New Coinbase Rules …
These are some rules that I’m puting in place for myself, concerning Coinbase.
As you may be aware, by reading some of my previous articles, I’m doing a little house cleaning.
Now it is time to take another look at Coinbase & how I need to be using it.
(NONE OF WHAT I WRITE IN MY ARTICLES IS TO BE TAKEN AS INVESTMENT ADVICE. I am not an advisor for this nor am I suggesting any financial action on your part. DYOR. NFA.)
My History with Coinbase…
I started using Coinbase a few years ago, as a way to see what Crypto was & how to trade it.
I tried doing the day trading thing & lost most of the time. OUCH! So I stopped doing that. I then started doing the learning modules on Coinbase, for free crypto tokens. COOL! These were usually around $3-$5 rewards, in whatever token the learning module talked about.
This gave me FREE CRYPTO, that added up to a pretty good amount over time.
I then started swapping some of the free crypto into other crypto that earned some interest. It was small but it was free as well. (How could turn down free crypto?)
I then got more involved in the Defi. I moved a lot of my crypto out of Coinbase into Defi. I “invested” this crypto into several crypto projects. Some were good & some were scams. I lose some. I earned some. I learned a lot. (I am still learning…)
I then setup a $10 automatic buy of ALGO on Coinbase for every 2 weeks.
$10 is not a lot of money & could slowly grow my trade balance …which it did. I would use this funding in Coinbase to buy USDC, along with MATIC or ETH, then send it to my Metamask wallet via Pancake swap bridge.
Eventually, my ALGO balance grew too BIG & was just sitting there earning 5% APY, which is not much…
This funding could be earning me 1%, 2%, 3%, or even more daily, Defi!
It is now time for me to take a good look & make some rules for my Coinbase account.
New Rules for my Coinbase account…
These are the new rules that I will put in place, in order to maximize the earning potential & use of Coinbase.
- Stop auto buying ALGO tokens
- Transfer any extra funding to Metamask wallet for further investing if possible.
- Only keep ETH 2 balance on Coinbase. I can’t do anything with those tokens & it will keep my Coinbase account active.
- Continue to use My $100 Crypto investment strategy with Coinbase.
- Only keep a small balance in Coinbase & not a large balance.
In Summary…
- I decided that my main use for Coinbase should be an on ramp for Fiat to Crypto & not for holding a large balance.
- The risk is very low with Coinbase but so is the earning potential. I need to keep my crypto in higher earning projects while still trying to reduce the risk.
- I can’t do anything with my small ETH 2 balance in Coinbase so it will act a place holder for me & keep my account active.
- I’ll continue to move funding through Coinbase as usual but try not to keep any extra there, especially when it can be used in better areas.
By following these new rules, I will be able to maximize my earning potential & not letting funds sit idle, only earning small interest in Coinbase.
As always, thank you again for reading my articles.
It is much appreciated.
God Speed!
If you would like to see what investments I’m currently active in then go read my referral link article.
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