Ok. Quick background. I’ve been a crypto enthusiast since 2017. If you’ve been following the market for some time you know it’s been a wild ride. But, overall, a good one. Like most investors I started with the O.G’s (Bitcoin and Ethereum). Then stretched to some strong alt coins like ZEC, XLM, LINK etc…and as I became more educated and dug deep into the crypto rabbit holes, delving into De-Fi projects and smaller alt’s, things became interesting, sometimes profitable (sometimes not!) and stressful. The market doesn’t close! Those late night alerts that your investments are dropping 5%, 10% are a bummer.
The reason I am saying all this is that it probably reflects, in part, your own journey. And my point is, whether you’re a HODL’er or a trader, it’s always on your mind. Like a mouse in a maze, running through your brain even when you don’t realize it. It’s exhausting!
But, I think I found a way to mitigate that stress. Do you want a low risk, kick-ass investment mechanism that takes minimum active participation and lets you sleep at night? Me too!
Here’s my plan. DRIP. Yep. One word. What is it? Well, there are many articles written about it and I think you should read them! What I want to write about here is the journey to get to DRIP while residing in New York. So, go read about DRIP (Cryptozoa has many amazing articles to get you started), then come back here, especially if you live in NY or anywhere that has restricted access to crypto trading platforms.
Ok. So, wow. What a learning experience to get to the DRIP platform while living in New York. The normal avenues to buy and hold BNB (the only token DRIP will take as a deposit) is very limited due to regulations limiting the exchange platforms that residents can trade and buy cryptocurrency. Platforms like Kraken, Kucoin and Binance aren’t authorized in New York. But, you know that otherwise you wouldn’t be reading this.
Here’s my qualifier: this isn’t financial advice, do your own research. And read. A lot. I must say I scoured the available media for days to understand a path to DRIP. Reddit. Youtube. Medium. And you’d do well to do the same. Especially the Cryptozoa community Medium articles specific to DRIP. So, this is what I did. And it worked. Here’s the shorthand:
-Coinbase to Kucoin (I know, I know..I said it wasn’t a viable exchange in NY, but read on.)
-Kucoin to Metamask
-Metamask to DRIP
Here is the ‘longer’ hand:
-Coinbase (withdraw BTC to Kucoin)
-Kucoin (swap BTC for BNB then when you are sending BNB to Metamask it will have you send it as BSC or BEP-20). This was confusing to me the first time, that’s why I am pointing it out.
-Metamask (hopefully you’ve converted your Metamask wallet to BEP-20 from ERC-20. If not, go HERE)
-DRIP (connect your Metamask wallet to the DRIP platform, confirm, and then you’re set!)
Now this may not seem like a lot of moves but at one point I also had Trust wallet folded in there to convert BNB to BSC (Binance Smart Chain). (I realized in short order that I don’t necessarily need a Trust Wallet for this transaction as Kucoin converted it for me when I sent it to Metamask.)
So, back to the question of Kucoin. Kucoin is not an exchange where you can BUY cryptocurrency in NY, but you can TRADE it. Meaning, you can use it as a landing pad for your Coinbase or Gemini specific coins to spot trade for certain coins that you CANNOT get on Coinbase or Gemini. Hence my Kucoin swap from BTC to BNB!
I was previously using Coinex as a middleman and it worked fine although a bit clunky.
If you have something against Kucoin and want to use Coinex for whatever reason, it worked ok for me. But this is not a platform that you want to loiter on. Roll your tokens in, swap them for BNB, send them out as BSC to Metamask as quickly as it takes you to do so. I have no anecdotal evidence to prove my paranoia but that’s just my personal strategy. Coinex UI is not as warm and fuzzy as Coinbase. It’s a bit more confusing to navigate and get your tokens swapped. But it’s one of the few platforms I’ve found that allows you to get your hands on BNB in New York. Also, I suggest using BTC to swap to BNB. I found that it was the easiest and quickest to accomplish using their interface, but you can use other tokens if you have them.
So there you have it, in brief. This is, of course, assuming that you already know how to move around crypto to and through various exchange platforms and wallets. Once you’re in DRIP, sit back and enjoy your 1% daily return! You’ll sleep better at night, I guarantee it. Hope this story was helpful! And if you’d be so kind as to make me your buddy when you sign into DRIP, I’d appreciate it!
Just remember this is my journey. You can likely figure out another way to get your hands on some BNB. But as always, just do your research, know the risks, and let me know if you can streamline the process. I am a learner! I want to know the path of minimum resistance.
My DRIP buddy referral link: 0xDa61cF019FB7060E147a0D5Ce93f6518Da083E2e
My telegram address: https://t.me/dennisdarcy
Happy early retirement!
I am part of the Cryptozoa DRIP team. We are a global community of DRIP enthusiasts who are welcoming and helpful. We converse on our own private Telegram group where we share DRIP tips, strategies, breaking news, and more. If you would like to join in the conversation, please join the Cryptozoa team (buy into DRIP using my Buddy address above), and then head over to the Cryptozoa Telegram Gateway. Let the admins on duty know that dennisdarcy sent you — then once you are on board find me and DM me, I’d love to hear from you!
Worth repeating: Nothing in this article is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. ALWAYS DO YOUR OWN RESEARCH!