Good wallet to store USDT ? | Bitcointalksearch.org

OmegaStarScream

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Quote from: neitoncoop on January 20, 2020, 12:02:26 AM

If you don't wanna use some hardware wallets, check freewallet out. Easy to use and it also has pretty good security tools.

A custodial wallet that asks for your documents (KYC) should not be considered as a "wallet". Let alone a good one.

Let's also not forget all the scam accusations against them. Even though some of them might have have been solved, I wouldn't suggest anyone taking the risk.

neitoncoop

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If you don't wanna use some hardware wallets, check freewallet out. Easy to use and it also has a pretty good security tools.

OmegaStarScream

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As old as the thread is and since no one has mentioned it, I thought about adding that both Trezor devices support storing USDT. It's just not available to use with any wallet yet though but but should be soon.

hugeblack

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Quote from: KeikoSimone on March 11, 2019, 01:12:49 PM

does ledger support USDT?

You can try the following: It will not cost you much or any personal documents

- Download exodus wallet -----> https://www.exodus.io/
- Move BTC from ledger to exodus wallet
- Exchange BTC to USDT.
- export private key.
- save it [safe place].

If you want to restore your currencies BTC, vice versa.

Daemon_Hell

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Quote from: TryNinja on March 11, 2019, 07:16:13 PM

You can actually kinda store your USDT in your Ledger. BUT there is a catch. You can't see the USDT from the Ledger Wallet nor spend the USDT easily. To spend them, you would have to export your address private-key with your backup seed, which would COMPROMISE and BREAK your entire wallet security, making the "hardware wallet level of protection" useless until you create a brand new wallet from the device (and only write the backup down, not saving it on your PC/phone/dropbox, etc...).

TL;DR: It's possible, but it's highly not recommended, mainly if you don't know what you are doing.

You dont need to export a private key. All you need is to manually create transaction (could be pain in the ass, but doable) and then sign it.
https://github.com/LedgerHQ/ledger-wallet-api

Daemon_Hell

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Quote from: el kaka22 on August 12, 2017, 05:41:57 AM

I do not think it will be happening. If anything like that happening then tether will come up with new coin namely for example tether2 and your old tether could be exchanged for new one for 1:1 swapping. I guess exchanges also will prefer do this for the funds withheld with them. I believe this is how a decentralized system should work and correct me if I am missing anything with how tether is working.

You can not do token swapping forever. Tether did created these tokens in exchange of some fiat USD and guarantees that you can swap your USDT back to USD.
If community would decide that tether cannot convert these funds back (if somehow they've spent all the USD, which in theory should be always intact) - then does not matter how you call it.
No trust - no value.

bL4nkcode

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Limited in number. Limitless in potential.

Quote from: ?? on ??

Tethers (USDT) is a stable coin that is often seen as a safe haven for traders who want to avoid periods of market volatility. While USDT is often kept on exchanges and used as a tool to trade in and out of cryptocurrency as desired, some holders may also want to store their coins securely away from an exchange.

USDT was originally created using the Omni Layer protocol (using the bitcoin blockchain), but has since launched an additional version as an ERC20 token (using the Ethereum blockchain). This means that there are two different types of USDT, both with different storage methods.

Anyone who wishes to move their USDT to a wallet must first figure out which type of USDT they have as the two types are not compatible with each other. If you deposit the wrong type of USDT into the wrong wallet, you will lose your funds.

Some of the Top usdt wallets are -

MyEtherwallet: MyEtherWallet (MEW) is a free, open-source tool for creating wallets that work with the Ethereum platform.

OmniWallet: OmniWallet is a web wallet that supports BTC, OMNI, USDT, MAID, SAFEX, AMP, ALT.

Tether Wallet: Tether wallet is a Web-based official wallet used to store USDT.

At least put a source if you only do a copy-pasted phrase/words. Plagiarism is not a good habit you know.

Source: https://www.finder.com/best-tether-wallets

indri123

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Coinomi supports USDT.

TryNinja

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Quote from: KeikoSimone on March 11, 2019, 01:12:49 PM

does ledger support USDT?

You can actually kinda store your USDT in your Ledger. BUT there is a catch. You can't see the USDT from the Ledger Wallet nor spend the USDT easily. To spend them, you would have to export your address private-key with your backup seed, which would COMPROMISE and BREAK your entire wallet security, making the "hardware wallet level of protection" useless until you create a brand new wallet from the device (and only write the backup down, not saving it on your PC/phone/dropbox, etc...).

TL;DR: It's possible, but it's highly not recommended, mainly if you don't know what you are doing.

leowonderful

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Bitcoin FTW!

Quote from: KeikoSimone on March 11, 2019, 01:12:49 PM

does ledger support USDT?

Not officially IIRC as there doesn't officially seem to be any sort of app available out there for storing USDT on a Ledger, but USDT is now available on the Ethereum blockchain as an ERC20 token and you should be able to store your USDT using your Ledger device and MyEtherWallet as MEW allows you to unlock your wallet with a number of hardware wallets like Ledger, Trezor and KeepKey as well. I've only ever used MEW with an old privkey and I haven't used any of my hardware wallets with them before, but I only see positive things around about MEW's compatibility with hardware wallets.

KeikoSimone

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does ledger support USDT?

MadGamer

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Convert what to Tether? Bitcoins? you don't need to use an API, you could use ShapeShift itself. You can store your Tether at any bitcoin address that you contrrol private keys, and If you want to spend or check balance, you will need to do that through ominwallet.org

usablehead

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So, according to this, someone could make a wallet, use the ShapeShift API to easily convert into Tether, and then read the balance on the blockchain?

@MadGamer can you confirm?

This would be an interesting idea for a wallet.

MadGamer

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USDT like MaidSafeCoins is an omni token, which means exists inside the bitcoin blockchain just like ERC20 in Ethereum blockchain. The same rules applies here, as long as you have control your private keys, you are good but you won't be able to spend them unless you are using Omniwallet.org. So, you can either create a wallet there directly or simply store your USDT in Electrum for example and when you want to spend them, export the private keys from them, import them to Omniwallet and send them from there.

illyiller

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Quote from: TryNinja on August 12, 2017, 11:00:54 PM

Quote from: squatter on August 12, 2017, 01:53:11 AM

You might be able to store them on a local wallet (probably available at Tether's website), but like any other "fiat storage" it is subject to third party risk. In this case the owner of Tether. If, say, the USA didn't like what Tether is doing, and seized their bank accounts, how much is that USDT going to be worth? It'll dump hard.

Something close to that already happened actually. According to Tether itself:

Quote

Since April 18, 2017, all incoming international wires to Tether have been blocked and refused by our Taiwanese banks. As such, we do not expect the supply of tethers to increase substantially until these constraints have been lifted.

https://tether.to/announcement/

It's interesting that they said this. Around that time, the circulating supply was only around ~50 million USDT. Today, the circulating supply is ~320 million USDT, according to CoinMarketCap. Considering no money is flowing into Tether/Bitfinex, that should set off some red flags.

To me, it means one of two things:

Either 1) USDT is being printed and is being used to inflate the cryptocurrency markets, or 2) it represents massive, massive outflows from Bitfinex to other exchanges that accept USDT, like Kraken and Poloniex. The second situation would mean these exchanges' customers could be devastated if anything happens to Tether.

TryNinja

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Quote from: squatter on August 12, 2017, 01:53:11 AM

You might be able to store them on a local wallet (probably available at Tether's website), but like any other "fiat storage" it is subject to third party risk. In this case the owner of Tether. If, say, the USA didn't like what Tether is doing, and seized their bank accounts, how much is that USDT going to be worth? It'll dump hard.

Something close to that already happened actually. According to Tether itself:

Quote

Since April 18, 2017, all incoming international wires to Tether have been blocked and refused by our Taiwanese banks. As such, we do not expect the supply of tethers to increase substantially until these constraints have been lifted.

https://tether.to/announcement/

And who said that you having Tether means that you have USD, and that you will always be able to redeem your Dollars when you need it? I honestly wouldn't trust my money on them.

Quote

PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency. There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

https://tether.to/legal/

figmentofmyass

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Quote from: el kaka22 on August 12, 2017, 05:41:57 AM

Quote from: squatter on August 12, 2017, 01:53:11 AM

Quote from: piloder on August 11, 2017, 02:09:36 AM

I am trying to minimize my loss with price volatility so searching for good wallet to store my USDT that will give me full control over my funds and they don't have any access to them.

You might be able to store them on a local wallet (probably available at Tether's website), but like any other "fiat storage" it is subject to third party risk. In this case the owner of Tether. If, say, the USA didn't like what Tether is doing, and seized their bank accounts, how much is that USDT going to be worth? It'll dump hard.

I do not think it will be happening. If anything like that happening then tether will come up with new coin namely for example tether2 and your old tether could be exchanged for new one for 1:1 swapping. I guess exchanges also will prefer do this for the funds withheld with them. I believe this is how a decentralized system should work and correct me if I am missing anything with how tether is working.

i don't think so. tether already can't be redeemed for USD anymore because bitfinex's banking is blocked to most of the world. they are basically just play tokens now. people don't care because of the ongoing crypto hype/bubble, but at some point, it will become a real problem. issuing a new token that isn't redeemable for real money isn't a solution for that...

el kaka22

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Quote from: squatter on August 12, 2017, 01:53:11 AM

Quote from: piloder on August 11, 2017, 02:09:36 AM

I am trying to minimize my loss with price volatility so searching for good wallet to store my USDT that will give me full control over my funds and they don't have any access to them.

You might be able to store them on a local wallet (probably available at Tether's website), but like any other "fiat storage" it is subject to third party risk. In this case the owner of Tether. If, say, the USA didn't like what Tether is doing, and seized their bank accounts, how much is that USDT going to be worth? It'll dump hard.

I do not think it will be happening. If anything like that happening then tether will come up with new coin namely for example tether2 and your old tether could be exchanged for new one for 1:1 swapping. I guess exchanges also will prefer do this for the funds withheld with them. I believe this is how a decentralized system should work and correct me if I am missing anything with how tether is working.

squatter

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STOP SNITCHIN'

Quote from: piloder on August 11, 2017, 02:09:36 AM

I am trying to minimize my loss with price volatility so searching for good wallet to store my USDT that will give me full control over my funds and they don't have any access to them.

You might be able to store them on a local wallet (probably available at Tether's website), but like any other "fiat storage" it is subject to third party risk. In this case the owner of Tether. If, say, the USA didn't like what Tether is doing, and seized their bank accounts, how much is that USDT going to be worth? It'll dump hard.

Kyraishi

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Quote from: piloder on August 11, 2017, 02:09:36 AM

I am trying to minimize my loss with price volatility so searching for good wallet to store my USDT that will give me full control over my funds and they don't have any access to them.

Do you guys have any idea which wallet can be good for it, I don't want to risk my USDT by storing them in exchange platforms.

First of all, USD tether is not the best way to maintain your portfolio if you want to store some of your trading funds in USD because you are depending on the Tether company to keep their promises and be able to redeem your tether for real cash when you want to. So it's really no different than say, if you were storing the Tether on Bitfinex. Of course you get to have actual access to it but in the end you have to trust the company.

Onto your question, i suggest just using tether.to. This is the official site, and pretty sure that it also doubles as a tether wallet. Since tether is based on the omni layer you can use any web wallet that uses Omni, for example omniwallet and holytransaction(i suggest the former instead of the latter).

hope this helped!

figmentofmyass

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Quote from: piloder on August 11, 2017, 02:09:36 AM

I am trying to minimize my loss with price volatility so searching for good wallet to store my USDT that will give me full control over my funds and they don't have any access to them.

Do you guys have any idea which wallet can be good for it, I don't want to risk my USDT by storing them in exchange platforms.

sorry, i wish i had an answer for you, but i'm not aware of a standalone USDT wallet. but i had to comment: you may have control over your keys in this situation, but you still have full exposure to bitfinex. tether and bitfinex are owned by the same company and are suffering from the same banking problems. if anything happens to bitfinex, that USDT might become worthless overnight. so you are not safe from third party risk at all.

piloder

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I am trying to minimize my loss with price volatility so searching for good wallet to store my USDT that will give me full control over my funds and they don't have any access to them.

Do you guys have any idea which wallet can be good for it, I don't want to risk my USDT by storing them in exchange platforms.

Topic: Good wallet to store USDT ? (Read 4373 times)