digital Crypto Currency Wallet
The Exodus Wallet is desktop cryptocurrency storage solution. It can be used with Mac and PC which has compatibility with a popular cryptocurrency exchange called Shapeshit. Which gives the user the ability to trade cryptocurrency with in the Exodus Wallet. This feature alone makes the Exodus wallet a very popular choice with beginner crypto traders.
The interface is very intuitive making it very easy to understand and use for anyone that's starting out with investing in cryptocurrencies. The Exodus Wallet is one of the most popular lite wallets, even with a number of crypto storage assets, it doesn't require your system to download the complete blockchain.
While the Exodus Wallet is free to download and a very secure piece of software, please note that it does take between 1-3% fee with the exchange of cryptocurrencies. Click Here To Watch Walk Through Video On The Exodus Wallet.
Cryptocurrency Browser
The Brave Browser is just like most web browsers, it allows you to surf the web, find videos, websites and allows you to download content from the web. But with a few difference with it's set up compared to that of Google Chrome. It was set up by the same creators as that of Mozilla, basing their software on open source code similar to that of Google Chrome.
Brave has in built ad blocking technology to stop intrusive ads. It also integrates with the cryptocurrency Basic Attention Token {BAT} to pay users for their attention for displaying less intrusive ads.
Brave keeps 15% of the less intrusive ads, giving content publishers 55% per cent which is good for bloggers and vloggers, last but not lease even users of the Brave browser will receive 15% off the revenue. It also gives users the option to donate BAT to content creators or sites they love.
One of the striking features of the Brave Browsers is that it removes a ton of tracking pixels which cause websites to load slower. This gives you a much faster experience when visiting websites online
