How to turn free money into tradeable money
- The Great Mogul
- Jan 18, 2018
- 4 min read
It's been a bit over a week since I explained the best way to wring free crypto out of the internet. If any of you out there has kept on it, you should be able to cash out. No, not through sending Bitcoin. Abandon that idea immediately; Bitcoin transaction fees are jokes and only for interacting with Real Grownup Banking Institutions that are prepared to give you Real Portraits Of Dead Presidents for your trouble. Bitcoin Cash might be easier, especially with the new faucet CoinPot just set up, but there's an ideal currency out there for the job: Digital Cash, better known as DASH.
If you'll look at the helpful infographic above, you'll notice that DASH is the fastest-growing among the five CoinPot currencies that isn't a shitcoin (but we love our 'lil puppers yes we do). DASH won't always grow the fastest of the five coins; in fact it isn't doing so now. There's a dynamic I've noticed whereby if Bitcoin's doing meh the altcoins are doing great, and vice versa. But when Bitcoin's doing meh DASH is doing wonderful, and when Bitcoin's doing great DASH is generally losing less value than the rest of them are. That's what's currently happening: there was a massive crash yesterday and LTC lost half its value, DOGE lost half its value, and DASH only lost a third. So the others have more ground to make up while DASH leisurely saunters back to its position around $1000 USD.
It also helps that DASH is accepted at just about every exchange to my knowledge, while an exchange as big as KuCoin straight up doesn't deal with DOGE. You can also send far, far less DASH out of your CoinPot wallet (0.0002 DASH, roughly 15-20 cents USD) than you can BTC (0.00025 BTC if you're prepared to pay 2000 satoshis, otherwise 0.001 BTC, so somewhere between $2.50 and $10 USD).
If you compile all of those lessons into an actionable plan, it probably looks something like this: after accumulating over 100 satoshis in BTC, convert it into DASH. If any of the other altcoins are growing faster/losing value slower than DASH at this very moment, let them and don't exchange them until you're either ready to cash out, or they stop growing faster than DASH. Remember: don't daytrade on CoinPot, you'll lose lots of money in the transaction fees. But since you have to do a few transactions on CoinPot anyway to turn everything into the easily-sent DASH, you might as well time those transactions as advantageously as possible.
After you convert enough coins that you have .0002 DASH, you can send them off to your preferred DASH wallet. Since nobody will yet give you real money for DASH, your preferred DASH wallet will likely be on an exchange like KuCoin where you can turn it into a more useful currency. I have yet to write up an article explaining the intricacies of KuCoin and daytrading in general, but you can't run 'til you walk and learning how to daytrade without real money to plunk down would be pointless.
So now you're ready to send your cash to a wallet on an exchange! (I'll walk you through setting up an account on an exchange here soon in a future post.) You send it like so: the screen is a lot like the currency exchange screen on CoinPot, except you need a wallet address and you need to pass a captcha to boot. Big whoop.
You'll also need to confirm that you meant to do that, twice. CoinPot wants to be sure you aren't getting robbed, and these aren't particularly egregious forms of consumer-proofing so just go along with it and they'll stop bugging you in a minute.
Within 48 hours (usually by the time I wake up if I withdrew the DASH right before I went to bed) you'll have your DASH in your wallet.
Just beware when you do this, some exchanges (*cough kucoin cough*) don't like you trading in tiny amounts of DASH, so you may well have to choose between letting your DASH build up in CoinPot or your exchange before you can start trading it. KuCoin's limit on
trading is .01 DASH I believe, so if you don't have another currency on your exchange that you can turn into DASH and then turn back into whatever, it'll be harder to get your money out.
Yes, you could always just put real money into the exchange of your choice and avoid these faucets altogether, but you see, there is a squirrel out my window. This squirrel has endured the ravages of a particularly cold winter upon this here North American continent by scrounging for every last little tiny resource there is to be had. This squirrel lives off its wits because it has to, because there is no greater squirrel society willing to give it relief acorns, no rich squirrel dad willing to bequeath it the family oak tree. This squirrel has been given no other option but to survive with meager resources, yet here it is, waving its tail like a banner out my window in the frosts of January. I write this blog for the squirrels. I assume that you reading this have the same nothing I do, and have to turn that same nothing into something. Faucets are a great way to do that, which is why I bother explaining them at all. Nobody should have to go broke playing in these markets; mortgage cannons are an eventuality to be prepared for, not an outcome to cheer. All power to the squirrels!
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