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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 sold on the idea of Bitcoin but mistakenly thought that USDT (a stablecoin) would work the same way. Itâs crucial to understand the differences between stablecoins, altcoins, and Bitcoin.
Stablecoins like USDT are designed to maintain a stable price, so donât expect them to grow in value.
Altcoins are alternative cryptocurrencies to Bitcoin and are just as volatile.
Bitcoin itself is highly volatile, where you can see significant gains or losses.
Tokens, including meme coins or NFTs, also carry similar volatility.
If your money is in USDT, it wonât grow unless itâs earning minimal rewards through specific programs. Stablecoins are built to stay stable in price, unlike other cryptocurrencies, which 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, youâll 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 the amount you receive when converting to fiat (real money) will always be less than what you initially had.
Remember, these fees vary depending on the platform and the currency youâre selling. Additionally, the person buying your coins might also charge a commission. These are standard practices in the world of cryptocurrency exchanges, so donât be alarmed. It's just part of the process, and itâs essential to understand that youâll inevitably lose small amounts when converting to fiat. Get used to this as itâs a normal part of trading, and it doesnât mean you were cheated.
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