Best Bitcoin Calculators For Investors
Richard Montana | August 25, 2022
A cryptocurrency market is confusing, especially if you’re new to it. It can be challenging to navigate all of the terminology and jargon, and it doesn’t help that most of the information out there is contradictory or vague.
Bitcoin calculators are one tool that can help you make sense of what’s going on in the bitcoin world. Bitcoin calculators are simple tools that show how much you’d make if you invested in bitcoin at a specific price.
In this article, we’ll break down what bitcoin calculators are, how they work, and which ones are best for different types of investors.
Different Types of Bitcoin Calculators
Bitcoin calculators are some of the most popular tools for cryptocurrency traders. They help you determine how much money you’ll make by buying and selling Bitcoin. They’re not guaranteed to make you money, but they provide important insights into the viability of any potential investments.
The goal of any Bitcoin calculator is to predict the future price of Bitcoin and other cryptocurrencies by taking into account current trends, news stories, and other factors that affect their value.
|Bitcoin Current Conversion Calculator||Converts Bitcoin into different crypto and FIAT currencies|
|BitcoinTaxes||Calculates taxes and generates reports for your digital assets and bitcoin income|
|Bitcoin Return Calculator||Calculates your bitcoin returns for a specific period and optionally adjusts for inflation rates|
|Mining Profitability Calculator||Predicts your mining returns based on your current mining power.|
Cryptocurrency calculators need access to historical data on a particular coin or token’s price movements over time, so they can see what patterns emerge based on these factors. Different types of Bitcoin calculators are available online, but most of them work similarly and have the same features. Here is a quick look at some of the top bitcoin calculators.
Bitcoin Currency Conversion Calculator
The currency converter calculator determines the converted value of bitcoin to and from other currencies. You can compare the value with other crypto and traditional currencies. It’s perhaps the most basic bitcoin calculator that offers a lot of convenience to bitcoin investors before they make any investment decisions.
While many online tools can convert bitcoin and other currencies, GoBitcoin.io is one of the standout tools. You can enter any currency amount and obtain an equivalent in your preferred currency.
This tool takes the bitcoin market value from Bitstamp, Coinbase, and Coindesk BPI. Other notable supported cryptocurrencies include Bitcoin Cash, Ethereum, and Litecoin.
At the same time, you can extract the market value in multiple FIAT currencies like the USD, Chinese Yen, Indian Rupee, British Pound Sterling, and many others.
As the name suggests, BitcoinTaxes is a helpful tool that calculates tax rates for your crypto assets. It’s another online calculator that can generate tax reports after accounting for your mining income, donations, trades, and other bitcoin income.
You can monitor capital gains and losses for your Bitcoin investments. The app also generates reports for the mining and any other forms of income during the year.
You can also set your preferred accounting method, i.e., average costing, LIFO, FIFO, and like-kind treatment. In addition, the comprehensive reporting tools allow investors to track their digital currency taxes.
Bitcoin Return Calculator
This bitcoin calculator estimates the total return value for your bitcoins for a specific period. You can enter any date starting from 17th July 2010 till yesterday. The Bitcoin Return Calculator not only returns the annual and total return on your investment but also allows you to adjust for inflation during the desired period.
Just enter the initial investment value, and the calculator will do its job within seconds. This tool is meant for investors who once invested in Bitcoin but didn’t check returns frequently. They can now get a precise value of returns with inflation adjustment.
Mining Profitability Calculators
Mining profitability calculators are an essential tool for any bitcoin miner. These calculators estimate future returns on your bitcoin investments and provide a clear picture of the potential profits you can expect to make.
Mining profitability calculators are useful for determining whether or not a particular mining rig will be profitable in the future and helping you decide what kind of hardware you need to purchase.
CryptoCompare is one powerful mining profitability bitcoin calculator. Enter the amount of mining power to generate an estimated profit. However, due to the fluctuating nature of bitcoin, it’s best to use these calculators for guidance only.
Whattomine is another powerful mining profitability calculator with a more extensive range of cryptocurrencies. You can view the possible profits from different cryptocurrencies and compare them simultaneously.
Bitcoin calculators are free to use and helpful in showing new investors how much money they’ll be able to make from bitcoin. With this information in hand, it’s easier for them to decide whether or not they want to invest.
Of course, it’s still very important to learn as much as you can about digital currencies before jumping into the market. But bitcoin calculators are an excellent tool that can help eliminate some of the first-time investor’s natural uncertainty.