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Cryptocurrency converter F.A.Q.
Evertything you need to know about our cryptocurrency converter and calculator
Below we've included the basic information you need to know to get the most out of this crypto converter and calculator.
If for any reason this doesn't work or you have any feature requests or suggestions top improve this crypto calculator, please reach out to our support address in the footer of this page.
What is a cryptocurrency calculator?
A crypto calculator helps you understand how much crypto you can get for your assets.
A good crypto calculator will enable you to understand the exchange rates, fees, and final value of the assets regardless of whether you're converting crypto to crypto, crypto to fiat, or any such combination.
A good converter will also use only the most up-to-date information for their calculations.
Our statistics are all pulled from industry leading APIs to ensure that the current conversion rates between cryptocurrencies and fiat currencies are as accurate and up-to-date as possible.
What is a cryptocurrency converter?
A cryptocurrency converter allows you to understand how much one cryptocurrency is worth if yoou were to change it for another currency.
You'll be able to switch out your owned assets for more cypto or fiat currencies like USD and GBP.
Good crypto converters will enable conversions of multiple different currencies, both crypto and fiat, with minimal fees.
You can use a calculator like the one on this page to find the best cryptocurrency conversion rates.
Can I convert cryptocurrency to cash?
Yes, you can convert cryptocurrency to cash relatively easily. You just need an account on a good crypto exchange.
Once you have an account on one of the crypto exchanges, you'll be able to convert any crypto you hold into fiat currency easily.
There will be some associated costs such as the exchange's fee and gas fees.
How do I convert cryptocurrency to cash
Converting cryptocurrency you hold into cash, or fiat, is a two step process. Step 1 is to convert your crypto to cash using one of the many trustworthy cryptocurrency exchanges.
Step 2 is to then transfer the currency from your wallet on the exchange into your bank account so that you can use it in your day-to-day life.
How do I calculate a cryptocurrency's market cap?
Calculating a cryptocurrency's market cap is simple.
All you need to do is look at the number of coins in circulation and multiply that number by the current cost.
For example, if there are currently 1000 of a currency in circulation and the cost for each one is $100, you simply need to multiple $100 by 1000.
That means that particular cryptocurrency's market cap is calculated at $100,000.
Using this cryptocurrency converter can help you understand the value of the currency. Use a good crypto research tool to help you find out how many of that currency are in circulation.
How to calculate cryptocurrency profit
Generally speaking, you can calculate the profit on your cryptocurrencies in one of two ways.
First, you simply look at the current price of the currency you've invested in and see if its value is higher than when you bought it. The difference is the profit (or loss) you've made.
If you bought 1 BTC when itwas valued at $2000, and today 1 BTC is valued at $10,000, you've profited $8,000.
The second way to calculate cryptocurrency profits is by looking at the profit or loss in fiat currencies. You look at how much you spent on crypto and then how much you sold it for.
If you bought $10,000 of ETH which you then later sold for $15,000, you've made a profit of $5,000.
How to calculate taxes on cryptocurrency
Calculating crypto taxes is a very difficult task, especially for those new to the world of crypto.
Our advice would be to hire a specialist crypto tax accountant. Why? Because there's so many different cryptocurrencies out there. All with their own values that are fluctuating independently of one another. Keeping track of gains and losses is very difficult for the average crypto trader. You could purchase a certain amount of crypto today and be up $10,000 in 6 months. That alone is easy to calculate.
However, if you sell $5k of the $10K gains and keep the other $5k, things become complex from a crypto tax standpoint. Especially if you then lose money on your investments after selling some at a profit.
And that's not even considering the different crypto tax implications by location. Someone offering cryptocurrency tax advice for the US will be of no use to traders in the UK.
Find a specialist crypto tax accountant in your geography to avoid falling foul of the law.
Do you pay taxes on converting cryptocurrency?
In short, yes. As long as you're making gains on your crypto conversions and investment, you will be liable to pay tax on them.
Cryptocurrencies are just like any other asset. if they appreciate in value, you'll owe tax to your government.
How much tax you owe on your crypto investments depends on multiple factors including your gains, local government rules, and other income factors.
If you're trading reasonable amounts of crypto, make sure you consult a specialist tax advisor.
How to calculate the buy price of cryptocurrency
The buy price of cryptocurrency will come down to 3 primary considerations.
1. The price of the actual currency right now 2. The fees the exchange charges for the purchase 3. Gas fees for processing the transaction on the blockchain
You can use a good crypto calculator like the one above to figure out the current price of the currency you're thinking of buying.
The exchange fees are pretty stable but will differ depending on the exchange you use.