If you're looking to swap one cryptocurrency for another, convert a fiat currency into crypto, or even just trade currencies in the fiat world, the online tool covered in this post will most certainly be of use to you.
Since 2013, Coinmarketcap has been the go to website to find current and historical prices of cryptocurrencies. It wasn't until the website was bought out by Binance in 2020 that many people began switching over to CoinGecko, to access more comprehensive data and prevent a monopoly from forming.
Even though Coingecko has won over a lot of users in recent years, Coinmarketcap still has a tool that often comes in handy, namely their currency converter, which allows you to calculate the equivalent amount of two different currencies.
Crypto to Fiat
For example, if you're wondering how much 0.05 Bitcoin is worth in US dollars, you can type the BTC amount into the left box, select USD in the right box, and the tool will calculate the dollar equivalent for you.
As per above, 0.05 BTC is worth about $3000 at today's market price.
Crypto to Crypto
In a different scenario, let's say you're using a swapping service to trade one cryptocurrency for another, and the spread between the two isn't explicitly written. You can find out how much money you'll lose in the exchange by entering in the amount of each cryptocurrency into the left box.
For example, let's say you're using a swapping service to exchange RUNE for BTC, and you're wondering if 200 RUNE for 0.01545232 BTC is a good deal. First of all, you need to determine how much 200 RUNE is worth in your local currency. In this case, we'll use US dollars.
The tool calculates that 200 RUNE is worth about $939 at the current market price. The next step would be to find out how much 0.01545232 BTC is worth, and make the comparison. Enter the amount of Bitcoin into the box on the left, and wait for the tool to make the calculation.
We find that 0.0154~ BTC is worth about $924. If we do the math (939.65 - 924.33 = 15.32) it looks like you would be losing about $15 US dollars to make this particular trade.
Fiat to Fiat
Coinmarketcap's conversion tool also has a wide variety of fiat currencies that you can choose from, in case you want to quickly convert from one to another.
For example, let's say you want to find out how much Japanese yen you could buy with $1000 US dollars. We type in the US dollar amount in the left box, select Japanese yen in the right box, and get the equivalent amount.
At today's rate, $1000 USD would get us about 157,000 Japanese yen.
Try It Out
Whether you're converting one fiat currency to another, trading crypto for fiat, or swapping between cryptocurrencies, Coinmarketcap's currency conversion tool will be an invaluable resource for you, so be sure to try it out and make some conversions.
If you learned something from this article, be sure to check out my other posts on crypto and finance here on the HIVE blockchain. You can also follow me on InLeo for more frequent updates.
Until next time...