3.) DUST OFF YOUR OLD TRADES

Image Credit: Doc000 on DeviantArt.com | The field of Artificial Intelligence shows a lot of promise

You know all that cyptodust you filter out of your Bibox dashboard by checking “Hide small assets”?

What you’re left with when you buy 5 of a token, but after the fee’s you only get 4.95, and can only trade it 1 decimal deep (leaving you with 0.05 of seemingly unusable cryptodust)…

Time to turn that .05 $QSP into usable crypto!

Transparency: I am currently invested in Binance’s $BNB token.

Binance makes it easy now (thanks CZ) with their Convert to BNB feature.

Simply click the button (as pictured below) and all your tiny, unusable crypto assets are automatically “swept” to (a.k.a. traded for) Binance’s $BNB token at the current market rate.

Make sure your account is set to “use BNB to pay for fees” and you get a nice little 25% discount on your trading fees…that you’re paying for with dust!

Yes, I still find Borat hilarious. Non ironically. It’s timeless.

As far as I know Binance is the only exchange to have incorporated this “cryptodust converter”-type featureto date.

That doesn’t, however, mean you’re just out of luck on other exchanges.

Please Tweet/Email/Comment/send a smoke signal/etc. if I’m wrong and am overlooking a different exchange that does this.

Different exchanges allow trading of different increments, or decimal points, than each other. Exchange XYA (made up name) may force you to trade a minimum of 1 decimal (e.g. you can only trade 1.4 of your 1.464 tokens leaving you with 0.064 in cryptodust) but that doesn’t mean exchange ABZ does the same. The point is…learn how each exchange you use works.

Some exchanges differ in how much of any particular token must be traded depending on which crypto it’s being traded for.

(e.g. When trading $BTC for $NEO you may be forced to only trade in increments of 0.1 $NEO. However, you may find that if you switch to trading $ETH for $NEO or (more often) switch to trading that exchange’s native token for $NEO…you can probably go down another decimal point or more.

Some exchanges will even let you trade smaller increments when you use market orders, making you the market maker, rather than using limit orders, which makes you the market taker. Many exchanges reduce or completely waive trading fees when you’re the market maker rather than the taker. This means that you made or set/chose/created/etc. the price that was paid for the trade. The person who took the price you set is considered the market taker and they pay the fee.

The bottom line is to take a deep dive into the exchanges you use to learn your options before you start piling up cryptodust.

That was a lot…I know. It’s all great information to have but, in case you’re an “anti-reading” skimmer like my wife (who’ll never read this)

TL,DR;

If you’ve been trading you’ve likely built up cryptodust

Binance makes it easy and convenient to “sweep” that dust to $BNB

Use $BNB to pay for trading fees and save 25%

Nearly every other exchange has unique /different/not-customer-focused policies handling your trade left-overs (a.k.a. “dust”)

/different/not-customer-focused (a.k.a. “dust”) Learn your exchange’s policies to prevent creating cryptodust

Different exchanges force different token pairs to be traded in different increments

Learn your exchange’s trade pair increments to form a strategy to “sweep” or condense the dust

Now, with your cryptodust condensed, you can finally invest in that “cheap, hot alt” that the under-informed, but over-energized, “20-something” YouTuber and Instagram “influencer”, who I saw turn 43 at a T.G.I.Friday’s last Wednesday (irony not lost)…wait…where was I going with this?

Oh yeah, use your condensed cryptodust to go buy the Vaporware that guy shilled to ya*.

* Not financial advice nor serious

Just make sure he’s not some washed up, former anti-virus creator turned Gary Busey impersonator who now orchestrates professional pump n’ dump scams*

* Allegedly

The bottom line is this…you’re not going to get rich, retire or even buy a “$5 Tuesday’s” youth* ticket to the movies from the cryptodust you condensed. However, anything is better than just “Resting in Dust”.

* Taking a date to the movies? Buy 1 adult ticket and 1 youth ticket online to save yourself a few bucks. 5 years now and they’ve yet to check the tickets. I mean..they’ve yet to check this guy I know who told me that. That’s what he tells me…)

Sweeping all this cryptodust (other than on Binance) is going to be a hassle.

A lot of reading.

Probably some translating.

Quite a few mistakes.

Loads of frustration.

Do it anyway. It’ll be more than worth your time. I’ll explain why in a bit…just do it first anyway.

ICO pump n’ dumpers successfully complete their exit scam | Photo Credit: Raffaele Micillo

Did you go do it?

Are you reading this, like, 2 months later after learning all about the different exchange’s different nuances?

Didn’t think so. I get it.

One tends to need the “Why” in order to overcome the “Why Bother?”

The reason “why” is that you’ll be amazed at what you learn (or learn that you can’t learn) about an exchange when you really dig in. One would think that info like that would be readily accessible on the exchanges website. Or at least they’d provide some tips on how to avoid creating cryptodust…right?

“Hey, if you trade X amount of token Z you’ll have amount U of it left over. Here’s a spreadsheet showing how it works for each token on our platform!”

Pretty pretty please, with high-fructose corn syrup on top, let me know when you find that documentation. For now it seems to be sharing the same fate as many U.S. voter’s ballots.

In the meantime dig into your exchanges. The purpose, on the surface, is to make your dust productive or prevent it from even accumulating. The subtle, and more valuable, purpose is to open your eyes to how much you really don’t know about that website you’re trusting with your crypto.

I’m not recommending you FUD away from any particular exchange. I use about 12 to 15 different ones in any given month. I’m recommending you learn the exchanges you use to “minimize the bleeding”.