The high ETH gas fees made me look for other options to buy cheap but promising coins
Actually out of frustration after wanting to buy BAO Finance coins for several days now, without being successful because of these insane ETH gas fees. Even during the weekend I would have have to pay at least half the amount of my order on top for gas only. I decided to wait it out and ignore the price for a bit, while I look for other options.
In the meanwhile, Ethereum went up yesterday and I noticed the withdrawal fee to move ETH to another wallet was lower than it had been the last week. So I moved a chunk to the other wallet, in case I was able to find an affordable moment to buy other coins. I use a few places to buy and sell stuff, but only one of them is my gateway to fiat when needed, and called Bitvavo. I once found out about this one, and it was a hell a lot cheaper than Coinbase (which I used until then), and super user friendly, so I stuck with this one.
In the available list on Bitvavo, I found StormX / $STMX
I was honestly just scanning through the list of coins looking at those below a cent when my eye noticed StormX, costing $ 0.0047 each. My interest was caught and I decided to have a look at the website, because I had no clue what this coin was about.
I liked what I saw: earning crypto as a cashback when shopping at certain partnered stores worldwide.
Although I've heard of such thing before, I still wonder how this works exactly.
I went to Twitter to see their profile and activity and noticed them mentioning a Diamond Membership in a tweet from yesterday. Only 1436 remaining at the time of writing, so I was curious what this meant and went to have a look at the site for more information.
On the website I found a tab "Staking" which led to this page
I haven't staked anything yet, because at this moment, I prefer being able to sell when needed because that's more fitting to our personal situation currently. I may regret it when this project turns out to be a big one, but for now, I'm just interested in riding the waves. Needles to say that I'm also not using their app yet, because I'm not a regular buyer of their partnered stores online. If I were to buy something at one of the partners, I'd defo check out if staking would be an option and smart to do, but I assume if you aren't a regular buyer, riding the waves is more interesting. At least it's for me.
I decided to buy a bag of $STMX
When I checked how much fee I'd pay on Bitvavo, I was happily surprised to see a buy order would only cost me a few cents. I was a bit doubtful on how many I should buy, as it was already evening and I'd had to leave them overnight and have balls of steel (lol). So I bought for 95 bucks and when the price went up, I sold 55 bucks worth of the coin and 11k of them were left when I went to sleep. This way, if things would collapse overnight, I wouldn't feel too shitty and just moved on rather than feeling annoyed.
Bitvavo has this easy interface where you can buy and sell (and stake!!!) cryptocurrency within a few clicks, but without the huge fees. Yesterday I only used this part of the site, today I woke up seeing that the price had been way up when I was sleeping and set alerts on my phone to keep track of the price. After a while, I decided that I was going to put in limit orders on the "advanced" trading part of Bitvavo's site and I was just in time to make quite a few flips in a short amount of time. Leaving me with 240 bucks profit since yesterday evening. Not too shabby for someone that started with less than 100 bucks, right?
What goes up must go down
I'm well aware that this uptrend could not continue forever, although there's a lot of talking about pumping the price again. Not taking all serious though. I'm comfortable leaving the bag I have overnight because I really suspect it will go past the price I set in my head to sell.
Let's see what tomorrow brings, I'm quite curious to see what happens and if this talk is based on something or just a lot of bla bla. I like the idea of the project and I think plenty can benefit from it using the cashback option, therefore I'm also going to keep a close eye on the project to see where this is going.
Thanks for stopping by, I hope you found this post helpful, if you have any thoughts on StormX / STMX please leave a comment below. I will try to write an update in a week or so, see how this is evolving.
In case you are looking to buy STMX (or any other listed cryptocurrency) on Bitvavo please use my referral link as I will get tiny bits of the fees you paid by trading. These are just small chunks, but every little bit helps, right? :)