Don't let your crypto sit idle
Crypto investments come with bigger risks. One of the most popular risks is keeping your crypto investments idle. This is one of the biggest lessons I learned recently. Some of my investments are very bad right now. For example, Ripple is looking very bad in my portfolio. I bought it a few years back during my early crypto days. I did not sell it and I was holding it for the long term. It is going to be almost like 4 years now and still, there is no sign of improvement or it has not even reached my bought price.
This is not just for Ripple but for a few more cryptocurrencies as well. The price of some of the tokens was very good during the bull run and I should have booked my profit on them. I then thought I was having only a little and I should let it stay as it is. But now after the bear market, my portfolio is very bad and my holdings have gone down in value. Now I'm starting to think that I should have at least converted some of my coins as stable coins and should have held them instead.
Investments that give returns
Instead of keeping our cryptocurrencies idle, the best thing would be to invest in something that would give some decent returns in spite of the inflation or the market trend. For example, some of the cryptocurrencies are really bad right now but there is good hope for them because they had given me almost double the quantity because of the staking rewards and other things. Maybe this is one good investment. I'm starting to have a feeling that I should be investing in cryptocurrencies that gives returns instead of just buying a coin and keeping it idle in my wallet to look for profits one fine day.
Maybe HBD and Hive are best on that. I at least know very well how this ecosystem works and I can focus on earning more from the dApps and other ecosystem applications associated with the Hive blockchain. But other cryptocurrencies might be good but I'm not familiar with options to earn from them. What I see is that they are just sitting idle on my portfolio and are not giving any great returns as such for just staying idle. Some have staking ability on a chain or on exchanges. I have staked some on exchanges because the transaction charges are very high on the chain. The returns I earn from staking might go on transaction charges themselves. Exchange staking is a little better.
We all hope the market recovers soon so that we can start making plans and start booking our profits. I really want to diversify my holdings a little bit during this bear market but I have to be very careful while trying to diversify my holdings. If I make any wrong decisions, I might end up losing a lot of money. I really don't know when my portfolio would recover back. Let's hope for the best.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
Vote @balaz as a Hive Witness
Vote @kanibot as a Hive Engine Witness
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Posted Using LeoFinance Beta
