January 2022
2 min read

January 2022

January 2022 trading recap
January 2022
Photo by Maxim Hopman / Unsplash

This was my first full month of acquiring non-KYC coins. There were plenty of trades conducted with several different counterparties. There was also a significant dip this month which saw the price of bitcoin plummet.

I found a trusted counterparty who exclusively earns in bitcoin and they offered to sell their bitcoin at spot price to pay for fiat bills, so I took them up on that offer.

I also found that if you are patient, you can get a very good deal if you put up an offer to buy bitcoin at 1.5% - 2% premium. Could probably do even better than that.

This month also saw my Bisq profile get "verified", which means I have some street credibility. I successfully conducted a trade in December with a verified peer AND my account is older than 30 days.

HodlHodl was pretty average this month. I didn't find as many trading partners as I did with Bisq. You have to be careful, some sellers on HodlHodl ask for KYC. Read the details/description of the trade before you enter into a contract. You can block their username if you don't want to see their offers again. I did manage to conduct a trade with the same counterparty back in December.

Amount acquired: ~0.12BTC
Prices ranged from $44k to $38k
Number of trades executed: 8

This was well above the $1,500 set aside for the month. Went rather large this month due to the big crash in price. I found some extra fiat lying around which I could buy bitcoin with. I definitely bought the dip but I don't think I caught the bottom ($33k).

Lessons learned

  1. I think there might be something in the theory that end of  month / start of month, there seems to be better deals on offer with less premiums. I will continue to test this theory out. It's only been two months.
  2. Set the world clock. USA time and Europe time. Best deals are during business hours of these regions.
  3. Put up an offer to buy btc at a premium rate you're comfortable with. Be patient. Someone will bite. Tip: when creating an offer to buy BTC on Bisq, entering a negative percentage will be the premium you are willing to pay. For example, put in -1.5% when filling out the offer form.
  4. Be careful with HodlHodl - some sellers ask for KYC before proceeding with the trade. Block them immediately.
  5. Load up excess fiat into your bank account, ready to go for buying dips.