Exchanging BITCOIN on Exodus wallet | Bitcointalksearch.org

nutildah

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Quote from: btcwish1 on November 24, 2020, 06:45:34 AM

Thanks for reply. My plan is to buy back more btc during pullback. My plan is to grow the BTC amount. so you think USDT is better than tether?

USDT is Tether; I think you mean USDC -- in which case, yes, it is better audited and not nearly as out of control as USDT.

Quote from: btcwish1 on November 24, 2020, 06:45:34 AM

Exodus does have some kind of fee. But I am more concerned about the safety rather than fees. Even though fees may be higher, but the reason I want to use exodus is, it is installed on my desktop and i do have the access to 24 words seed. However, the company also has access to the private key so I am not very sure if exodus is vulnerable like other exchanges such as coinbase which every now and then holds user's fun as ransome and users can't do anything!

Exodus is generally regarded as a safe, well-designed wallet. Just keep your seed safe and regularly scan your computer for viruses! I've never heard any reports of the company leaking or misusing seeds, so I wouldn't worry about that part. If you want to carry all of your coin actions within the Exodus wallet in the name of security, I don't blame you. You will still end up paying much higher fees for a coin swap than you would on an exchange. But if the convenience and peace of mind is beneficial to you, its alright to leave your coins in Exodus.

btcwish1

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Quote from: nutildah on November 24, 2020, 02:24:51 AM

Quote from: btcwish1 on November 24, 2020, 02:14:01 AM

Dear friends,

I need your advise on taking advantage of this bull run. I want to sell/exchange some btc when it goes to ath ( if it does) from my hardware wallet.

First of all do you suggest to sell btc to fiat or exchange to a stable coin? Instead of fiat I was thinking of stable coin. I never used any stable coin before so I am not sure which one will be best choice. Tether or other USDC etc?

It really depends on what your goals are.

If you want to use your proceeds for trading purposes, by all means, I'd say stablecoins are fine. Even though USDT potentially has major underlying problems, for the moment and foreseeable future it is fine. USDC as you mentioned is better and it also solely runs as an ETH token -- if you plan on doing trading for ETH tokens then any of the stablecoins based as ETH tokens are a better option than the Omni version of Tether.

If you need the money for real life things and need cash, you're better off sending your BTC to a major exchange like Bitfinex, Coinbase, Kraken, Bitstamp, KuCoin, Binance, etc, and converting your money to fiat there so you can withdraw it to your bank account.

End of the day... even if you hold your money as USDT for months or possibly even years, you're probably fine.

Quote from: btcwish1 on November 24, 2020, 02:14:01 AM

I did my due diligence an found out exodus wallet may be the safest to exchange to convert to stable coin. I used exodus wallet before and quite happy with it. you can get your 24 word seed in Exodus but the down turn is, the company also has access to the private key. I can't think of any other better exchange.

Does Exodus perform some sort of conversion for a fee? Can you calculate what the fee is about? Regardless, it will almost always be cheaper to convert your coins to cash on a real exchange.

Thanks for reply. My plan is to buy back more btc during pullback. My plan is to grow the BTC amount. so you think USDT is better than tether?

Exodus does have some kind of fee. But I am more concerned about the safety rather than fees. Even though fees may be higher, but the reason I want to use exodus is, it is installed on my desktop and i do have the access to 24 words seed. However, the company also has access to the private key so I am not very sure if exodus is vulnerable like other exchanges such as coinbase which every now and then holds user's fun as ransome and users can't do anything!

nutildah

legendary

Activity: 3010

Merit: 8114

Quote from: btcwish1 on November 24, 2020, 02:14:01 AM

Dear friends,

I need your advise on taking advantage of this bull run. I want to sell/exchange some btc when it goes to ath ( if it does) from my hardware wallet.

First of all do you suggest to sell btc to fiat or exchange to a stable coin? Instead of fiat I was thinking of stable coin. I never used any stable coin before so I am not sure which one will be best choice. Tether or other USDC etc?

It really depends on what your goals are.

If you want to use your proceeds for trading purposes, by all means, I'd say stablecoins are fine. Even though USDT potentially has major underlying problems, for the moment and foreseeable future it is fine. USDC as you mentioned is better and it also solely runs as an ETH token -- if you plan on doing trading for ETH tokens then any of the stablecoins based as ETH tokens are a better option than the Omni version of Tether.

If you need the money for real life things and need cash, you're better off sending your BTC to a major exchange like Bitfinex, Coinbase, Kraken, Bitstamp, KuCoin, Binance, etc, and converting your money to fiat there so you can withdraw it to your bank account.

End of the day... even if you hold your money as USDT for months or possibly even years, you're probably fine.

Quote from: btcwish1 on November 24, 2020, 02:14:01 AM

I did my due diligence an found out exodus wallet may be the safest to exchange to convert to stable coin. I used exodus wallet before and quite happy with it. you can get your 24 word seed in Exodus but the down turn is, the company also has access to the private key. I can't think of any other better exchange.

Does Exodus perform some sort of conversion for a fee? Can you calculate what the fee is about? Regardless, it will almost always be cheaper to convert your coins to cash on a real exchange.

mk4

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1. Stablecoins are good for trading, and it pretty much ends there. If you're planning on holding the USDs for a good amount of time(I personally wouldn't hold stablecoins for more than a week), then USD is the way to go.

PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

2. If you exchange your coins through Exodus, I'm pretty sure you're going to pay a good amount of fees. Fees on Binance are mostly better. Also, if you hold a good amount of coins, get a hardware wallet.

3. Yes, you should keep your btc in exchanges. But how do you sell it? Simple. Move the coins from your non-custodial wallet to your exchange account when you're planning on selling.

btcwish1

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Quote from: BayAreaCoins on November 24, 2020, 02:18:00 AM

I wouldn't buy any stable coins with even your Bitcoins Tongue

I think we are getting close to seeing a real state-sponsored stable coin. The "federal cryptocurrency" would likely be fine to mess with. These others ones are super sketchy in my opinion.

In that case what your suggestion on taking advantage of bull run? selling to Fiat? If so which exchnage you suggest? Coinbase is out of question for me!

Thanks

BayAreaCoins

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Owner at AltQuick.com

I wouldn't buy any stable coins. Go to fiat if you want money.

I think we are getting close to seeing a real state-sponsored stable coin. The "federal cryptocurrency" would likely be fine to mess with. These others ones are super sketchy in my opinion.

btcwish1

full member

Activity: 401

Merit: 108

Dear friends,

I need your advise on taking advantage of this bull run. I want to sell/exchange some btc when it goes to ath ( if it does) from my hardware wallet. I want to buy back more BTC when price goes down. That's my plan at the moment.

First of all do you suggest to sell btc to fiat or exchange to a stable coin? Instead of fiat I was thinking of stable coin. I never used any stable coin before so I am not sure which one will be best choice. Tether or other USDC etc?

I did my due diligence an found out exodus wallet may be the safest to exchange to convert to stable coin. I used exodus wallet before and quite happy with it. you can get your 24 word seed in Exodus but the down turn is, the company also has access to the private key. I can't think of any other better exchange.

But if you suggest any other wallet or option to exchange that will be appreciated.

I understand we shouldn't keep btc in exchange but then how will we sell it? so basically we are in a dilemma. we can use peer to peer such as localbitoicn but there are are some horror stories about peer to peer so I want to avoid if possible.

SO, please share your valuable suggestion.

Many Thanks

Topic: Exchanging BITCOIN on Exodus wallet (Read 171 times)