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Cryptocurrency - Michigan Swamp Buck - 11-04-2025
Has anyone here been playing with cryptocurrency tokens?
If so, do you have any advice?
RE: Cryptocurrency - Michigan Swamp Buck - 11-04-2025
Personally, at the beginning of crypto, I thought of it as fake money, worthless compared to a fiat currency. It's not like that now. So I've gotten involved with cryptocurrency, at no real cost to myself, actually.
I've mentioned here at RN how the social media platform Parler is back. They have added a number of features, including crypto rewards for participation. I figured, "What the hell?" and so I have been getting my feet wet playing with Parler's funny money called Optio (OPT).
You need a secure crypto wallet, so Parler has one for you called Kyvo, where they deposit their OPT tokens for you. From there, you can shop online at stores that use OPT. There aren't that many stores and products available yet, but you could use the tokens that are awarded.
Now, OPT is only traded on two crypto exchanges where you can trade it for other strong or stable cryptocurrencies like Bitcoin, Ethereum, or Tether (a "stablecoin" tied to the US dollar). One is XT.com, I use the other called Coinstore to trade the OPT for other tokens. I can't cash out any tokens from Coinstore, so I send it to Coinbase, a popular exchange, where I can continue trading it or cash it out to a prepaid debit card account I use.
I managed to accumulate enough OPT during a year at Parler to have around $150 USD worth. The OPT token value is pretty low and volatile. Right now it averages around 200 tokens = $1 or 2 tokens = one cent. I'm not sure how my activities are scored, but my current activity is earning around 20 tokens a day or a dollar's worth every week to ten days.
I sent half the OPT cryptocurrency tokens I accumulated in my Kyvo wallet to Coinstore ($75 USD). I staked the other half where I get interest for three weeks before I can use it again, its like a saving account. I traded the half at Coinstore for Tether (USDT) and the highly valued Ethereum (ETH) that can then be sent to the Coinbase exchange to be cashed in. Those are the three steps I am using to get my Parler OPT tokens traded into USD for a bank account. Each transaction has a small fee attached that is deducted from the tokens before the trade.
Now the trick shall be to trade the OPT when it hits a high for another coin that is a stronger "stablecoin" like Tether that is always valued at around a dollar a token. Once I get enough stablecoin saved, I will trade for other volatile, low value cryptocurrencies that interest me along with the OPT I receive daily.
These risky low-value "altcoins" are often called "shitcoins" and need constant trading to keep from losing out on them. Some are so low in value compared to OPT that they are nearly worthless. It depends on what the crytpo is tied to. It can be tied to a currency or a physical commodity like gold for example, or an activity in business, social media or even game play. There are all kinds of cryptocurrency platforms out there.
Crypto Price Charts
It is a complicated process that has a big learning curve. Crypto is actually a digital commodity, not a currency, that is traded like stocks but acts like currency in a bank. Plus it is outside of the official banking system even though they tether coins to currency to create these stablecoins.