🔴 Important Update
Why isn't my money growing?
A recent inquiry revealed that a user was puzzled why their $28 in Binance wasn’t increasing. She was led to believe that USDT, a stablecoin, would function like Bitcoin. It’s essential to grasp the differences between stablecoins, altcoins, and Bitcoin.
Stablecoins such as USDT are intended to maintain a steady value, so they don’t appreciate in the same way as other cryptocurrencies.
Altcoins are alternative cryptocurrencies to Bitcoin and can be very volatile.
Bitcoin itself is known for its significant volatility, leading to potential large gains or losses.
Tokens, including meme coins and NFTs, also experience similar levels of volatility.
If your funds are in USDT, they won’t increase in value unless you are earning small rewards through specific programs. Unlike other cryptocurrencies, stablecoins are designed to maintain a consistent price, whereas others may fluctuate, bringing greater risk and potential rewards.
Why did my $28 in Binance USDT decrease to $20 in my bank?
When converting funds on any platform, transaction fees ranging from 0.1% to 10% apply, depending on the platform and the currency you’re converting. Consequently, the amount you receive in fiat currency will be lower than your initial amount.
These fees can vary based on the platform and the currency being sold. Additionally, there might be a commission charged by the buyer of your coins. These fees are standard in cryptocurrency exchanges, so it’s important to understand that small losses are normal when converting to fiat. This process is routine in trading and does not indicate any unfair treatment.
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