I Wish I Knew When I First Started - Protecting Yourself in Bear Markets
BUSD is a stable coin meaning it is pegged to the USD. 1 BUSD = 1 USD. It's binance's coin which is rated 6th on Coinmarketcap's website.
Splinterlands assets really took off from the release of SPS. I found myself wanting to take some gains and I would do that by taking sps/dec into hive and then hive into litecoin. Many crypto exchanges accept litecoin and it has fast, cheap transactions.
2 Things to Protect Yourself From
- Bitcoin's Price Being Overvalued(recent high of 68,000)
Alternate cryptos such as litecoin, hive, sps, and dec are connected or correlated to bitcoin price. If bitcoin is going to decline significantly, an alt coin usually follows suit. There are definitely exceptions when there is good news or bad news directly related to the alt coin but bitcoin price dependency feels inescapable for now.
Solution get yourself into stable coin as soon as possible. If you have hive for example, you can move into busd using changelly
Hive just pumped and you don't think it will hold. Again, take yourself into a stable coin using changelly
Back in 2017, when I was first trading I understood the concept of getting into a stable coin but this time it was different in 2021-2022. I didn't have access to binance(their customer support is absolutely awful - verification hold up), I of course didn't know the bitcoin crash was coming, and I didn't know how to get coin into stable coin by using changelly
To be very transparent with you, stable coin would have protected the sudden surge in profits I got from a booming Splinterlands. I hope sharing this experience prevents you from experiencing any frustration.
Very easy to use and user friendly, just click on the downward arrows to choose what you will be changing to what you want.
As always folks, I'm not a financial advisor.