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RE: Cryptocurrency & the 20% Cream Rule [Make More Money]
I found it is always good to have a little "cash" to be able to move in or out as needed. This 'cream rule' sorta adds clarity to what I was trying to figure out. thanks.
Yea. And having it available, in a way that doesn't require 10 days or crazy fees.
A lot of people use Tether, but no one has audited Tether, so they can sort-of just print money without us certain that they actually have their money backed by anything. Do you use Tether or keep the cash within a step or two of an exchange?
I have various accounts where I will use this concept across the board.
No, I am not using Tether, but I'll need to look into it.
On some exchanges, there is a US Dollar account, so I can pull out cash and leave it there as this cream.
On other exchanges, I was using Bitcoin as the stable currency, but not now. Now, I look at whatever crypto is most stable to avoid volatility, whether it is Litecoin, Ethereum or Bitcoin.
Or Maybe it's a rising star for the moment while those three are volatile. It is harder on these exchanges without a true US Dollar account.
Further, I realized this cream concept is fine and appropriate on stock market accounts where there is a cash account for the cream. Some days, a stock should be sold due to market conditions. At that time, it may be appropriate to just hold the cash on the account.
So, this cream idea applies across the board to other areas.
I am currently trading on Binance. What are some of the exchanges you use that are trust worthy? Thank you
Bittrex is at least as solid as Binance, just with fewer options. Kraken has improved in the last month and currently has no trading fees (and a USD account like @goldkey metioned). And then GDAX as a backdoor to Coinbase.
Also, there is a new exchange set to come out (beta version in the next few weeks) in the next few months, called FairX, that will offer fiat->altcoins, and some people think it will have a huge affect on the Crypto space.
Great Info. I was looking for more info on various exchanges, too. The exchange that a person selects is as important as the coins that get selected. In some ways, maybe even more important.
First, I would defer to @redbagofcourage who gave a great reply. I'm very much a newbie.
As I looked, I heard good things about Bittrex and Binance. I saw mixed reviews on Poloniex. I don't know anything about any others.
Most criticisms on any have been about getting registered and verified. There is also criticism about getting cash out. Of course, there are complaints about fees on all exchanges.