I Lost Out on $3,000 USD Worth of Free Crypto

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By Connor
Estimated reading: 5mins
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How much money are you losing out on right now?

If you’re anything like Chris, it’s probably a lot.

Chris is a member of the Liquid Loans community, and he recently sat down with PulseChain expert WaLLrus to open his first Vault.

While he knew about Liquid Loans for close to a year, he took his sweet time before getting started.

As a result, Chris missed out on thousands of dollars that he could have earned with surprisingly little effort.

Considering how hard we all work for our money, missing out on easy cash is not a mistake that’s fun to make.

Here's how Chris finally started getting serious about building passive income.

This article is part of the Chain Reactions series: expert opinions on everything blockchain and crypto.

5 Reasons He Waited So Long to Open a Vault

The conversation between WaLLrus and Chris was part of a video created for the Liquid Loans YouTube channel. It was designed for anyone to follow along with.

EMBED: https://www.youtube.com/watch?v=R1PhkFZ3eiE

Over the course of the video, Chris learnt how to finally get off his ass and open a Vault. 

And, as we hear from most LL users, it was way easier than he thought!

In less than half an hour, Chris went from being a passive observer to being someone who is earning passive yield on his PLS.

Which just leaves one question: why did he wait so long?

Well, users who miss out on yield by putting off opening their Vaults usually attribute it to some combination of these 5 reasons:

1. “I’m somewhat new to DeFi”

You may know more about crypto than the average person, but still shy away from using DeFi protocols.

That’s actually very common.

Many people are paralyzed by the idea of getting started, but knowing your limitations should never stop you from growing.

If there are things you don’t know about DeFi...that’s great! You have the opportunity to become a pro, and it’s never been easier. 

For instance, this walkthrough makes it mind numbingly easy to mint USDL for the very first time.

2. “I thought it would be difficult”

We've all heard that DeFi projects are far from user-friendly.

That alone is enough to lock many people out of earning financial rewards.

But LL is the exception; it was designed to be simple enough for anyone to use.

As you can see for yourself in the video, opening a Vault is incredibly easy. It only really takes a few minutes.

3. “I was worried I didn’t have enough starting money”

LL isn't a system that's designed just to make the rich richer. It's designed to create a playing field where anyone can start earning.

Through the LL DApp, even minting a modest amount of USDL can be a great way to get some extra change in your pocket.

In the second part of the walkthrough Chirs featured in, he was so impressed by his earnings—even though he didn't start with a huge wad in savings.

4. “I was skittish about redemptions”

When some people hear about redemptions, they mistakenly believe that they might lose their capital if they don’t do everything perfectly when setting up their Vault.

The big mistake here is thinking that redemptions and liquidations are the same thing, and that people should live in fear of this scenario unfolding.

In reality, redemptions can now be easily avoided and are rarely costly. In fact, by not opening a Vault, users like Chris miss out on more PLS than they would have lost even if they did get redeemed against. 

How’s that for irony?

5. “I have so much else going on”

Most of us intend to do so many things that we never actually get around to doing.

I know that I'm constantly busy, distracted, dealing with issues, tired, and low on time. 

That’s probably true for you as well.

And that might not give you much opportunity to open a Vault, despite how easy it actually is.

In Chris’ case, he was also worried about having to constantly monitor and manage his Vault. He  assumed that would take a lot of time that he simply don’t have. 

But in his follow-up conversation with WaLLrus, Chris shared that he now mostly just checks in on his Vault for fun when he feels like seeing his gains.

By putting in a tiny bit of time just once, Chris started earning the easiest money he’s ever made.

And his story isn’t unique. Many PulseChain holders are using LL right now to earn massive yield and enjoy a true DeFi experience.

As was the case with Chris’ experience, free time isn’t just going to fall into our laps.

It requires a small, conscious effort. 

By taking just 30 minutes to set up a Vault today—especially now that the walkthrough video shows how simple it actually is—you can set yourself up for easy passive income.

Not everyone will have the same perspective as me, but I hope I’ve helped the other Chris’ of the world see how important it can be to prioritize our futures. 

Sometimes, all it takes is just a little kick in the ass.

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Disclaimer:Please note that nothing on this website constitutes financial advice. Whilst every effort has been made to ensure that the information provided on this website is accurate, individuals must not rely on this information to make a financial or investment decision. Before making any decision, we strongly recommend you consult a qualified professional who should take into account your specific investment objectives, financial situation and individual needs.

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Connor is a US-based digital marketer and writer. He has a diverse military and academic background, but developed a passion over the years for blockchain and DeFi because of their potential to provide censorship resistance and financial freedom. Connor is dedicated to educating and inspiring others in the space, and is an active member and investor in the Ethereum, Hex, and PulseChain communities.

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