To start,
1. Where do you buy your bitcoin from
2. What exchanges do you use
3. When you buy alt coins and profit, do you convert back to btc? Because what if your profit from alt coins and convert it to bitcoins but bitcoins is low, doesn't that defeat your alt coin profit?
4. Do you convert from bitcoin to usd to withdraw? If so where do you withdraw and which method do you use.
Oh and this sounds like fees over fees.
First you buy bitcoins for fee. Then transfer them to a exchange for a fee. Then trading on that exchange is a fee. Then transferring it another place to withdraw, then the actual withdraw fee.
1. I don't buy bitcoin, i earn it
2. Poloniex and bittrex only as of now
3. i haven't done trading altcoin to altcoin, i always do altcoin to btc or vice versa so yes i inevitably converting it to btc but with a higher amount because i profited right?
4.No i don't convert my btc to some local currency when withdrawing. if i'm gonna sell it for my local currency is usually wait for a pump
it depends on what service you use but in my case what i use is kinda cheap and the miner fees are just $1
Thats a smart move if you never buy bitcoins rather earn them. Earning bitcoins is far safer than buying them at high rates. People usually offer to sell off their bitcoins when prices are high. By earning bitcoins, you are never in loss if the prices are even dumping. I am also practicing this strategy.