Thread by @Biotech2k1

1/ Sharing some #crypto learning with you all. I am a hardcore biotech investor, but I often dabble in new technologies when I see opportunity. I did this with the Healthy Eating stocks several years ago. I also did a big jump into Internet of Things back about 8 years ago.

2/ So I started learning about this #crypto thing. At first, I hated the idea and did the work to prove how worthless it was. I have to admit, it does have a lot of challenges to work out yet like massive fees everywhere you look. Most of the coins are complete fraud coins.

3/ I took the time to do a ton of research and sign up for a few exchanges. Here is my experience for US based investors. I stuck with the top 2 coins of #BTC and #ETH. I also think I might do some DOT later. The rest of the coins seem like a waste of money.

4/ Coinbase is simple for beginners, but they charge fees that would make a loan shark cringe. It was super easy to use, but offered zero ways to make income off your holdings like staking or interest.

5/ Its great for a beginner. Moving #Bitcoin and #ETH off the exchange was fairly cheap, but more fees on top of the big fees for buying the coins. I tested it with just $50 and paid $1.99 for the #ETH and spent $3.65 to move it off the exchange.

6/ In 2 steps, I was over $5 in the hole for that test. Then I tested Binance US. I really liked that site. Other then it took 3 days for my cash deposit to show up (could be my bank), it was very good. A bit more complex, but easy to figure out for a stock trader.

7/ I bought the same $50 worth of #ETH and it only cost me 25 cents. I loved everything about Binance. The US version allows very limited options to earn income on your coins like staking or interest.

8/ Moving the coins off the site was more expensive for Binance though. I think its an awesome exchange if you are trading, just holding or buying BNB for use on their Smart Chain like Pancakeswap or Venus defi.

9/ I wanted to do income farming and using Binance US with Pancakeswap has some amazing rewards. Some of their pairs earn 40% for things like BNB/CAKE. The problem there is it is a tax nightmare.

10/ Many of the trades/exchanges you have to do are taxable events. This can be a tax nightmare. So I went looking for a better option. That is when I found centralize lending like BlockFi, Celsius and Nexo.

11/ The only one that was available in the US (at this time) was Celsius. This was the Jackpot. I was able to move all my #Bitcoin and #ETH and earn up to 5% to 6% reward for just depositing them.

12/ They offer some great rates for other coins like 9% for DOT and 10% for Tether or USDC. Those are some great rates for buy and #Hodling . Then it got better as they have an app and a website version. Having the app allows you to buy directly on their site.

13/ They use a 3rd party exchange so I have yet to test it. I plan on doing that very soon with a classic $50 test buy of some #ETH. I just haven't had the time to go through yet another KYC verification.

14/ The next option is not yet available but also adds the potential for the future. They are adding an exchange to swap coins. This will allow you to trade out of coins at the tops and into stable coins without buying or selling on an exchange.

15/ This is not investment advice. This is my personal experience and conclusions as a newbie #crypto investor from the USA. I think Celsius Network offers a great platform for an investor to buy and hold while earning income.

16/ I don't know how much money I would trust them with just yet. I am testing it out. I would treat it like one of my high speculative biotech positions for now. There are multiple sites like Blockfi and Nexo which are working on getting certified in US.

17/ That might offer the opportunity in the future to spread it around and take advantage of rate differences on each of these exchanges.

18/ If anyone has been interested in #crypto from the US and not sure what to do or where to start, this is my experience so far to help you get an idea where you might want to start or help complement any research you have done on your own.