What are the differences between using US dollars and Philippine pesos in the cryptocurrency market?

3 answers

• Feb 19, 2022 · 3 years ago
  When it comes to trading cryptocurrencies, the main difference between using US dollars and Philippine pesos lies in the exchange rates. The value of cryptocurrencies is often quoted in US dollars, so if you're using pesos, you'll need to convert them to dollars first. This means that the exchange rate between pesos and dollars will affect the value of your cryptocurrencies. Additionally, some cryptocurrency exchanges may not support direct trading with pesos, so you may need to go through an extra step of converting your pesos to dollars before you can trade.
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• Feb 19, 2022 · 3 years ago
  Using US dollars in the cryptocurrency market offers the advantage of being the most widely accepted currency for trading. Many cryptocurrency exchanges and platforms primarily quote prices and facilitate trading in US dollars. This makes it easier to compare prices across different exchanges and ensures a higher level of liquidity. On the other hand, using Philippine pesos may limit your options as not all exchanges support direct trading with pesos. You may need to find a platform that supports peso trading pairs or go through the process of converting your pesos to dollars.
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• Feb 19, 2022 · 3 years ago
  At BYDFi, we understand the importance of providing a seamless trading experience for our users. While we primarily support trading with US dollars, we are constantly evaluating opportunities to expand our offering to include more currencies, including Philippine pesos. We believe in providing our users with a diverse range of options to trade cryptocurrencies and are actively working towards making trading with different currencies more accessible.
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