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A young forum poster asked users whether they frequent centralised exchanges or decentralised finance platforms and invited them to share their motivations and reasons. He earlier revealed that he is 19 years old this year, so I thought I would share of myself generously to play a part in shaping his thought processes.
I feel that in order to answer your question properly, I must reveal and unpack my personality so that you understand the factors that govern and influence my thinking process. So here's my no-holds-barred sharing. Take the bits that resonate with you and discard the rest, ya :P
My Background
41 this year. Here's one thing about me. I have never watched Game of Thrones. Not a single episode. Here's another thing about me. I have never forked out my own money on crypto. Not one cent. This year, I was preoccupied with topping up both my CPF (national retirement annuity scheme) and SRS (Supplementary Retirement Scheme) so that I could qualify for as much tax relief as possible. So, my monthly savings were channelled into these avenues.
My Big Hairy Audacious Goal (BHAG)
So I see crypto as another means to earn some money, another revenue stream. The goal is to pay off my Voluntary Housing Refund (which involved me withdrawing my retirement funds from my CPF) - all $250k of it - using my crypto earnings. Hey, a man has got to dream big, right? It isn't as daunting as it sounds. So far, I contributed about $250 to offset Voluntary Housing Refund ever since I started tracking my contributions. More to come in future.
My Passion, Forte & Niche
Now that I have decided on my WHY aka BHAG), it is time to align my passion with my forte. So I love writing. This is how I express myself to the whole wide world. Through words. I try to inject a lively dose of humour but sadly, it doesn't always come through, LOL. As for my strength, I am wonderful at getting things for free/minimal effort. Always have been, even in areas outside the crypto space. I think it's because I write well, so I know how to position myself in those giveaway contests and the like. So when I combine my passion and my forte, I have developed my niche: I grow my compounding crypto portfolio without spending my own fiat, and am committed to helping you achieve the same. Let's roll!
My Choice of Platforms
Well, I take the first step and see where it leads me. For instance, I joined the Seedly-Gemini giveaway contest and got a $20 worth of ETH. That's why I went to set up a Gemini account in the first place. Another example would be how I was enticed by the Learn and Earn program from Coinbase. So I carved out enough time to get my KYC settled one day and got myself a COINBASE account. I write and earn some AMPL tokens on this site called Publish0x, so I went to register an account with Kucoin.
As for other platforms, well, they found me actually. For instance, I was scouted by the social media manager of Hodlnaut. +1 for aspiring influencer me! He came across my blog and asked if I would be keen to join Hodlnaut's affiliate program. I asked him several questions. At that time, I didn't even know what HODL stands for. He replied all my pesky questions; I got myself a Hodlnaut account and publicised my referral link; and the rest is history. So I have been sticking to centralised crypto exchanges mainly. My preoccupation right now is to set up a FTX account so that I can convert my AMPL to USDT on KUCOIN and then transfer this USDT on the TRC-20 blockchain to FTX. I am interested to exploe DeFi platforms but I am a typical man. I cannot multi-task. One thing at a time. All in good time.
That is not to say that I don't have skin in the game in regards to DeFi. Because I do have an account with Cake DeFi. Yes, I went to withdraw some of my BTC from Hodlnaut so that I could set up an account with Cake DeFi. I wanted to take advantage of the $5 worth of DFI lesson package offered by Cake DeFi. Yes, my nose is as sharp as that of a chihuahua. I sniff freebies everywhere and hunt them down. I'm sure when my portfolio on Cake DeFi grows to a large enough amount, my curiosity will be aroused again, thus prompting me to invest with other DeFi platforms. (I reckon Pancake Swap is next on my list.)
With my BHAG in mind, I don't keep my crypto in a cold or hot wallet. My digital assets are mainly stored in Hodlnaut and Gemini Earn program because once they grow sufficiently large, I will proceed to take profits, cash them out and make a VHR contribution. My Bitcoin is (usually) HODL-ed for eternity but I have no qualms about encashing ETH and other altcoins. I don't have to be a crypto millionaire lar. I just want my retirement funds in CPF to grow faster.
So what is your game plan when it comes to crypto? :)
