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bitpay / wallet

Bitpay Wallet (formerly Copay) is a secure Bitcoin and other crypto currencies wallet platform for both desktop and mobile devices.
http://bitpay.com/wallet
MIT License
3.8k stars 1.74k forks source link

Bitcoin amount Vs. Money amount #10770

Open dennisqqq opened 4 years ago

dennisqqq commented 4 years ago

Why my funds is lock en not grow whit price off bitcoin I put few days ago 0.9 en btc stand keep stand on 6030 but it’s 6550 I want pay but I lose very much to support copay I want answer

BGalliotti commented 4 years ago

Hello @dennisqqq

When receiving funds what you should take into account is the amount of cryptocurrency, not the current FIAT value (USD or your local currency).

The reasons for this are the following:

1) Multiple exchange rates: There is no unique exchange rate for a given cryptocurrency (except for stable coins like USDC for example), each exchange has its own price.

2) Different exchange rates for sender and receiver: Imagine you tell a friend, "please send me 50USD". Let's say He uses Coinomi wallet and you use the BitPay wallet. It happens that both wallets use different exchange rates, so what for him is 50 USD worth of cryptocurrency, for your wallet may be less, more or not very likely, the same.

3) Cryptocurrency exchange rate changes minute by minute: you might have received exactly 50 USD worth of cryptocurrency 5 minutes ago but if you check the wallet now that value, has very likely changed since the cryptocurrency exchange rate has changed.

To wrap up, what changes is not the amount of cryptocurrency you have in your wallet, but the cryptocurrency exchange rate.

Here is an article that could be helpful.

Kind regards.