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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. It’s crucial to understand the differences between stablecoins, altcoins, and Bitcoin.
Stablecoins like USDT are designed to maintain a stable price, so don’t 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 won’t grow unless it’s 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, 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 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 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. Get used to this as it’s a normal part of trading, and it doesn’t mean you were cheated.
#Write2Earn! #MarketDownturn #BullBanter #XRPVictory #TONonBinance
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. It’s crucial to understand the differences between stablecoins, altcoins, and Bitcoin.
Stablecoins like USDT are designed to maintain a stable price, so don’t 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 won’t grow unless it’s 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, 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 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 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. Get used to this as it’s a normal part of trading, and it doesn’t mean you were cheated.
#Write2Earn! #MarketDownturn #BullBanter #XRPVictory #TONonBinance
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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