My First Fiat Withdraw
Today marks the beginning of the next phase of my journey with CITYUPTAKE. I made my first withdraw of CITYUPTAKE rewards to fiat currency. It has always been the plan to build up my CITYUPTAKE holdings to point where the residual would make a meaningful impact for my family. While the price of TRX is disappointingly low, I felt it was time to start enjoying some of the fruits of my past actions. CITYUPTAKE has been consistently rewarding me around 10K TRX each week, and I was using those rewards to buy other tokens to build more residual rewards, but many of those choices have not worked out very well–LEC, DICE, TWJ, I am looking at you!– so as you can see below, it was time to start paying myself.
For those new to crypto, the process for converting a TRX coin to fiat currency can be done in numerous ways. For me, I sent 10K TRX, gained from the weekly CITYUPTAKE reward drop, to my Binance account and set a limit order at an optimistic level. Three days later there was a spike in the price of TRX and my limit order for BTC was filled. I then sent the BTC to the Gemini exchange where I sold it for USD and I am currently waiting for the fiat to hit my checking account.
If the price of TRX remains above 2.5 cents, I will be able to contribute an additional $1,000 dollars to my family’s budget each month. Both my wife and I are teachers for the local school district, and I moonlight at the local community college as well. These CITYUPTAKE rewards will match the income I get from teaching two courses at the local college. While not life changing at the current price of TRX, it is meaningful and will fund a vacation in the summer. And, who knows, maybe the price of TRX will rise to the point where 40K TRX a month means much more.
For the math wonks out there, $272 is 1.15% of my overall TRX value. I get to withdraw 1.1% of my portfolio each week without my overall portfolio declining. And get this, the formula to annualize a weekly return is: Annual Return = [(Weekly Return + 1)52 -1] * 100.
If you run that equation with 1.15% per week, it is an annualized rate of return of 80%. That assumes that the Trade Desk can keep performing as it has, but even if it dips, the annualized returns will be very high. This is why I am such a fan of CITYUPTAKE, my main portfolio is safely staked, and I can cash in the weekly rewards. It is an amazing system.