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Why isnât my money growing?
A lady recently asked why her $28 in Binance wasnât increasing in value. She was excited about Bitcoin but mistakenly believed that USDT (a stablecoin) would appreciate the same way. Itâs crucial to grasp the differences between stablecoins, altcoins, and Bitcoin.
Stablecoins like USDT are designed to maintain a stable price, so they wonât grow in value. On the other hand, altcoins are alternative cryptocurrencies to Bitcoin and can be just as volatile. Bitcoin itself is highly volatile, offering the potential for 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 maintain stability, unlike other cryptocurrencies that can fluctuate in value, though 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 incur fees ranging from 0.1% to 10%, depending on the platform and the type of currency youâre converting. This means that the amount you receive when converting to fiat (real money) will always be slightly less than what you started with.
These fees vary based 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 cryptocurrency exchange world, so donât be alarmed. Itâs just part of the process, and itâs important to understand that small losses are normal when converting to fiat. It doesnât mean you were cheated; itâs simply a part of trading.
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