Being early is everything in crypto...and guilt by omission is unacceptable.
I won't bore anyone with the technicals, which are widely available, but BINANCE Smart Chain, or BSC as we will hitherto refer to it as, can be looked at as the poor man's Ethereum for the average investor.
Whoa now, who the hell are you calling poor buddy?
Well, no one. I mean that in the most endearing way possible. Anyone who has spent anytime in the DeFi space will soon come to realize, if you aren't working with a massive stack of dollars you can forget about being super profitable on ETH as the gas fees (average gas fee around $67.00 as of this writing) will quite literally, burn you alive.
Now. Compare this to BSC. Average gas cost as of writing, $0.38. Quite the difference? The possibilities this opens, not just to us wee investors but to devs as well, are quite honestly limitless, or at the very least limited by technical know-how or a distinct lack of simply not knowing what you don't know.
With that being said I've learned a lot over the past six months or so since stepping into the BSC space. Imagine the ETH ecosystem in 2017, just budding out for the first time, opportunities limitless, as long as you have the eyes, and more importantly, the foresight, to see the trends, and to see where they are leading.
The one trend I see moving forward in this space, not just on BSC but in the DeFi realm in general, are derivative products, indices, yield bearing tokens, and risk parity protocols. These types of projects abound on BSC, all in new and developing stages of growth, ripe for anyone daring enough to really step in and create or be a part of something greater than themselves, and make some dollars along the way. Let's be real here, the DeFi space is ripe with booby traps, rug-pulls, both soft and hard, shady anonymous devs, and a whole host of other landmines to avoid. Avoiding these can seem like a bit hit or miss, trusting audits can be shaky at best (auditors are just people after all), but there is help out there.
Community is key. Lean on others' knowledge. Absorb what you can where you can, and most importantly, fact check. Never take someone on their word. After all, you're just listening to some guy on the internet.
I've found many great communities since migrating my funds to BSC, some have come and some have gone, but some seem eternal in that they stand the rigors of the market time and time again. These are young projects, with tons of space to grow in the nascent space that is currently BSC. These are great repositories of information from which you can base your own research off of, learn from the mistakes from others, and observe the group psyche during trying times.
The BSC space presents a new and fruitful opportunity to anyone willing to take a dip. Don't be that guy, always reading about this, that, and the other in the mainstream crypto news, always saying to yourself, “Oh, that sounds nice. But shit, who has time to look into that?” Make the time. Look into it. Make it happen.
Lastly folks, some key takeaways, speaking on learning from others:
Don't chase yields at copy pasta yield farms. These low quality projects bring nothing new to the table, seem to attract exploits and hacks, and are generally just shit.
Don't invest if they don't have an active community. Community is everything in this space. Without it, most of these projects would flounder.
Chase the first movers. The space moves rapidly, innovation abounds. Seek out innovation in protocols, compare what they offer to comparative real world utilities, as this is what they will ultimately replace.
Take some fucking PROFIT. In this often times low-cap space, hitting a 10x or 100x on a project is not unheard of in the least. If you're ever up multi-100's of percents, please, just take some profit.
So in summation my fellow crypto outlaws, guilt by omission is simply not acceptable. The BSC space is ripe for the profit taking. All you need is to look.
Post Thoughts- Here are some projects I'd recommend if you are just starting in the space and want full exposure to high quality projects and communities. Join up! Speak your mind! And most importantly, CONTROL YOUR OWN MONEY.
Pancake Swap (for your low value swaps)
https://www.coingecko.com/en/coins/pancakeswap
1inch (for those high value swaps)
https://www.coingecko.com/en/coins/1inch
Beefy Finance (for those long term holds)
https://www.coingecko.com/en/coins/beefy-finance
Alpaca Finance (for exponential passive income)
https://www.coingecko.com/en/coins/alpaca-finance
Bundle DAO (for total passive portfolio management)
https://www.coingecko.com/en/coins/bundle-dao
Suterusu (for high-level money laundering)
https://www.coingecko.com/en/coins/suterusu
-Peace and Prosperity
Ted Bundle
