Sometimes, it is hard to know what is the value of a fractional crypto and you can make a huge mistake before sending a transaction. To avoid losing money and confusion, you always need to be informed of the real value before clicking the send button.
Try to speak to anyone involved in the crypto space or a complete stranger. You could mention a statement of this kind, the coffee cost 0.00001 BTC, and most people will be meaningless of the value of it. It is hard to train your head to think in crypto value when all your life you had always pay with fiat money.
To make your life easier, you need to have a tool at your disposal to make the conversion easily.
One of the great features of any cryptocurrency out there is to be able to split them easily. The ultimate goal of this built in option is to increase the money supply without increasing the number of tokens in circulation.
The most obvious example is Bitcoin; a Bitcoin can be represented like this, you can pay with a smaller unit for the item or service of your choice:
What I discovered to save time
- Use case SBD to CAD
I post daily on the Steemit platform and after seven days I receive the crypto SBD. The price of any crypto fluctuate every day, and you need to constantly check the market price in the moment to know it's value.
CoinGecko provides instant conversion with any crypto versus the fiat money of your choice. In the present case, I saved the link for the conversion of SBD to my local fiat currency, the Canadian dollar on my bookmark: SBD to CAD
I found the website CoinGecko that provides a nice interface to know the value in your local currency of any crypto out there.
You need to use the service if you do one of following activity:
- Calculate the fee before sending a payment.
- Know how much it cost you to withdraw from a trading exchange.
- Convert your payment in fiat money when you purchase a good or service.
- Actively trading and calculate your profit after removing the fees cost.
Everyone wants to save time and have access to tools that provide values. I think you should find CoinGecko valuable for converting your digital asset and have the corresponding value in the popular fiat money.
Also, if you want more tools, you can check my crypto resource page.
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