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Is sweatcoin legit? We tried the sweatcoin app and here’s what we learned (and earned)

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Sweatcoin App Review

Is Sweatcoin legit?  Sweatcoin Review

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Last updated: 04-August-2020

Update 1: Here is what we learned after a month of using Sweatcoin app

Update 2: Sweatcoin Hacks + Daily Bonus update + Should you upgrade?

Update 3: British Journal of Sports Medicine praises Sweatcoin benefits

Update 4: Is Sweatcoin really helpful?

Update 5: Sweatcoin data reveals the Least and Most physically active States during the Pandemic

Update 6: Sweatcoin Money to Cash | How to transfer sweatcoin to Bank or Paypal

Who doesn’t like free money? Especially if you can earn it while walking, earning while sleeping is better, but hey, earning while walking is an easy runner up.

We tested the Sweatcoin App that has been making the buzz for the past couple of years. Yes, we know – we are late to the party, but you know what they say!

Installing the App on the iPhone was a breeze. Once installed the walk through steps feels like you are conversing with an AI bot (which you are!). We think we are getting ahead of ourselves here.  Let’s start from the beginning.

Top 5 Cryptocurrencies 2020

What is Sweatcoin and how does it work?

Sweatcoin uses your phone’s ‘health’ data to count the number of steps you take and convert them to Sweatcoin.  The Sweatcoin you earn on the app can then be used to purchase various offers within the app.

On the outset it looks and sounds like a noble cause, but remember, Sweatcoin is a business and as with any business they are looking to generate revenue.

If they give you free money in the form of Sweatcoin, how do they profit?

The ‘coins’ you earn in the app can be used only for the in-app offers or to donate to a charity. We were not psyched about the offers in the app.  

In our personal opinion, these offers are much more valuable to the Sweatcoin team than to the users as they all seem to be geared to do one thing: Lure you into a subscription.

Sweatcoin

Subscription based advertising should in theory yield a lot more than few Sweatcoins worth. At least during this first interface with the app the offers we received are pretty much based on ‘Free to try to Paid subscription’ models.  

You can only spend the converted money on in-App offers, so even if you do earn a decent chunk of change – you may be forced to spend it on offers you may not be thrilled about.

However, there is more to the Sweatcoin app than this.  Read on below about the bucket list offers and converting your Sweatcoins to USD.

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Our Day 1 with Sweatcoin app

We took the app for a spin to pen this article. Steps are quite simple:

Sweatcoin App

  • Go to your AppStore or Android Playstore
  • Search for the App, download and install
  • Grant access to your health data to the app (it cannot work otherwise)

We installed the app at around 3.48 pm, and took it out for a spin with just simple walking.

using sweatcoin app

We kept the app open for it to record the steps. After a somewhat short walk and viewing the free ads on the app, we earned around 9 SWCs. You can also login your exercises, instead of or in conjunction with your steps, to earn the coins.

using sweatcoin app

App interface and usage is quite simple and we do not foresee anyone facing trouble with it.  It does drain your battery similar to when you use other apps like YouTube or Whatsapp.

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Breaking down the points and benefits

The users are divided into different tiers:

Mover: The newbie who can earn a maximum of 5 Sweatcoins (SWC) a day

Shaker: You can pay to become a Shaker for 4.75 SWC per month to earn 10 SWC a day

Quaker: Costs 20 SWC per month and increases your daily limit to 15 SWC

Breaker: Costs 30 SWC per month and increases your daily limit to 20 SWC

Trouble Maker: This costs USD .99 (99 cents) and increases your daily limit to 50 SWC

As you can see, if you walk and exercise to get a maximum of 1500 SWC a month, you will have paid about $12 during the year in upgrade to earn a total of 18000 SWC.  

This is where things get seriously interesting. Some of the bucket list offers are worth a shot…for instance, at the time of writing, here are few bucket list offers:

sweatcoin app offers

These offers include flight, lodging, attraction tickets and food. That is quite impressive. Again, this assumes that you are clocking 50,000 steps (or equivalent to earn 50 points a day) each day for a whole year.  Most people may never do that much workout.  

If you are among the people who can easily score 10,000 steps a day and you purchase the Shaker plan for 4.75 SWC then you would need to maintain this pace for 5 years and a few months to be able to meet the bucket list requirements.  

Actually, 5 years and a few months will earn you over 19,000 SWC, however, there is a 5% conversion fee, so taking that into account and the fee you pay monthly in SWC tokens for the Shaker plan, you will have enough SWC to pay for one of the bucket list offers.

Assuming you bust it and earn your SWCs in under 3 years, we do not know if similar offers will be available at that point and if the company itself will be around or not. Obviously, the side effect of good health habits and a toned body will be yours to brag.

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Cost-convenience-benefit analysis

Battery drain:  We noticed that the Sweatcoin app has to be active for it to record the steps. This puts a strain on your battery, especially if you are using one of the previous models of iPhone or alike.

Daily steps: If you are among the people who cannot keep up with your resolutions to workout or walk, then this app could help serve as a motivation. However, if you are getting into this app solely for the purpose of winning one of the bucket list offers – you have a big task ahead of you. We do not want to discourage anyone and wish you all the power to go get the steps.

Injury: Obviously, one has to consider their own health status before they try to go on a challenge. App or anyone associated with the app will not pay for your medical bills so you need to be careful.

Data sharing transparency:  We may have to read the fine print but be ready to have your health data to be shared, stored and sold. The kind of data that Sweatcoin App needs access to work is pretty useful to target advertisements.  

Distraction: We personally did not like the notifications as they could be too distractive. We will turn off the notifications to make sure we are ‘immersed’ in the experience called life instead adding to the noise of distractions.

Personally, we may try it out with basic plans or upgrade plans with SWC coins and get into the habit of working out.  As long as we do this for the health benefits and not for the sole purpose of winning the bucket list offers or other big ticket items, we could save ourselves from a lot of heartache later.

Can I convert my Sweatcoins into USD?

Yes, but not easy.

Sweatcoin offers PayPal cash for coins earned through Invites only and this is probably a limited-time offer.  Sometimes Amazon Gift card offers may help you convert your SWCs into Amazon gift cards which is practically cash but these offers usually sell out fast, so there are no guarantees.

Other creative ways to convert Sweatcoins into USD (we have not checked if these are allowed or not, so please read rules before using these):

  • Buying Sweatcoins in the marketplace:  Some people on Discord and Reddit may be willing to sell their Sweatcoins which you can then use to redeem offers.  CAVEAT: some offers specifically allow only coins ‘earned’ by you, not the ones that are bought or transferred.
  • Upgrade to increase your earning potential:  You could upgrade your plan to the level that you can earn the maximum number of Sweatcoins.  For instance, if you walk 10,000 steps but you are at a basic level, the maximum you can earn is only 5 SWC but if you upgrade to a plan that pays you 10 SWC a day, then you will accumulate more coins.
  • Sell your companion pass: Most bucket list offers are available for ‘2 people’, and we did not see the offer restricting the second person to a ‘spouse or family member’, as such, in theory, if you qualify for the bucket list – you could sell it to your acquaintance.  Make sure you are selling it to someone you don’t mind hanging out with on these bucket list trips!  

So in theory, you can convert your Sweatcoins into USD but it is not always easy or guaranteed.

Is Sweatcoin legit or scam?

In our limited review of the project, looking at massive reviews on the AppStore (over 136,000 with 4.5 stars at the time of this writing) and since it has survived for a couple of years now, we do not have a reason to doubt Sweatcoin’s legitimacy.

However, remember, if the project does not continue to be profitable, they can close the shop and your Sweatcoins may be worth nothing. However, if you have built good habits because of the app and coins, then that in our view is a good enough case to use the app.

Given the great reviews and the fact that it is available on both Android and Apple, is an indication that they have passed the testing criteria of both the platforms. As such, we consider it to be safe.  As with any platform, they are safe until they are not.  

App does capture your health data and your phone number so if it ever gets hacked, that will be the extent to which you might lose your data.

Overall, we felt quite comfortable installing and using this app.

Source: CNBC

Sweatcoin vs. Pi Network Coin vs. XYO Network

You may be surprised as to why we are covering Sweatcoin when it is really not a blockchain project. The thing is, a lot of chatter on Sweatcoin with their number 1 app status has got people confuse it with other blockchain projects that could be mined with a smartphone. We wanted to clarify the project on what it is and what it is not.

As you will see we have put together a quick snapshot of how Sweatcoin, Pi Network and XYO Network differ.

 SweatcoinPi NetworkXYO Network
BlockchainNoYesYes
Background miningMay beYesNo
Battery drainYesNoYes
Convert to USDPartial~TBDYes
Mine while driving?NoYesYes
Alternative ways to mineNoYes*Yes*
Send/Receive to peersYesYesYes
Use to buy merchandisePartial**TBDYes

~ See above about converting Sweatcoin to USD

*For Pi Network, one could deploy DApps or act as a node to earn Pi coins; for XYO network once could purchase the mining kit, or deploy DApps, to earn tokens.

** With Sweatcoin you can only purchase merchandise that is available within the in-app offers


Update: 17-June-2020

Here is what we learned after a month of using Sweatcoin app

We are about just over a month since we installed the Sweatcoin app.  This whole COVID quarantine is not helping the movement aspect but we are trying to get steps during work calls wherever possible. We stayed with the basic plan and we did not even meet the criteria of 5000 steps consistently, as you can see below. 

sweatcoin review

They are coming up with new offers, for instance, they have a Disney subscription going on right now. I use Verizon in the US and they are giving away 1 year Disney for free for its subscribers, so the Disney offer of a 7 days free trial doesn’t impress us. It might impress others. 

sweatcoin app review

Few things we learned:

  • App does not need to be switched on for it to work
  • When you launch the app it updates the steps based on health app on iPhone
  • The offers do seem to be updated

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Update: 25-June-2020

Sweatcoin Hacks + Daily Bonus update + Should you upgrade?

We have been using Sweatcoin for some time now and on good days we walk more than 10,000 steps but because we are on a basic plan, we are limited to credit on 5000 steps only.  Now the question is, should we upgrade to increase our chances to accumulate more Sweatcoins?

When we see offers like the ones below, we are tempted to upgrade but the question is will we be consistent in reaching 10,000 or more each day to justify the upgrade.

Sweatcoin Offers

And the upgrade itself is not that expensive. At XX Sweatcoins for the first upgrade, that is just one day’s worth of work but if we reach 10,000 steps after upgrading then its half-day’s worth of Sweatcoins. We think it is totally worth it.

Do not forget the daily bonus

The other thing we forgot to keep an eye on is the daily bonus which is in addition to the walking credits.  We got anywhere from .1 to 5 Sweatcoins.  This adds to the Sweatcoins stash. 

Sweatcoin Daily Bonus

Sweatcoin Hack?

We are only showcasing this information for educational purposes and we do not personally use these hacks nor can we encourage you to.

The whole idea of Sweatcoin is, well, to sweat and develop a good habit not to scam the system.  With that caveat, let’s see how people are hacking Sweatcoin.

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Sweatcoin.fun OR Lotcoin.club Method

This Sweatcoin hack includes visiting one of the two websites listed above and entering your ID there and installing one of the promotional apps. This video shows it well. The method is same for both websites.

Shaking hand method

This trick is quite simple. You open the app, go to the ‘walk’ section of the app and you just shake it so that app is tricked to count the steps, even though you are not walking.  The pace at which the steps get counted using this method is much higher than regular walking speeds.

Again, these are hacks and Sweatcoin can catch up with these tricks and disqualify the steps.  We personally think Sweatcoin should be used to form healthy habits rather than cheat the system to score coins.


Update: 27-June-2020

British Journal of Sports Medicine praises Sweatcoin benefits

“Sweatcoin has achieved sustainable physical activity behaviour change using a viable business model that can continuously reward its users for being active. Future public health organisations may benefit from establishing partnerships with the commercial sector to deliver sustainable incentive-driven programmes,” according to the British Journal of Sports Medicine.  

Factors contributing to the success of Sweatcoin, according to the publication, is the ‘look back and feel good’ factor in which users of the app can look at their past achievement, and receiving Sweatcoins adds an extra boost to the motivation.  

The study involved over 6000 participants and saw an average increase of 20% physical activity over a 6 month period.  

Lessons learnt in the study:

    • Sweatcoins motivation model is quite robust and effective
    • Number of coins earned acts as a motivator for people to continue to be active
    • Some users exchanged sweatcoins for short-term offers while others saved them for big ticket items
  • “Second-level verification algorithm that relies on the Global Positioning System” helps keep the cheating in check, however, this also means that indoor activities are not rewarded as they should be

Overall, the study found that Sweatcoin has a positive impact in developing a healthy active lifestyle.

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Update 4: July 07-07-2020

Is Sweatcoin really helpful?

After having the Sweatcoin app for more than two months, we can see why it can help (like the research showed) people stay motivated.

Look at this email summary that we received.

Sweatcoin Earnings

It is clear that just looking at the progress and week on week improvement can boost the morale to keep working out.
We are not attributing the increase in physical activity completely to the Sweatcoin but acknowledge that these statistics do remind us to ‘stay the course’.

We have used pedometers and other step monitoring devices before but having the steps count for something more meaningful and measurable is definitely better than just ‘counting’.

We are happy with Sweatcoin so far, even if we are not looking to monetize big ticket items on the app.


Update 5: 20-July 2020

Sweatcoin data reveals the Least and Most physically active States during the Pandemic

Our personal experience seems to be contradicting with the world’s general status quo during this pandemic.

We personally have stepped up our daily steps. However, Sweatcoin analytics data shows that people have been less active during the pandemic.

For instance, in the United States of America, New York leads the charts with least activity at -34.60%. This is not surprising given that New York was one of the hardest to be hit by the pandemic. These are the top 10 States with least physical activity, as per the Sweatcoin data.

StateActivity
New York-34.60%
North Carolina-31.78%
Hawaii-31.72%
California-30.76%
New Jersey-30.42%
Maryland-30.41%
Virginia-28.11%
Florida-26.81%
Nevada-25.64%
South Carolina-25.52%

Conversely, here the top states that were more active during the pandemic with North Dakota and South Dakota leading the charts.

StateActivity
Oklahoma0.08%
Alaska0.71%
Nebraska0.84%
Kansas2.07%
South Dakota2.75%
North Dakota6.52%

As can be seen from the below screenshot, Iran leads the charts for the most active country with 65% increase in physical exertion.

Sweatcoin Activity by region

Top 10 most active countries during the pandemic reveal that Iran has been 65% more active.

Most Active Countries 
CountryActivity
Iran65.16%
Vietnam53.45%
Greece38.49%
Taiwan33.45%
Turkey33.44%
Denmark31.77%
Sweden22.00%
Norway18.08%
Finland13.26%
Germany13.10%
A quick glance at the data reveals that the physical activity has taken a backseat during this pandemic. This is quite natural given people are asked not to leave their homes for safety reasons and many people are missing out on their coffee, lunch and dinner walks.

Caveat about the data

Source of this data is Sweatcoin activity map (we are not affiliated to or endorsed by Sweatcoin). We do not know the size of the population used in this metrics. Sweatcoin is notorious in counting only the outdoor activity, as such, data may not include for indoor activities.

Sweatcoin may not be available in certain locations (like China) and the data is incomplete for this reason.

The data is as of May 2020, the physical activity might have changed significantly with most of the world lifting outdoor bans


Update 6: 04- August- 2020

Sweatcoin Money to Cash | How to transfer sweatcoin to Bank or Paypal

Unfortunately, there is no bridge to convert Sweatcoin into Cash using Paypal or bank transfers.  Sweatcoin is not available on any of the exchanges at this moment. The only way available is to avail the vouchers and offers on the official shopping sites offered by Sweatcoin.
Some folks managed to sell their Sweatcoins to willing buyers on facebook, reddit, discord, telegram or other social groups. You can transfer your coins to their account in return for agreed cash by paypal or bank transfer.
This unofficial method assumes a lot of ‘trust’ since you will be dealing with strangers.  Also, some rewards specifically exclude coins received (or transferred) from ‘non-activities’, in other words, some offers only count the coins you earn through physical activity.
You have to weigh in all your pros and cons before looking to score Sweatcoins without sweating.
Sweatcoin Scams you need to be aware of
Free coin giveaways
We even included a few ‘hacks’ in this article for you to be aware and some of these hacks are simply scams. They lure users into ‘sending Sweatcoins’ to multiply them. Once you send your hard earned Sweatcoins – you just lose them for good. Do not fall for these free giveaways. There are no free lunches.
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Unofficial Social media groups
People have fallen prey to scams that promised to sell Sweatcoins for cash. The unassuming victims send cash in the hope of receiving Sweatcoins in their accounts only to be duped.
Earning Boosters
Sweatcoin offers various thresholds based on the plan you sign up. There are no third party boosters to increase your Sweatcoin earning potential.
Stay safe out there. Earn your Sweatcoins with your own work. The ultimate use of the Sweatcoin app is to build a healthy routine, not to stack up points using tactics.
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Thank you for reading and sharing this article. Stay safe and healthy!

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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All Roads Lead to $100K Bitcoin: Various Perspectives that Support $100K BTC

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Bitcoin to 100K

Bitcoin to 100K

There are a lot of theories in the crypto space that argue that Bitcoin will reach $100,000 before the next halving.  Some even argue that we could reach that price point before the end of 2021.

Here we have compiled a few perspectives that support a higher price point for Bitcoin.

IF we missed any, please let us know and we will be glad to add it for others to read.

Bitcoin’s ability to reward savers

If you saved $100,000 throughout 2017, today its value would have been $94,000, a total loss of 6% due to inflation. That is without considering the fees and hidden charges that institutes charge.

Even if you invested in the S&P 500 for 12 months at $8333 each month throughout 2017, your portfolio value today would have been $110,000.

If you saved $100,000 in Bitcoin throughout the 2017 (prices ranged from $920 through $14,000 during Jan 2017 through December 2017).  For the purposes of this comparison we are using the last week prices from each month as available on Coinmarketcap historical snapshots.

$100,000 invested in equal amounts throughout 2017 would look something like this.

Bitcoin to 100K

Since 2017, Bitcoin price has crashed and rebounded.  At the lowest point of the crash of $3000 per bitcoin, your portfolio value would have been $144,000.

In today’s average price of $16000 per bitcoin, your $100,000 savings would have been worth $770,000.

Due to its increasing demand and reducing supply, Bitcoin is expected to reach $100,000 in the next 4 years. Some models show that bitcoin will be worth $1 Million by 2030.

Only time will tell us whether bitcoin reaches these prices or not, but point being, no other asset of any class has crazy growth predictions like Bitcoin has.

Stock-to-flow ratio

According to Plan B, Gold had the highest stock-to-flow (SF) ratio of 62.  That is, it will take 62 years to produce the gold that is currently in the market.  In other words, you cannot willy-nilly inflate the supply in a year or two due to how scarce gold is and how difficult it is to find and mine it.

Current SF for Bitcoin is 25, however, by the end of 2020 or 2021, this could jump to 50.  By the next halving in 2024, Bitcoin could surpass the SF of gold.

According to Plan B, “The predicted market value for bitcoin after May 2020 halving is $1trn, which translates in a bitcoin price of $55,000. That is quite spectacular. I guess time will tell and we will probably know one or two years after the halving, in 2020 or 2021. A great out of sample test of this hypothesis and model.”

However, following the trajectory of Plan B’s SF analysis, Bitcoin could easily reach $1 Million dollars by 2030, according to some commenters.

Stimulus and unlimited printing of fiat

COVID has exposed another flaw in the fiat system.  It is that governments can print as much money as they wish whenever they wish to do so.

Whenever governments resort to simply print money without having a basis in asset value or growth in GDP, it erodes the value of the fiat in circulation.

This is what happened to Argentina, Venezuela, Zimbabwe and more.  

The US dollar has lost over 99.97% value since 1900.  For instance, whatever you could buy with $1 in 1900 will need $31 today.

COVID has added salt to the wound for fiat.  It exposed the blatant fact that governments can and will print money to their whim without regard to the inflation and impact on savers.

This increased supply in fiat helps stock market and market liquidity which in itself helps people who are invested in the stock market and other vehicles which is generally the wealthier part of the society.

Other factors strengthening the crazy Bitcoin price predictions

  • Institutional FOMO, for instance, Square, PayPal, Grayscale, etc., entering the market
  • Easier onboarding of new retail investors
  • Greater technologies and DApps being built on Bitcoin 
  • Great DeFi services to lend and borrow money
  • Globally accepted single denomination that does not need to be converted in the future (with enough places accepting bitcoin)

What other factors do you think will contribute to Bitcoin’s shooting past the $100,000 barrier?

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

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Crypto Roundup: All Your YouTube Influencers in One Place

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Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Lessons from the Veteran HODLERS to the Newbies!

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Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

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Top 5 Cryptocurrencies 2020

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