Savings in HBD gives us 20% interest per year, and that is quite lucrative for some.
But getting our hands on HBD can be a hassle. Not forgetting it costs some fees throughout the chain of process.
The fees can take a cut off the principal sum such that we already lose when we complete the transaction. For example, the original USD 1000 that you intend to on-ramp can cost USD 20 to USD 40 in my experience. It will cost even more if there is a conversion between currencies being taken into consideration.
So, how to save your fees when you on-ramp to get HBD?
In summary, take note of how much it cost to buy your cryptocurrency at the start. Say, I buy Litecoin from an exchange that I can get access to fast enough with local currency worth USD 1000. I keep note of how much local currency I forked out. For Litecoin, say I get 10.65 LTC.
To minimize time and risk of the price fluctuating, I have a separate stash of LTC in my cold wallet, and I quickly transfer the equivalent amount to the Tribax wallet linked to my Hive account: https://tribaldex.com/wallet/
Once there, I quickly exchange all that LTC transferred to Swap.Hive, and then swap it to Hive on the main chain.
By now, I would have lost that 20-40 dollars to various exchanges services, ending up an amount of Hive that is worth less than USD 1000.
However, regardless of how much I lost during the process, I make a calculation of how much I must sell the amount of Hive to match it to the original amount, be it in terms of local currency or in USD.
Recently, I did it through the internal market by setting the sell order that would yield me at least that of the amount I initially invested.
The case is illustrated above where the yellow dot is. I placed a price close to 0.38, and I earned an additional 20 USD instead of paying the fees! 😁
Of course, there are risks, so I changed small amount at a go. It is like a baseball game, where I try to bring my funds back to home!
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
You might be interested in this post, @thatkidsblack, @graciousvic, @peniel2010, @deflacion, @jacoalberts, @limonta, @young-kedar, @svanbo, @sumotori, @zakludick, @poplar-22 and @hankanon!
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