Dripping your Toes in the Water
A beginner’s guide to Drip
So, most of us have been in that place in our lives where we have some extra cash and thought to ourselves “I should invest this”, but the reality is there are so many options to choose from that it begins to feel like an endless torrent of possibilities. Should I start an IRA? What about Stocks? Should I just put it in the bank and save it for a rainy day? Is there somewhere with better odds of making money? The answer is “YES!”. The Drip Network is a great place to invest that money, and the return on your investment over time might seem all but unbelievable based on past experiences with traditional forms of investing.
An Introduction to The Drip Network:
Drip network was a project built on the Binance smart chain. It was developed by Forex_Shark and a team of developers, and it captures value by being scarce, deflationary, censorship-resistant, and by being built on a robust, truly decentralized blockchain (reference: drip light paper). So what exactly does this mean? It means that the Drip Network was built with security in mind. It is built on a blockchain that doesn’t have the same regulatory red tape that a bank normally has where they get the rewards for the use of the money being held, and instead the rewards are returned to the investors directly through the Drip Network. Drip being tied to the Binance coin (BNB) does mean that, like most cryptocurrencies, it will have its ups and downs, but because it is decentralized finance (DeFi) the system will bring profits directly to the investors, and the banks aren’t lining their pockets with rewards traditionally given through the investments.
So, you have my interest. How do the rewards work?
I’m really glad you asked! Drip will allow you to invest any amount of money, small or large, into the Fountain (found on the Faucet page of the drip.community website), This investment will produce a 1% ROI daily, up to a 365% of the initial investment. The user can choose each day whether to Hydrate or Claim their earned reward. During this time when you choose to hydrate, all rewards accrued since your last action will be added to the deposit amount, compounding your interest daily. So this means the rewards for the next day will include the previous day’s rewards. This means the 1% daily rewards are no longer solely based on your initial investment, but instead they will include both the initial investment plus the hydrated reward amount. When you choose to Claim instead, the rewards are pulled out of the faucet and can be liquidated and turned into fiat, or even be reinvested elsewhere, should you choose. The Hydration process offers an amazing opportunity for growing the amount of your investment for the earned rewards.
This Faucet method can be thought of in the same terms as one would consider traditional Certificates of Deposit in the traditional banking world. Except, in this instance, the rewards are significantly higher than a CD because DeFi allows the investor to reap all the rewards, instead of the banks.
This all sounds a little too good to be true.
I was in that exact place at one point in time, but having now seen the results firsthand for myself, I am a true believer. The rewards just keep rolling in, and using the right strategy to maximize the rewards with a combination of hydrate and claim will give anyone the same key to success with this type of investment. Once again the key to all the success is the use of DeFi to give all the power to the investor. It’s your money…why not make it work for you?
OK, this sounds great, but how do I get started?
The best way I have found to get involved is to set up a fiat wallet to allow the exchange of native currency (dollars) for cryptocurrency. I recommend using Crypto.com for the initial setup as everything is done directly from your phone, which most of us have on us at pretty much any given time. However, if you spend most of your time on your computer Binance is a good alternative option to Crytpo.com, and the setup is conceptually the same. You can begin by setting up an account with Crypto.com and getting yourself verified. This means you will need to prove your identity to Crypto.com using a real identification such as a driver’s license. Once your identity has been verified you can create a new fiat wallet under the ‘Accounts’ section of the app, and then tie your checking account to that fiat wallet. Once you have created your fiat wallet and tied your bank account to it, simply deposit money into the fiat wallet to begin the process of buying crypto. The money can be used immediately to buy any cryptocurrency, but bear in mind that one cannot send the purchased cryptocurrency to any other wallet or location until the deposit has been completely processed by Crypto.com. This process takes exactly 10 business days to complete (sometimes this time can be shorter with Binance). While this wait is frustrating, it is a small price to pay for the rewards you will earn down the line.
So, I have my money in the fiat wallet, where do I go from here?
Next, you’ll want to set up a wallet that can be used with The Drip Network. I, personally, have been using MetaMask which can be installed as a browser add-on. The MetaMask app can also be downloaded to your phone, as well. The MetaMask app has a browser feature built into it which enables you to view enabled websites, such as drip.community. This will enable you to check your investments and claim or hydrate all from your phone, without the need for a computer. Once you have created this wallet you will have all that you need to interact with the drip.community website except for the drip. To get drip you’ll need to buy BNB!
You can buy BNB directly in the Crypto.com app. You can purchase this directly with the deposited funds using the Buy feature in your Crypto.com fiat wallet. Simply click on the BNB amount, then click the Max option in the top right of the number pad that appears to purchase the maximum amount allowed for the balance of your wallet.
Great! I have BNB, what’s next?
Next, we need to be sure that the deposit has been completely processed by Crypto.com which you can verify by opening the fiat wallet. You should see a list of recent transactions there and once the deposit shows processed you will be ready to go. Head back over to the Crypto.com home page and click the transfer button near the top of the page and select ‘Withdraw’. You’ll select Crypto as the option and then select External Wallet. Here you can add the address for your MetaMask wallet you would like to be the destination for your BNB. Please note that there is a 24-hour waiting period between when a wallet is added in Crypto.com and when the cryptocurrency can be sent. Once that 24-hour period has passed, just select the newly added wallet and touch withdraw BNB to send it over. It should show up within a couple of minutes in your Metamask wallet.
Now that you have BNB in your wallet we need to get it connected to the drip.community website. You can open the MetaMask app and touch the hamburger menu (3 stacked dots or lines) in the top left corner of the screen and select Browser. Once in the browser, you can simply go to https://drip.community/fountain to get to the drip fountain page. This page is where you will be turning your BNB into DRIP, which you can think of as the currency of the drip ecosystem. You can see two frames. There will be a Buy DRIP frame that allows you to buy drip using BNB. Buying drip will provide you with the drip you will need to deposit to create a stake and begin collecting your rewards. From this page, you can also sell any drip you have claimed as rewards that might be sitting in your wallet.
Before you use this section to buy DRIP using your BNB there is one other thing to keep in mind: Gas fees. Every transaction performed in MetaMask does take a very small amount of money to process. For the sake of these transactions, the required currency is BNB. The gas fees are small in comparison to your eventual gains from your drip wallet, but as is the case with almost every other part of our life, fees are required to keep the system running. This being said, when you are looking to buy DRIP you will want to leave a little BNB in the wallet for these fees. I recommend leaving around 0.04 BNB for those fees and using the rest to buy DRIP. This will give you the cushion you need to continue to pay the gas fees for claiming and hydrating and to maximize your continued success.
Now the ball is really rolling! OK, so I have turned my BNB into DRIP, now where should I go?
The next step is to select Faucet from the hamburger menu in the top right corner of any page on the drip.community website. Here you will need to scroll to the “Get a Buddy” section to join a team before beginning the deposit. You can feel free to use my wallet address to add as a buddy to get started in this process: 0x5D5dd0952a7E4B6477C78de3e60E0955a0440973 (More on the buddy/team system in the Wrapping Up with drip section). Next, you will go to the Deposit section of the Faucet page. Here you will first need to allow the drip.community site to interact with your wallet by clicking on the slider called “Approve DRIP” in the Sell DRIP section. Once this is activated, you can simply click the MAX button and click DEPOSIT to move your DRIP from your wallet and into the Fountain. The initial amount will not be able to be removed as it is burned in the process, but you will earn that back in rewards through the hydrate and claim process. Remember this isn’t meant to be a quick buck, but a longer-term investment that will pay out greater dividends. As with most investments time is money, so the longer you leave this the better your rewards will be. Once you have clicked DEPOSIT, the DRIP should show above in the Deposits section of the platform.
Sweet! Now I have Drip and I am in the fountain, now what?
From this point forward you will be watching and waiting. On the drip.community Faucet page in the top right you will see Available. This number represents your rewards accrued since the last time you deposited, hydrated, or claimed in this wallet. Once this reaches a point where your Return on Investment (ROI) is higher than the fees you’ll need to process the rewards, you will want to begin the hydrate/claim process for these rewards. It will reach exactly 1% after exactly 24 hours, but whether or not it makes sense to roll or claim will depend on your reward amount vs necessary tax or gas fees. There are many different strategies for hydrating/claiming and the math can be a little difficult to calculate in your head. The primary strategy for beginners to make the most of this is the “daily alternate between hydrate and claim” method. This means you will hydrate one day then claim the next day and repeat that pattern in perpetuity until hydrating no longer benefits the wallet. For more information about strategies for hydrating or claiming and getting the most out of your DRIP, I highly recommend checking out the article written by Kelly Snook called “Dripping with Confidence”. Here Kelly explains the different strategies and deeper drip functionality in greater detail. One of the most powerful tools available for visualizing drip’s potential is Kelly Snook’s drip calculator. This calculator will allow you to enter your investment amount and see what your actual rewards will look like over time. It also contains multiple hydration and claim patterns and scenarios which allow you to see what each strategy will yield in the short and long term.
Wrapping Up with Drip:
From this point forward you will just continue to check on your drip, watch it grow, and follow your chosen claim/hydrate strategy. The only other item of note for beginners is the buddy/team system. When setting up your drip wallet it’s both beneficial and necessary to have a buddy and be part of a team. Before you ask, no this isn’t like a pyramid scheme, but at the same time, you will still be able to benefit from people using your wallet address when they are below you. The key difference between the pyramid schemes and this system is that regardless of whether you have people using your wallet address or not under you, you will still continue to make profits from the drip.community at the same rate as everyone else (1% daily), and having someone use your wallet address will add additional profits after that standard amount. But remember that the action of using the buddy system and having people use your wallet address is not necessary at all and the rewards from the standard claim/hydrate method are amazing regardless of whether you add others under you or not. The only requirement is to have a single person up-line from you before you deposit. So it’s really just an incentive to show the system to other people and get them involved in the community to help them with their investing as well. This benefits everyone and you will be able to see how the person above you has been doing at the same time growing the community even more.
As with any investment, there are risks involved with cryptocurrencies and the wallets they are in. You should always be very careful with passwords for your wallet as well as the special phrases around setting those up for recovery access should you ever lose it. NEVER give your passwords to anyone, for any reason. If someone were to gain access they could completely drain all assets related to the wallet and all your money would be gone. Always be sure to set strong passwords and keep your recovery information well secured as well. For more information about the in-depth workings of Drip, I highly advise reading the Light Paper on the drip.community site.
This article is not designed to give any financial advice and, as with any investment, there are risks involved with the process that any user should be aware of before making a decision to invest in any opportunities. DYOR.