Hi everyone, this is my first post. I created an account a while ago but have been waiting to have something interesting to share and now I do. It's not major, but hoping it's interesting and useful to a few. I don't fully understand the "why" behind it, so if anyone has any insights to share - that would be great.
So, in early December I purchased 985 Ripple coins (XRP) at about $0.22 cents and saw it cross the $2 mark last night! It even hit $2.85 or so mark by the time I went to sleep. So, I thought it timely to sell off and cash in on some of the profits. It was at about $2.25 when I was selling.
I used Evercoin to swap 965 of my XRP over to my Quadiga CX exchange account (that doesn't yet support XRP) into one of the wallets I have there. They support Bitcoin, Bitcoin Cash, Etherium, Litecoin, and Bitcoin Gold. At first, I was just going to trade it to BTC thinking that it wouldn't make a difference which coin I took, but then I ran a few tests to see what amount of coins of each of those 5 that Evercoin was offering at that particular time and was quite surprised at the differences!
Check this out:
So, in the end, I converted my XRP into BTG. If I had not checked, and just converted to BTC, I would have lost about $288.75 USD!
I assumed that Evercoin would somehow have been able to price coin conversions pretty comparatively against current market values based on USD. I'm really not sure why there was such a big discrepancy between the various coins. Perhaps it was due to the fees or to the activity happening on the exchanges Evercoin uses? Anyone out there have an explanation?