Have you caught the crypto bug? You know, the one that has you trying to accumulate multiple crypto currency tokens across several different crypto exchanges. Once you get the crypto bug it can be easy to lose focus by trying to accumulate every crypto currency token that you come across.
In this blog post I will explain what I do to accumulate multiple crypto currency tokens without losing focus on what I am trying to achieve.
I should give a quick shout-out to one of my online crypto-accumulating buddies, @mba2020, who gave me the idea for this blog post by commenting on my CTPTalk blog post about my “Crypto Goals for 2022”:
Okay, so here are some of the steps I take to accumulate multiple crypto currency tokens without going completely off my rocker
Step 1: Decide HOW You Will Accumulate Crypto
In my case, I decided about three years ago that I would accumulate Bitcoin satoshi without investing any out-of-pocket mula. Crypto currencies are volatile investments and come with high Risk/Reward Ratios. One way I control risk is by accumulating without investing any capital.
In the case of Bitcoin I do that by earning free satoshi every day, and by taking affiliate commission payments in Bitcoin, which enables me to dollar-cost-average my way into Bitcoin every month without dipping into my offline income or savings.
Then, when I started accumulating multiple crypto tokens on the Hive.io blockchain, I added blogging, commenting and upvoting to my list of free ways to accumulate crypto.
The point is, no matter HOW you go about accumulating crypto currency tokens, make a conscious decision to define your “HOW” before you start.
Step 2: Set Clear Priorities by Ranking Your Crypto Tokens
As you start to collect various different types of crypto currency it becomes increasingly important to decide which ones are the most important to you and why.
In my case, one of my two top priorities is the Hive.io token. The other is Bitcoin. But I also collect Fun tokens on the funtoken.io blockchain, and a bunch of different second-tier tokens on the Hive blockchain.
So the first thing I do is make a clear distinction in my mind between HIVE (including second tier tokens) and non-HIVE tokens. Then I prioritize the tokens I am accumulating like this:
|HIVE Tokens||Non-HIVE Tokens||Priority|
(Exchange for higher-
(Exchange for Bitcoin)
The chart shows me what my priorities are and reminds me to sell off all the other “zero priority” tokens that I happen to earn and use the funds to buy tokens that I have prioritized.
Step 3: Set Clear Targets For Each Crypto Token
Now you know which crypto currency tokens you are aiming to accumulate it’s time to set some clear targets to aim for.
I set yearly targets and then shorter-term targets during each year. I suggest that you set a big long-term goal, maybe five or ten years out. Then set yearly goals as big steps towards your long term goal. Then set quarterly and maybe even monthly goals so that you can clearly track your progress and make adjustments if necessary.
An important point to think about is this:
Are your targets and accumulation methods, resources or abiliities in sync?
For example, if your goal is to accumulate ten Bitcoin in the next ten years, your average accumulation rate is “one BTC per year.” At current rates, that would require an investment of $41,000-50,000 per year whereas your investment resources may only amount to $10,000 or maybe only $1,000 per year.
Clearly, your target is out of sync with your accumulation resources. Either you should lower your target or find ways to raise your accumulation rate.
Step 4: Take Profits!
Okay, I have to fess up at this point as say that before today I had not set any parameters for taking profits!
But after watching this video by @achim03 I realized that I ought to do so…
After watching Achim’s video, I decided to create clearer “top priority token targets.” I decided that my top priorities were HIVE and BTC.
Now I must set some “take profit” targets for my “priority 2-4” tokens. When a token hits the “take profit” target I will exchange a predetermined percentage of that token for my #1 priority token. In the case of FUN tokens, they will be exchanged for BTC whereas second tier Hive tokens will be exchanged for Hive. More on that in an upcoming blog post!
So, in conclusion, those are my four steps towards accumulating multiple crypto currency tokens without losing focus. 🙂
Find out more about the Hive blockchain: https://thehiveguide.com/hirohurl
Follow me on the Hive blockchain @ https://hive.blog/@hirohurl