Cryptocurrency and conversion. Understanding how it works
We noticed that many investors do not fully understand the meaning of the word "conversion" when working with cryptocurrencies in HYIPs. We decided to write a short article that will help you understand this concept once and for all.
Table of contents
What is cryptocurrency conversion
We consider it necessary to first define the concept of the word "conversion".
Conversion is the exchange of funds between different currencies. In our case, dollars into cryptocurrency or vice versa.
What is the difference between conversion and no conversion
Why is conversion not bad? In fact, you will receive the same amount that you invested if the body of the deposit is returned at the end of the term, as well as if the deposit is included in the accruals. Does not play a special role.
For clarity, here is an example of conversion:
For simplicity of calculations, at the time of creating a deposit in HYIP at the current rate, 1 bitcoin = $ 10. If the rate drops to $ 000 for 5 bitcoin, then you will receive 000 bitcoins, that is, the same $ 1 when exchanged for currency.
What will happen if there is no conversion? Let's give an illustrative example:
Let's take the same 1 bitcoin at a price of $ 10. If the rate drops to $ 000 for 5 bitcoin, then you will receive 000 bitcoin, that is, already $ 1 when exchanged for currency.
If you are not going to store bitcoin or any other altcoins, then you can enter the project if it contains a cryptocurrency with conversion and change to USDT, if there are no other payment systems or Tether available.
If you have plans to keep Bitcoin or any other altcoins further, then your option is no conversion in order to increase the cryptocurrency itself, or go through other payment systems, fiat or USDT, if the project has a conversion.
Recommendations for working with cryptocurrency
We have put together a small list of recommendations for you to follow in order to avoid unpleasant situations:
- if you are not going to store used coins for a long time or not depend on rate jumps, we recommend using the addresses of the exchange Binance.comso that after each withdrawal or at any time you can exchange it for Tether USDT;
- pay attention to the minimum amounts and commissions in projects. It will be best to use those coins where there is no commission or it is minimal.
In this article, we have tried to explain the concept of conversion in the simplest possible terms, so that our partners understand how it works. As you can see, there is nothing difficult about this.
We hope you enjoyed the article. We wish everyone a successful and profitable cryptocurrency investment!
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