Why There Are So Many Cryptocurrencies And What Are They Used For?
To understand these, think of them as different projects rather than simple currencies. All of these started with Bitcoin, the expensive one, the only reason it's expensive is: because it's the most popular and widely accepted cryptocurrency. Since Bitcoin is hard to mine and has its limitations, people created Bitcoin forks (projects derived from Bitcoin), like BitcoinCash (BTC), Litcoin (LTC), SotoshiVision (SV), etc these projects were created for a reason, e.g BitcoinCash was created because of a disagreement with the original Bitcoin protocol, likewise SotoshiVision was created because the developers disagreed with original BitcoinCash protocol. And that's why we have these different coins. (disagreement was about the block size, which makes the other coins easy to mine but is less secure etc...) The sole purpose of these coins like Bitcoin, BitcoinCash is a decentralized financial system. Then we come to projects like Ethereum, now Ethereum is different from Bitcoin because it's not a decentralized financial system but rather a decentralized application system, Ethereum is all about creating computer software that are decentralized (dapps). These crypto need blockchains to operate (computer nodes connected together), now a computer node on an Ethereum blockchain works differently than a Bitcoin blockchain node. That's why Ethereum has its own coin Ether (ETH). Now we come to Ethereum Classic (ETC), Ethereum Classic is the original one (first one) from which Ethereum (ETH) has been forked because of disagreement. 🙂 Ethereum has its competitors like Neo, Ada, SOL etc... Then we have chainlink (LINK) and Pyth which connects different blockchains together and to the outside world. We have Cosmos (ATOM) whose purpose is to create an Internet of blockchains like the World Wide Web. And then we have decentralized storage systems like (FIL, Storj, Sia), etc... A GRT that provides API to dapps. BTT, which is used to get fast service while downloading torrents etc... So these are all different projects rather than simple currencies. #Write2earn $BTC $ETH $PYTH
Basic Math (%) Understanding For Crypto, APY, APR & ROI
Percentage is a basic and important concept in crypto. It is a way of dividing something into 100 equal parts and then describe parts of it. i.e. If I have $1k dollars. And I spend $200 dollars from it, then what percentage of $1k I spent? Formula = Parts/Total x 100 Calculation: 200/1000 x 100 = 20% I spent 20% of $1k. Now to find 20% of $1k is how much? Formula = Total x (Percent in Fraction) Calculation: 1000 x .20 = 200 20% of 1k is 200. To represent percent in fraction, divide the percent by 100. i.e. 20% = 20/100 = 0.20 or simply 0.01 represent 1%, 0.02 represents 2%, 0.10 represent 10% and so on. In crypto we usually see percent (APY, APR, ROI) while stacking/lending/borrowing etc. Equipped with the basics of percentage in the above para, now lets move on to find and understand these. While stacking there is this APY%, it stands for Annual Percentage Yield, which means as to how much profit you would get yearly on an investment while stacking (saving). Now let suppose we have $1k USDT and we are stacking it and the APY% provided by the platform is 30%. Calculation: 1000 x 0.30 = 300 It means we will get $300 per year while stacking $1k. Since there are 365 days in a year 300/365 = 0.82 per day. We will get 82 cents per day. Note: 0.30 is equal to 30% while 0.03 is equal to 3% APY, APR and ROI is a little bit different but you get the idea. Now you can use these basic maths skills to calculate APY% etc. and back & forth. #APY #Mathematical $BTC $PYTH $BOME
Why I Am Not Farming Ethena (ENA) With $10k FDUSD?
Last time I farmed ETHFI with $10k FDUSD and it was not that profitable. A detailed post about it, is on my profile here: ETHFI Farming With 10k FDUSD RN I have USDT so converting USDT to FDUSD will cost me some $10 - $15 fees, plus FDUSD is trading right now at $1.0020+/USDT, so converting $10k USDT to FDUSD will give me $9980 FDUSD. An additional $20 cost. Also I am not farming it with BNB because it’s volatile. And also I don’t own any. In three days I would get a maximum of $20 worth of Ethena (ENA). So: Cost = $30 ($10 conversion fees + $20 FDUSD costing because of high price) Profit = ~$20 to $30 IMO it doesn’t worth the time and fees etc. I have stacked USDT which will generate the same amount of $$ in same time. #BinanceLaunchpool $ETHFI $FDUSD $BNB
I tried ETHFI farming with $10k FDUSD. And here is the result. I had $10k USDT and so I converted it to FDUSD which costed me $15. Then I stacked FDUSD for three days at .2 ETHFI per hour and now I will get in total 11 ETHFI. RN FDUSD is trading at .9980 so converting my FDUSD back to USDT will cost $20. So it costed me in total $35 plus conversion fees and three days. And in return I got ~11 ETHFI. IMO 11 ETHFI will be hardly worth $20. You can escape the conversion and up/down costs, If you already have FDUSD or don't want to convert back to USDT, or wait and convert only when there is zero to no change in FDUSD/USDT. It can even be used to an advantage to make a few $ by converting FDUSD/USDT back and forth at the right time. #Write2Earn $FDUSD $BNB $ETHFI