Converting LTC to HBD using Blocktrades.
So I'm all about that 20% APR on HBD savings. I understand that there are even higher interest rates using pHBD and polyCUB. That's going to be an adventure for another day. For now, lets talk a little about Blocktrades.
IDK why I thought Blocktrades wasn't available to US citizens, but it is! For some reason, I could have sworn it wasn't. Anyway I posted on Twitter and D.buzz that I wanted an easy way to convert LTC to HBD and several people replied with Blocktrades so I thought I'd give it another look.
I liked the idea of using Blocktrades because I do trust them and they are a big part of the HIVE ecosystem. I'm happy I took a second look too because the transaction was fast and painless.
- The process was fairly simple. Select Litecoin LTC from the SEND drop down box. For RECEIVE I selected HIVE DOLLAR. I then used my Hive address for the receive address the-bitcoin-dood. I pay my taxes (Don't debate me on this, I don't care for jail, thanks. I don't care much for taxes either but it beats the alternative.) so in the MEMO I notate "LTC to HBD conversion for HBD savings" So I know why I did this. I also include this transaction in my spreadsheet for end of year tax calculations along with monthly interest earnings. Once I added my username and memo I clicked on the Get Deposit Address button
- A Litecoin address appears and I send my LTC from the exchange to this address for conversion. It takes a few minutes for the transaction to hit the blockchain then a red square appears under transactions letting you know that your transaction is pending. I'm guessing at this points we're waiting for the confirmations to complete. It took about 10 minutes from this point to receive my HBD in my wallet.
- I refresh my wallet page and the 110.189 HBD is now in my wallet. I'm now done with Blocktrades. It was simple, intuitive and quick. I'll definitely use them again! I now click the dropdown arrow next to the send button and select "Transfer to Savings" and transfer 100 HBD into my HBD savings account and start earning that SUPER SWEET 20% APR!
- I'm using Hivesigner, it may look different depending on what you use. Again I notate the MEMO for tax purposes. Select the amount of HBD I want to convert to saving, hit continue and I'm done!
I keep about $20 available to trade a little Hive volatility in and out of HIVE / HBD depending on price. I'm currently hodling my HIVE waiting for a better price to convert back into HBD. I'll also use this trading HIVE / HBD for my monthly powerups on #HPUD or Hive powerup day.
That's it! Blocktrades was quick and painless. I'm really happy it was suggested by so many people on dbuzz and Twitter. Thank you to all who suggested various exchanges and ways to convert my LTC to HBD.
Someone asked why I'd convert LTC to HBD instead of hodling it. I do both. I use Litecoin all the time. It's a quick and easy low TX fee solution to moving money between exchanges. For the most part I have my LTC bag that I never touch. However, I'll often buy LTC just to move between exchanges. I'll also convert alts to LTC then transfer to my main exchange to cash out to US dollars. In this case, I converted some crypto trading gains to LTC, then into HBD, then into savings to take advantage of that 20% APR!
THAT INTEREST RATE IS SO FREAKING AWESOME!
On a final note, nothing here is meant as financial advice. Remember there are risks involved with cryptocurrency. Never put all your eggs in one basket and never invest more than you can afford to lose. I'm choosing to take advantage of this 20% APR, I've also hedged with other interest offers like GUSD in Gemini's earn program currently earning over 6%. There are a lot of alternatives to earning interest in crypto. I also keep some fiat USD cash on hand. I'm a huge fan of diversification because it's just good opsec with no single point of failure.
This is post 19 in this months #HiveBloPoMo
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I do believe you can send that LTC to your tribal dex. And from there you can instantly swap it over for anything you want.
Best part is if you are a part of the pool that you use you actually earn some of the fees from the transfer....
I'm going to try Tribal Dex next time for sure. A lot of people suggested that one!
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That 20% APR on HBD is simply irresistible, nice you dump some into savings. LTC have always been on Blocktrades though never used it, I think Dash too and other cryptos if am not mistaken.
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Soooo irresistible!
Several different coins. XMR and few others too that I couldn't get the full drop down in the picture.
Oh sweet we've got quite some option at our disposal on Blocktrades, good having on and offramp Hive options.
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I've used blocktrades a lot to convert crypto. It's just so convenient even if the rate may not be optimal.
The convenience factor is definitely there! Super easy.
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This is my main method to transfer in and out of Hive, with LTC through blocktrades. Very reliable and cheap fees. Hasn't failed me so far.
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Absolutely. I'll be using them again for sure!
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I agree Blocktrades is super easy and fast.
This is my first year and I'd like to do the taxes correct as well and from what I have read I think I need to report crypto, there is no threshold, right? Where do you report e.g. Splinterland cards and at what value? And do you report Hive blogging income under income? Sorry for the questions but as you said not everyone in Crypto world seems to agree to paying taxes 😇. Any pointers would be really appreceated!
I use https://cointracking.info?ref=R584025 that's my referral link. I use cointracking for my trading reports. You simply plug in your API keys and the software will pull in all your trades and calculate profit and loss. Not sure how much you're trading but it is free up to 200 transactions.
I keep track of my Hive using the portfolio feature of coingecko.com. I claim my Hive and HBD at the end of each month, because it's not taxable until claimed. Once claimed I enter it to the portfolio on coingecko and that logs the price too. Then I log any Hive and HBD sales. I also add interest payments received and notate those as separate transactions in coingecko. https://www.coingecko.com/
For all things NFT, I try to focus on WAXP, you can sell Splinterlands cards there too. I keep a spreadsheet of what was purchased and sold. https://wax.atomichub.io/
All I do is keep track of my transactions. At the end of the year I give my cointracking reports, coingecko results, and spreadsheets to my accountant, say several prayers to every deity I think will be helpful and hope my accountant handles it correctly. 🤣
The short answer is, just keep decent records and allow an accountant to figure out your tax obligation. That's what I do at least. I'm completely lost when it comes to this. I found my guy 5 years ago, I had to call a lot of people before I found an accountant that understood crypto taxes. Hopefully it will be easier to find a "crypto accountant" for yourself. They're worth the money though, because they'll see a lot of things you wont and also understand different ways to save you money.
Keep track of deductions too like laptops, computers, phones, and any other crypto related expenses you incur.