I see alot of confusion with this and it makes stuff hard to check if you made money or lost.
BTC, LTC, ETH and some others you can buy directly with USD but most coins (STEEM!) you actually buy or sell with BTC first.
So in this case you actually spend BTC not USD, despite that USD is there and this is how you should look on the investment - with currency that you used to buy the coin.
So when looking for profits you should actually to look for a pair that was used USD/BTC/ETH etc, not the USD value.
Currently coins can move 0 satoshi and gain USD and sure you made profit, but not trading wise.
Top10 Marketcap Coins
Actually POPULAR (aka more than 2 exchanges to USD) coins here are only BTC, ETH, XRP and LTC. USDT i dont count as this is for me an altcoin with not sure backups.
So for your trading records (unless you really wanna go out into FIAT fast) keep prices of things with currency pair you have used to buy it with.
Extra Tip
If you are good with fast counting then this 2 exchanges often have really amazing prices but the equation will not be easy.
- OpenLedger and CNY pairs. Here coins in CNY are often cheaper than on other places in BTC or USD.
- Binance and BNB pairs. There is no fees on this and a few coins trade this pair, some really good deals here.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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@kingscrown stop spamming your shitpost on steemspeak general channel! We have given you 100 warnings and yet you keep at it.
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Wow, he must have a lot of free time ..
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Hey so I would recommend you add something more than just top marketcap coins... maybe add some longer opinions on where you see things headed? or what you notice from all ur time watching crypto markets?
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Excellent advice. I'm just now starting to wade into the alt-coin pools. This really helps!
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tnx for guid us @kingscrown
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BTC is the standard and why it is valued at so high but good tip for alts
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This is some interesting tips. Thanks for this.
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Thanks for the tip
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Yeah, fiat currencies are so embedded in our brains of course, that you just naturally compare everything with them. I guess this will have to change. As a teenager I was evaluating everything for a while in cases or bottles of beer lol, I guess I should be able to do it in Bitcoin now ;-)
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Nice tip mate, that’s exactly how I do it.
Also, I use Delta app for tracking. This allows you to enter the pair and exchange you bought your coins and also calculates exchange fees automatically. Gives you correct profit loss figures.
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Holly hell that is the greatest tip, I never knew. Well I learn something new every day. I will resteem this so the next person can say the same thing...
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This is SO hard for me to internalize though! I think there are times you want to focus on the dime and not the satoshi, but the more I see the more I believe those times only make sense if you are buying BTC to go straight into the other asset.
I track both the USD cost and BTC cost for all my trades just in case and sometimes go back to muddle through the data. Tracking ROI is so difficult with all the constantly changing numbers that go through it!
Whats your solution for keeping track of your trades/cost basis?
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Excellent tips...especially on the Dex in CNY pairs...I’ve gotten some amazing deals there when liquidity is thin
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Thanks for looking out for everyone. As crypto currency and bitcoin grows, the amount of scams will continue to grow..
upvoted
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Actually I agree with you. In crypto trade, you have to stay in either altcoins or sold your altcoins and stay in BTC.
BTC is also subject to fluctuation.
Therefore as long as you get more and more btc out of the trades, you are enriching yourself despite your value in fiat could be lower.
(This could be cause by BTC dropped.)
Unless you sell your altcoins and convert it back to fiat.
(a troublesome and cost incur as well)
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You have to pick a base to price your books in. It might be USD, BTC, oz Ag, or a bushel of apples.
It can be anything, but you have to be consistent.
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Amazing. Thanks for sharing
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Informative post. thanks for sharing.
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This is all well and good, but at the end of the day, USD profit is still profit in the currency that you actually pay your rent with.
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https://steemit.com/bitcoin/@h-information/bitcoin-and-ethereum-price-forecast-btc-up-following-the-guidelines-published-by-the-regulators
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Again another good post and learn some stuff.
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thanks for sharing.
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Everyone seems to like Binance here I'm going to have to try them out
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@kingscrown, you just received an 26.57% upvote worth NaN USD powered by smartsteem. Our goal is to support quality posts and authors on steem.
We offer vote-bidding (whitelist-only), vote-buying and vote-selling. Join the community: https://smartsteem.com
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Thank you for the information, I will keep following you! @kingscrown
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This post has received a 0.39 % upvote from @drotto thanks to: @banjo.
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very interesting and very good post
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Very true. So many people make the mistake of comparing dollar amounts when in reality they should be looking at the conversion rate of BTC to the alt.
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You got a 12.28% upvote from @allaz courtesy of @kingscrown!
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Good post
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Trading in Bitcoin is the craziest profitable decision one can ever take
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Great tip I didn't know this @kingcrown i made a call for mention notification on steemit check it out here I think it's important now what you think?
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I think all these currencies can get flaying toward moon after one are two years???? Whats your opeinon on this
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good advice ;)
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We need to stop thinking in fiat and start thinking in satoshis:
https://steemit.com/bitcoin/@xsid/do-you-think-in-satoshis
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I understand your point. But trading with BTC can make things confusing if you are dealing with a lot of different coins overtime. The BTC fluctuations require additional calculations once it is time to sell.
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thanks for the good advice.
I'm sure that buying now many of the altkoins, in the future you are providing yourself a good profit. But the point is that you need to buy for a long time, because, even despite the high volatility, there are sharp ups and downs ... but this needs to be waited, and then you will get a good profit. But I'm sure that many people know this without me.
Have a nice day
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great analysis and very informative information.It's growing too fast..that growth is unsustanable..just a matter of time when its gonna go down.
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It took me quite long to realize this, and even more time to see through the thing like that, but it was definitely worth it.
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Thanks for the information of Cryptocurrency @kingscrown
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Congratulations @kingscrown!
Your post was mentioned in the hit parade in the following category:
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@kingscrown good tip, thanks for sharing
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