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Why isn’t my money growing?
A lady recently asked why her $28 in Binance wasn’t increasing in value. She had been excited about Bitcoin but mistakenly thought that USDT (a stablecoin) would behave the same way. It’s crucial to understand the differences between stablecoins, altcoins, and Bitcoin.
Stablecoins like USDT are designed to maintain a stable value, so they won’t grow in price.
Altcoins are alternative cryptocurrencies to Bitcoin and are known for their volatility.
Bitcoin itself is highly volatile, with the potential for significant gains or losses.
Tokens, including meme coins or NFTs, also experience similar volatility.
If your money is in USDT, it won’t grow unless you’re earning minimal rewards through specific programs. Stablecoins are built to stay stable in price, unlike other cryptocurrencies that can fluctuate but come with higher risk.
Why did I lose money if I had $28 in Binance USDT and now only have $20 in my bank?
When you make a transaction on any platform, you’ll be charged a fee ranging from 0.1% to 10%, depending on the platform and the type of currency you’re converting. This means that when converting to fiat (real money), the amount you receive will be less than what you initially had.
Remember, these fees vary depending on the platform and the currency you’re selling. Additionally, the person buying your coins might also charge a commission. These are standard practices in the world of cryptocurrency exchanges, so don’t be alarmed. It’s just part of the process, and it’s essential to understand that you’ll inevitably lose small amounts when converting to fiat. This is a normal part of trading and doesn’t mean you were cheated.
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