Trading in cryptocurrencies is slowly but surely gaining traction. While forex trading is still dominating, the higher percentage of individuals and also countries that are embracing and welcoming digital currencies means that more and more people will join the cryptocurrency trading bandwagon. Anyone looking to join the cryptocurrency trading bandwagon will most definitely come across these two words ‘crypto calculator’ in his/her early days.
A crypto calculator is a useful tool for crypto investors and traders. There are a multiplicity of reasons why a crypto calculator is such an important tool. These include the ability of the crypto calculator to support almost all digital currencies in circulation, its ability to work in real time and also the fact that it comes free. Armed with this knowledge on the benefits of a crypto calculator, lets now delve deeper into understanding what a crypto calculator is and how it improves the prospects of a cryptocurrency investor or trader.
How the Crypto Calculator works
A crypto calculator is an online tool which a crypto investor or trader can use to check for and determine the actual value of any digital currency at any given moment. Because the crypto calculator works in real time, it’s very much guaranteed that all information released by the calculator will work to the benefit of the trader or investor.
To use the crypto calculator, an investor or trader must be looking at trading different digital currencies. Therefore, the process is twofold.
First, the investor or trader has to select the first digital currency that s/he wants to see the value of. One can make use of the drop-down list which comes with many cryptocurrencies or alternatively, s/he can type the name of the digital currency s/he is looking for. Once done, the next step is to type in the value of the cryptocurrency that s/he wants to convert. In practice, this means after selecting for instance Bitcoin, the next step is to decide if you want the value of 1 Bitcoin, 5 Bitcoin or 10 Bitcoin. Once everything is set, the next step is to check the opposite box i.e. the fiat currency box. Most crypto calculators come with the US Dollar as the default fiat currency. If one is satisfied with the default, then the next step is to press the check button to see the results. Investors or traders can also change the fiat currency from the default (US Dollar) to any other supported fiat currency. Other fiat currencies that are supported on most crypto calculators include the Australian Dollar, EUR and the British Sterling Pound.
The second step is more or less a repeat of the above. This time,however, the investor or trader will be checking for the value in conventional currency of a different cryptocurrency. Once the investor or trader finishes checking for the value of the second cryptocurrency, the next step is to compare the values of the two digital currencies in conventional currency form and decide if they should trade the two or not.