DCV - November 1, 2021
Here are some crypto life hacks that I’ve compiled throughout my time in the crypto space. These tips have helped me keep my funds safe as well as maximize my earning potential. Read on to learn more. Disclaimer: this is not financial advice.
From staking to lending out crypto to farming, each one of these strategies can earn more crypto passively with varying amounts of risk.
Presearch is a decentralized search engine that rewards users with PRE tokens for every search that they make. Users need to accumulate 1000 PRE coins before withdrawing to a wallet address. All that needs to be done to start earning is to make an account.
The Brave browser is a browser based on the Google Chrome browser that allows you to passively earn Basic Attention Token (BAT) as you browse the internet. It does have some ads sometimes but it’s a great way to earn free crypto. I typically get a couple of bucks worth of BAT a month but it’s great for something passive. Be aware though, you currently cannot earn BAT on the Brave browser on iOS mobile.
Generally, regular Coinbase trades cost 1.49% on the value of the transaction while on Coinbase Pro, the trade costs 0.5% of the value.
This tip is self explanatory. If you’re transferring crypto out of Gemini or BlockFi, you get a certain amount of free transfers per month meaning no transaction costs (no gas fees). Gemini and BlockFi will spot you on the gas fees. Sign up for Gemini here and BlockFi here for a bonus on sign up (subject to minimum requirements).
Due to the current high fees Ethereum based tokens experience, it may be economical to move coins from exchange to exchange using XLM. The difference is dollars versus cents.
For example, a transfer of ETH would look like: convert ETH to XLM, use XLM to transfer funds, then convert it back to ETH on the other exchange. Currently, the transfer may take minutes on the Ethereum blockchain whereas on the Stellar chain, it takes seconds. Similarly, gas fees may be in the tens of dollars on the Ethereum blockchain but cents on Stellar.
If you are keeping your crypto on a centralized exchange (CEX) like Coinbase or Celsius, always do the following to ensure your funds are as safe as can be:
Here are some more general tips to follow when dealing with cryptocurrencies:
Some exchanges like CoinLoan, BlockFi, and AnchorUSD advertise that trading on their platforms are free. However, in reality, they are buying the crypto at a lower price than you are paying for it, selling it to you at a higher price, and pocketing the difference. Similarly, you sell your crypto at a lower price than the exchange finds a buyer for. The difference between the high and low prices in which the transaction occurs is the spread. “Fees” resulting from the spread have been anecdotally seen to cost up to ~1.5%.
Keep a history of all your trades whether it be purchasing, selling, or converting crypto. Note the value of the cryptocurrency at the time of trading, Although very tedious, this will become important for taxes.
This tip was written in semi-jest since almost everything is on the internet now but essentially, it means do your due diligence and be careful about the information that you consume (yes, even this post). Always do your own research (DYOR).
There are a lot of scams in the crypto space and you should be knowledgeable about rug pulls, connecting your wallet to specific applications and websites, recognizing scams, etc. Don’t trust any direct message that you receive on any social media platform.
Check out the YouTube video for actual footage of some of these tips: