đŽ Concerning Investment Questions
A common question has surfaced recently: Why isnât my $30 in Binance growing? A woman had invested in #Bitcoinâïž , expecting it to increase, but made the mistake of holding her funds in USDC, a stablecoin, assuming it would perform like Bitcoin. Itâs essential to understand the difference between stablecoins, altcoins, and Bitcoin.
Stablecoins, such as USDC, are specifically designed to maintain a fixed value, which means they wonât see price fluctuations. These coins are tied to a stable asset, usually a currency like the US dollar, so you shouldnât expect growth in their value.
Altcoins, which refer to cryptocurrencies other than Bitcoin, can be highly volatile, with prices that can rise or fall dramatically depending on the market.
Bitcoin itself is famous for its unpredictability, with the potential for both significant profits and losses. On the other hand, tokens like meme coins or NFTs carry the same volatility, meaning their value can fluctuate rapidly.
So, if your investment is in stablecoins like USDC, it will remain steady unless you're involved in a specific program offering small incentives. These stablecoins arenât designed for price growth like Bitcoin or altcoins, but they also donât carry the same level of risk.
Why did my $30 in Binance turn into $22 when transferred to my bank account?
Whenever you perform a transaction on a cryptocurrency platform, fees ranging from 0.2% to 15% can be charged, depending on the exchange and the type of asset youâre converting. This means the amount you withdraw into fiat currency (regular money) will always be slightly less than what you initially had in crypto.
These fees fluctuate based on the exchange platform and the specific cryptocurrency being sold. Additionally, the person buying your cryptocurrency might apply their own fee or commission. This is a routine part of exchanging crypto for fiat.
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