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RE: The First Rule In Trading Crypto That I Learned The Hard Way
Nice Article Harley :) My very first post on steemit was about this:
https://steemit.com/bitcoin/@ashr/why-i-value-my-crypto-altcoin-portfolio-in-btc-and-eth-and-you-should-too
Trading pairs is such an important concept to grasp! Upvoted and followed :)
and a great article by you as well, this is something that I think can't be said enough for new folks to hear, I'm usually a quick learner, but it took me a sec to learn this one.
@ashr how would you handle buying "expensive" bitcoin in order to purchase alts? Right now bitcoin is around $4300. Should I wait until it's cheaper to buy alts? Or do you never pay attention to bitcoin price if you intend to use the bitcoin you purchase to buy alts right away?
I never really worry about price of btc when buying because some of it I'll trade for alts and the rest will get held long term and I believe it will rise emensly. I once thought it was a bad investment at $700 didn't see the light and start buying it until it was $1300 and I haven't looked back sense
If you're intending to buy alts right away then your intent is to increase satoshi value of those alts when bitcoin corrects a bit. It would depend on the speed that you can get from USD > alts through BTC particularly with the current transaction times. I would consider ETH or even LTC (it's also HIGH right now though), because they'll aid you in making a move quickly. Your strategy would be USD>LTC or ETH> Exchange>BTC>alts, but the .25% difference in fees will likely save you a day at current BTC transaction times/regular fees. If you really wanted to buy in BTC, you could buy BTC, send it to your own wallet, then do a CPFP receiver side transaction with a double fee to get it on exchange.