The eagerly anticipated drop in the price of Bitcoin has finally arrived, and I took this opportunity to load up and even persuaded my mum to buy some Bitcoin too. A few days earlier, with the price action of Bitcoin of late, I thought the drop may not come, but I'm very happy that I got the chance to accumulate more.
So now that my orders have been partially filled, I am looking to hold long term. But what I've learnt in the past couple of years is that my emotions are often not trustworthy when it comes to investing and trading. If you are like me, then what I'm about to share may help you too.
Locking up your crypto and earn interest
When it comes to Steem, the solution is simple. If you are in it for the long term, then it's a no brainer to power up your Steem, to both earn extra Steem and also to to avoid panic selling when the markets are in the red. This strategy worked out incredibly well for me in 2017 when I purchased my first 30k Steem and powered it up. What you may not know is that, I subsequently bought another 42k Steem back then for around $0.07 which I sold a few days later when I heard about Dan's departure from Steem. If it wasn't for the fact that my first 30k Steem purchase was powered up, I probably would have sold that at $0.07 cents too.
But what about other cryptos?
That's when crypto.com comes in. I have been a user of crypto.com for a long time now, but have only started using their Crypto Earn feature recently. I discovered that when you stake 500 MCO on their wallet, it entitles you to some fantastic interest rates for locking up your crypto with them; including up to 8% on Bitcoin for 3 months lockups, and 12% on stablecoins for 3 months lockups.
So yesterday, after purchasing some Bitcoin, I also purchased another 450 MCo to get to the 500 MCO mark, and then I locked up a large part of my Bitcoin, so that I can both earn interest on it and also to have peace of mind that it's locked up and safe.
If you are interested in trying out the Crypto Earn program too, you can sign up here and we will both receive $50 USD when you stake 50 MCO.
With my remaining Bitcoin, I'm hoping to purchase more Steem at these cheap prices. And if Bitcoin drops further, I am looking forward to purchase a bit more in the $7000s.