“What about this Pairs trade?” is a new format of introductory articles created by RevenueBot. Every week we will be providing you with updates on a new trading pair that has reached the top, according to the transactions completed through the platform. In addition to providing information about the token, we will also check the trading pair in a bot simulation and see how much of a profit the trader could have made on it, over a period covering the past 60 days.
Insights on the FIL token
FIL is a utility token of the Filecoin decentralized storage network, designed for internal transactions as well as for rewarding the system’s miners.
The idea behind the project is to find a more viable and affordable solution for decentralized data storage. The developers claim to have several times lower costs for services than those offered by existing centralized services.
Users can earn money by renting out their own free virtual space on hard drives, servers, and high-performance network resources while receiving tokens in return. It is promised that the developers will add the feature of mining by means of other PC capacities, which will help to handle cryptographic processes.
FIL had been developed on the basis of Ethereum, but the mainnet was launched on October 15, 2020. The tokens are supposed to be mined in several ways, but for now, you are rewarded for handing over some of the free storage space.
Several algorithms are used to ensure consensus. Proof-of-Replication is a guarantee that a certain number of copies of a particular record are located on physical media. Proof-of-Spacetime, together with the previous algorithm, makes it possible to determine the storage time of each data segment, which is what tokens get credited for. Such techniques significantly reduce power consumption and internal channel load compared to PoW, PoS. Moreover, they provide protection for all network data, as well as decentralization, confidentiality, and fair incentives.
Disassembling the pair
A bot with a $500 deposit will be used as an example. The settings of the bot will be default ones, you can select them when setting up a “Normal trading mode”, which implies a 25% overlap of price changes, 20 orders, and 5% martingale.
Assuming that the bot traded on the FIL/BUSD pair from from June 9 to August 9 2022, with the LONG algorithm, we get the following results:
Hence, over the past 60 days, the trader was able to make a profit of 0.00297503 BTC, which at the current exchange rate amounts to about $70.
Without a doubt, to some people it may seem that the gain made in 60 days is quite small, and to some extent, they will be right. The Crypto market is so volatile that, in some cases, it can generate several “X’s”, but this is more of an exception to the rule. It is much more common to lose all the money that you have invested than to make huge profits in a short period of time.
When it comes to RevenueBot, trading is automatic and requires a very minimal amount of attention from the trader. Of course, if you select more aggressive settings for the bot, it will require more attention. However, the example that we gave used the usual normal settings that involve minimum risks for the deposit. We can say that these bot settings are extremely conservative: the profit is not high, but the risks also tend to be zero.
You can use RevenueBot to create a stable passive income. The platform allows you to create trading bots on top cryptocurrency exchanges such as Binance, Bittrex, FTX, OKX and others. The creation of the bot is free, the platform does not charge any fees until the user starts to make a profit from using the bot for trading. We would like to point out right away that the bot does not have access to the clients’ funds on the exchange, it simply trades using API-keys, which means that the exchange account is out of reach. RevenueBot has more than 40 thousand clients, who are making profit with the help of trading bots.
However, this is not an exhaustive list of the advantages offered by our platform:
- The commission fee is charged only after the user has made a profit;
- The bot settings open up a variety of ways to make a profit;
- RevenueBot has a marketplace where customers can buy a ready-made bot so they don’t have to create their own, or they can also sell their own if the configuration has proven to be effective. Furthermore, users can acquire in the marketplace the services of a mentor (an experienced user of the platform), who is ready to answer questions from beginners. Over time, you can become a mentor yourself and earn an extra income from it.
- Regular updates of the platform’s features, which optimize the trading process.
- The RevenueBot referral program allows you to earn money without having to trade. Refer new clients to the platform and you will get up to 30% of the platform’s commission on all profitable transactions conducted by the new user attracted by you every month (but not more than 15 USD).
As you can see, the service has quite a lot of advantages, it remains only to start trading. And why list the pros if you yourself can check everything through the official website of the service. For new users, RevenueBot has prepared a promotion: when you register using this link, you get 5% on your first deposit. Happy trading!