We live in a time when a traditional currency can be easily exchanged for cryptocurrency and vice versa. Many people are not frightened by the fact that cryptocurrency can suddenly lose its value. This is an investment risk. Because of this, people with strong nerves or with vast experience in the stock market most often decide to make such a decision. Prices are formed by the free market. This is one of the most profitable options for selling your savings. The principle is simple: you sell if the currency is expensive, and you buy when it is cheap. But before buying you need to carefully analyze the currency market. For instance, in your portfolio along with the major players, there is free space for altcoins like SOL and EGLD, and in order to decide whether to buy them or not, you need to compare SOL vs EGLD by capitalization, liquidity, hash rate, and commission. It does not always happen that the value of a currency falls, and after some time its growth is recorded. Sometimes the first falls in the stock market precede a general drop in the value of a particular cryptocurrency.
The number of people who are utilizing virtual currencies is skyrocketing increasing the demand for cryptocurrency exchange platforms. You should select them carefully, weighing the level of reputation and credibility of these services. It is advisable to choose those exchanges that have experience, as well as a favorable rate of cryptocurrency. Thus, you will manage to interchange such an asset favorably and without any inconvenience. However, keep in mind that, just as in the real world you may have to incur losses due to the high commissions that are often imposed on each transaction.
It is very crucial to converting crypto assets speedily and beneficially by monitoring the exchangers that work with such currencies these days. Via the example of the Godex.io platform we will show the mechanism of LTC to XMR exchange:
- First, please find a virtual converter displayed in the core of the Godex.io website.
- Please press the list of available cryptocurrencies. On the left side of the converter’s drop-down window, please select the ltc cryptocurrency that you want to convert, and on the right side XMR cryptocurrency that you want to receive after the exchange.
- After specifying the amount of exchange, please press on the “Exchange” field.
- In the respective window, please enter the address of the XMR wallet to get the coins.
- Please settle with the exchange by sending a deposit in LTC coins.
- The system needs to take some time to confirm the exchange.
Usually, transactions are completed within a few minutes, but please be aware that sometimes it may take longer. Godex.io exchange is beneficial because it offers a fixed exchange rate before each transaction. Accordingly, you know the exact amount you will receive on the way out.
This year, many people who have never been interested in the topic have started using cryptocurrencies. For example, you have a couple of ETH coins in your account, but you think that this cryptocurrency will soon become significantly cheaper. In that case, you may quickly get rid of ETH in exchange for USDT stablecoin and be prepared for the worst. And when the market goes up again, USDT can be easily converted back to ETH or another cryptocurrency. USDT has an attractive option as it can be stored in numerous wallets of various blockchains: ERC (Ethereum), TRC (Tron), BEP (Binance Chain). You should understand that no one gives you a hundred percent guarantee that any of the stablecoins will exist forever and can for sure be exchanged for the same US dollars. Thereby, in the summer of 2022, TerraUSD (UST) collapsed and those who kept money in UST lost it. Thus, it is recommended to keep money in several stablecoins, dividing the amount into parts.
