I used to watch photography videos on YouTube a few years ago when I wanted to learn about photography. One of the people I would watch would say that too many digital photographers spend too much time chimping. I couldn't help thinking that I spend too much time chimping my crypto wallets.
Image by suju-foto from Pixabay
What is chimping?
Chimping is when you take a photo, then look at it on the display, take another photo, and look at it. It used to be that when photography was film-based, all they could do was do the entire shoot and wait for the photos to develop. It forced the photographer to focus on getting the perfect shot from the start. Digital photography, on the other hand, allows the photographer to adjust after every shot. They can see the photo immediately, which can disrupt the flow of the shoot. The photographer no longer focuses attention on getting the light, the focus, aperture, and such right before taking the shot. Instead, they take a bad shot, adjust, take another shot, adjust. When they could have set up properly from the start.
Chimping on Crypto
Similarly, I have been chimping on my crypto, particularly Hive. Do I really need to check my wallet 20 times a day? Do I really need to be checking it daily? Yes, daily compounding of your earnings is nice. However, mathematically, there is not a huge difference between powering up small bits daily versus powering up a bigger chunk weekly or monthly.
Ultimately, on Hive, and other crypto investments, what matters is the setup. For example, my Bitcoin holdings are sitting in Celsius earning interest. There is absolutely nothing I can achieve by checking the balance. That plan is implemented and chugging along without me quite well for the long term.
Similarly, my CRO holdings are targeting a $40,000 value in order to stake and upgrade to the next Crypto.com card level. Even if there is a 20% pump on CRO, I don't have enough to reach the goal at this time. This is a long-term hold. There is nothing to be accomplished by checking the value constantly. I am not a trader. There is no need to constantly stay on top of market price. I picked CRO because there is a business built around it. It has good long-term potential.
In terms of Hive, I have a decades long horizon on my Hive holdings. As long as I am interacting and creating, that's what generates Hive coins. Chimping my wallet for HIVE or LEO earnings won't make that much of a difference in the long-run, on how much I will accumulate. What makes a difference is how much I contribute. The price today has little bearing on the price in 20 years, when I might consider taking income.
Focus on the Setup
Like photography, I am thinking I need to focus on the setup. Get the details perfect. Then, I can confidently take the shots knowing that there will be a good result in the end. Giving my crypto wallets too much attention is a waste of time. I have to trust that I made the right decisions and that the plan is going to work out. Buying Bitcoin with a decades-long horizon is the smart move. Creating content and socializing with other creators on Hive is a smart move. I will naturally come out ahead. The time I waste checking balances could be time I spend experiencing life so that I have something interesting to write about. The rewards will naturally come. I have made my investment decisions. I just have to step back and trust that they will deliver.
Going Forward
I will be checking balances and conducting "business" on the first of every month. That means my crypto savings will have deposits made once a month instead of every paycheck. My cash can sit there a few days. Thanks to budgeting, I am unlikely to spend the balances. This way I can also save on exchange fees when buying crypto. I'll be buying a larger amount and paying less in transfer fees by doing this monthly.
As far as Hive goes, I'll be posting and curating as often as I normally do. However, I'll only be conducting any wallet business once per month, as well.
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"Chimping" a new word to me and after your first paragraph I had to go check its meaning before coming to complete reading your post.
Intersecting relation you drew between chimping and crypto wallet. I guess most of us are guilty that.
For me it mostly involuntary action, each time I claim my Hive reward I tend to look at my accounts growth which is kind of a good feeling.
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I think I should have checked the meaning of chimping as well. I might have used a rude word without realizing. But, it does turn out to be what I thought it was.
It's going to be difficult to give up the habit. That is certain. Still, there is nothing to gain by constantly checking. It's always the same. I'm always winning. 🏆