Can I turn $1,000 into $10,000 this year? That's the question we're attempting to answer
in our $1K to $10K challenge. We've had a rocky start to the challenge, but I'm happy to report we're finally making progress
despite a few setbacks. Today, I'm going to break down
where we stand so far, give you some insights into my thinking, and tell you what we're planning to do next
in order to get that five-figure come-up. Let's get it! BitSwap is the hottest new way to trade tokens. Crawling all the top decentralized exchanges, BitSwap gets you the very best price and value for your trades. BitSwap is changing the game. Try it now at bitswapdex.io. Welcome to BitBoy Crypto!
The largest crypto channel in all the Interwebs. My name is Ben. Everyday on this channel, I show you
how to make money in cryptocurrency.
If you like money and crypto,
make sure to hit that subscribe button. If you like our $1K to $10K challenge,
make sure to smash up the likes so we know you are enjoying this series. In this video, I'm going to be breaking
down everything we've done so far, the challenges we've met
and my thinking behind each move. Also, at the end of this video, I have a special announcement for the challenge
you're not going to want to miss. You are going to be able to track every single
move that we make as we make them. We've heard the BitSquad and know
that is what you guys want, so we are going to give it to you. As of right now at this moment,
we're sitting at $1,396.02. Not too bad considering we got
absolutely wrecked by gas fees. Not once but twice.
And the second one was far worse than the first. I learned an extremely valuable
lesson about gas fees. Being a trader with a nice stack
for some time now, I haven't even considered the gas fees. Like, yeah, they're high, but in my opinion, it's always been a matter
of being the cost of doing business. If you're swapping $10,000 worth of crypto
and it costs you a couple of $100, it's whatever. You will gain it back quick. But when you are trading $1,000 worth
of crypto or even much less, a $200 fee is insanity. We learned that the hard way. So let's break down what we've done
so far in the challenge and how we were up almost 40%
despite our mistakes. The first move we made was to buy Synthetix. We feel like this DeFi project has got a lot to offer. Now, our original goal was to use
MetaMasks for all our swaps, so we keep everything in one nice ETH portfolio, but, as you will see, that just isn't going to work.
You see, when we made this swap on MetaMask
for $500 worth of Synthetix, we lost $186 in gas fees. So right off the rip, we were down $186. We wanted to then spend the remaining amount
on Badger DAO, a project that we like a lot, we're already invested in our corporate portfolio. But when we tried to make the swap,
it wouldn't go through. And this was live on our stream. I was kind of embarrassed at first, honestly. Here I am, the largest crypto YouTuber,
making dumb mistakes like a pleb live on air. But you see, it's all about the mindset.
The mindset of a smaller trader is different
than the mindset of a larger trader. We don't take these types of things into
consideration when we're making moves. But I'm finding I'm having to shift away
from my usual way of thinking. And it's given me a brand new
perspective on crypto. Well, giving me a new perspective
for the second time I guess. Point is, I'm putting myself in your shoes and having to relearn lessons
that I honestly believe are going to make this channel
even better than ever. And more relatable than ever. This gas snafu not only ate our lunch
and our purchasing power, but it caused us to have to shift gears. I started looking for what to do next, so I decided to send the remaining ETH
in the wallet back over to Coinbase, and move over to one of their coins. Chainlink was down to $28,
so I jumped into it. At the time we bought Synthetix,
we got that at about $21-22. But thanks to the gas fees,
our portfolio was down from $1,000 to a shade over $800
before we even got started.
So at that point, it was playing a game of waiting
for gains to come in before we made another move. Synthetix moved to about $26,
and Chainlink moved to as high as $35. We were only $10 away from making
our money back to starting position. But then the market had a small drop, and we decided to go ahead and move
some of our positions into Frontier, a project that we absolutely love. At that moment, we were up about 10%
after the gas fee debacle and we're sitting right at $900. And this is probably where I made
the biggest mistake thus far. And you guys can learn from this. In my mind, Frontier was on
Binance.com and Uniswap. Because Americans cannot
trade on Binance.com, and Frontier is not listed on Binance US, I decided to go ahead and make the swap
on MetaMask and eat the gas fee again because I really believe in Frontier. This one is going places for sure, in my opinion. But also important to note, we made the move to Frontier after we mentioned it
in our top 5 coins for February video.
We're only making moves off of things
in the public domain not information only we have due to our crypto connections
and content planning schedule. We're trying to make moves
just like you can make. But back to the low IQ move that I made. I was eating the gas fee without realizing
that Frontier was on KuCoin. I could have easily sent it there
and made the swap for free. You should always go to the markets tab
of a coin you want to buy either on CoinGecko or CoinMarkeCap and check to see all the markets
where you can buy that.
You may pay a gas fee for no reason like I did. At the end of the day, Frontier continued on its tear
and we made the money back anyways. But we've basically burnt $350
in this challenge for no reason. Meaning we should basically be up
almost 100% already in two weeks, but due to these boneheaded mistakes, we're only up about 40%. It's the little things that matter. With Frontier pumping, we decided to lock in
some profits in our challenge portfolio and diversify those into two other coins on KuCoin. I'm not sure how much of the Frontier we're going to
hold on to throughout the duration of the challenge, but I think there's a solid chance
we could hold on to it and do nothing else for the next four months, and this portfolio could hit $10K. But we want to be much more actively trading here
so you can see the moves we make, and we can explain the thinking behind them.
So we had to go to KuCoin and look for two coins
we could diversify into that would help our portfolios. I had noticed in the morning that almost all the exchange tokens were pumping, so we look for an exchange token
we thought could move next. 1Inch is a DEX aggregator, meaning it crawls multiple exchanges
to give you the best price and liquidity just like bitswapdex.io. In a world where all Ethereum-based trades
are getting killed by gas fees, it helps to get the absolute best price
if it's even by fractions of a percent. Every fraction of a percent counts when trading. So we moved half of our diversification funds there and then another half into Hyprr. Decentralized social media is going to absolutely
pump over the remainder of 2021, I do believe.
People are now woke to censorship
mafia and social media rise that only decentralized social media can protect
our rights and ability to express ourselves. People outside of crypto, big names, that's all I'll say, are exploring this decentralized world to see how they can move their brands
and messages to decentralized arenas. Now, as you know, the Hyprr roadmap
we looked at for February was big, so I expect much more fireworks for the UDOO
token for the remainder of this month.
Being able to move those funds into Hyprr
for the month was a big move, and now we are back on the upswing. Let's see what happens, of course,
over the next week. But if any of our three coins moon, it will get us even further along. And also, guys, keep this in mind. If we get any coin that makes a massive gain, it gives us flexibility to get out of bad positions
if we make a wrong move somewhere along the line.
But I hope you guys are learning that
overtrading is not what we're doing here. We're making decisions. We're sitting on those for a few days
without wavering. You cannot panic on a red day as coins bounce back during the bull market, which, of course, we're in now. So each Friday, we're going to be giving you
an update video on the challenge. But in the meantime, you can follow our moves by visiting
the $1K to $10K challenge link down below in the video description
We now have a widget on the page of our website
that will display our real time portfolio. So if we make a move, you can see it. Pretty exciting stuff. But let me know. What do you think about our moves so far? What could I have done better?
And what did we get right? Drop those comments down below. Thanks for following along. That's all I got. Be blessed. BitBoy out..