HOW TO STAY AFLOAT WHEN PRICES ARE FALLING

in #cryptocurrency6 years ago

So within the last 24hours, we’ve experienced a drop in the pSo within the last 24hours, we’ve experienced a drop in the price of crypto currencies as bitcoin price fell by 7%. Screenshot_2018-05-11-22-22-46-1.png
We all know that with this price drop, lots of people actually lost some amounts of money, no matter how small it may be. Rise and fall of prices is one of the normal characteristics of the crypto market, so is making gain and losses. What if I told you that there is a way to minimize your loss, a way to stay afloat when the market is sinking.
Most of us may have heard of the coin called tether (USDT) for those who haven’t, tether is currently ranked 16th coin in terms of market capitalization. It is a coin that is pegged to the price of dollar ($1). The price just fluctuates around one dollar. With this coin, you are safe when there is a dip. All you need do is convert the coin you are holding to tether. This can be done using an exchange website (binance, bittrex, poloniex etc.)
I would be doing a small tutorial today on how to do this using Binance. And I'll be using Eos as an example.

First point to know is that whatever coin you are holding must first be converted to bitcoin. To do this, simply click on markets, found at the bottom of the screen. Then select BTC anf find its pair with your coin. Example EOS/BTC.
After doing that, a trading page would be opened where you would see buy or sell. Simply input the market price, fill other parameters and click on sell. Now your coin would be converted to bitcoin.
Go back to market and now select USDT. After that, choose the BTC/USDT pair. Click on the sell found at the top screen. Input amount of BTC you intend selling and then click the sell button. This would automatically convert your BTC to USDT which is not affected by price fluctuation. You would hold the exact dollar value of your coin at that particular time.
After doing this, you feel that the price drop is over, feel free to repurchase that coin of yours. rice of crypto currencies as bitcoin price fell by %. We all know that with this price drop, lots of people actually lost some amounts of money, no matter how small it may be. Rise and fall of prices is one of the normal characteristics of the crypto market, so is making gain and losses. What if I told you that there is a way to minimize your loss, a way to stay afloat when the market is sinking.
Most of us may have heard of the coin called tether (USDT) for those who haven’t, tether is currently ranked 12th coin in terms of market capitalization. It is a coin that is pegged to the price of dollar ($1). The price just fluctuates around one dollar. With this coin, you are safe when there is a dip. All you need do is convert the coin you are holding to tether. This can be done using an exchange website (binance, bittrex, poloniex etc.)
I would be doing a small tutorial today on how to do this using Binance. And ill be using Eos as an example.

First point to know is that whatever coin you are holding must first be converted to bitcoin. To do this, simply click on markets, found at the bottom of the screen.Screenshot_20180511-185759.png
Then select BTC and find its pair with your coin. Example EOS/BTC.
After doing that, a trading page would be opened where you would see buy or sell. Simply input the market price, fill other parameters and click on sell. Screenshot_20180511-185649.png
Now your coin would be converted to bitcoin.
Go back to market and now select USDT. After that, choose the BTC/USDT pair. Screenshot_20180511-185820.png
Click on the sell found at the top screen. Input amount of BTC you intend selling and then click the sell button. This would automatically convert your BTC to USDT which is not affected by price fluctuation. Screenshot_20180511-185855.pngYou would hold the exact dollar value of your coin at that particular time.
After doing this, you feel that the price drop is over, feel free to repurchase that coin of yours.

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is there know transaction fee attached to all this process

Yeah, just a tiny bit. Bit its preferable than what you may stand to loose

OK, but I think keeping it till when it rise back too is a better option

I don't think so. You have a better chance of even gaining more if you apply wisdom!
What if the coin takes 3 months to rise back? What would you do? When you should have made twice your money.

i disagree on that, crypto is all about analysing and studying coin. When a coin falls, it takes less than two weeks to rise back. Take for sbd and steem. They are mostly affect with what happens to bitcoin.

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