Greetings to everyone on the hive and the community particularly.
This week I needed some cash to purchase my practical manuals and other project materials. So I decided to trade some of my cryptos. I decided to try a new strategy this time but I ended up falling prey to low-balance consequences.
I remember one of my publications where I talked about how my location has affected my transactions of cryptos. Too many sanctions have been placed in my country by exchange mediums such as Binance, Luno and some others. To avoid being under the bondage of this sanctions, I decided to explore new crypto transaction strategies.
To get my needs settled, I decided to take out some of my HBD to help myself. The two exchange mediums I often use to get my crypto transactions done are Binance and Bybit. The sanction placed on everyone in my location doesn't permit the pair-to-pair exchange of dollars to naira. So it's a bit of stress to carry out this conversion of HBD to NGN. This transaction would have been a simple one with Bybit but there is also another problem, Bybit doesn't offer services for HIVE transactions. It doesn't have the Hive coin.
So what strategy to avoid this effect of sanction? I often transfer my Hive to Binance convert it to Dollars and then withdraw it to my Bybit where I can perform my crypto pair-to-pair trading. But this turned around at some point. Before Binance, the minimum amount of USDT one could withdraw to Bybit was like 3, but it's now 10, which is very far away greater than what a low-income individual like me often transacts with.
So to also escape this barrier due to low funds, I often convert my three or four USDT to Dogecoin and then transfer it to Bybit. The minimum Doge one can withdraw from Binance is like 23 Doge which is probably less than the three or four USDT I could withdraw directly.
I was always charged three doge coins as a transaction fee whenever I withdrew my doge coins from Binance to Bybit. I also thought of a way to cut down this charge. I decided to try out Litecoin. That was my biggest mistake.
Though I wasn't charged any fee, I ended up falling prey to the low fund's consequences once more. After I moved my approximately 0.095 Litecoin to Bybit without a transaction fee, I was shocked to find out that the minimum amount of Litecoin one could convert to USDT for pair-to-pair trading is 0.1 Litecoin. I was very depressed and I had to borrow money from my best friend to purchase those manuals since I didn't have any more HBDs on hive.
I was lucky to find a friend who also wanted to transfer his HBD, so we did a combined transaction. He sent his HBD to me, I did the normal crypto transactions and later converted his HBD to Litecoin.
I added his Litecoin to mine and it added up to approximately 0.1 Litecoin which was enough for conversion to USDT for pair-to-pair trading. That was how I was able to pay my friend who I borrowed from.
I have learned to be careful in every crypto and financial transaction.
Thanks for reading my post.
All the Images are screenshots of my transaction history.