I am a student and don't really have bank account and won't have one atleast for next 3 years but i do own 25 BTC by my 3 year hard work.It really stress me to see bitcoin rates fluctuate so much. Some people say to immediately sell after halving to secure profit but i won't be able to do so because i have no way nor intention of converting it into cash yet.Now my question is how can i convert them into usd temporory online when bitcoin rates are up say 1 btc = 1000 USD then i want to convert my 25 BTC to 25000 USD and when it goes down i will buy again.Basically,i don't want to convert it into cash. I see websites like btc-e.com,bitfinex etc but do they need verifications etc and any limit on trades? and is it wise to hold that much bitcoin in exchange sites? I don't want to end up being the person who just kept holding bitcoins even when the price got upto 1000 usd and keep it falling down.Please advice something
This is very easy to do. Not only that, it is very safe. Not only that it is very cheap. There is a crypto called Tether. It is always $1. No matter what happens to bitcoin's price - one Tether is one dollar. Trade your bitcoins for tethers, and then trade them back later. This locks in your value to USD anytime you like.
Now here comes the good part. You don't need a bank, or an exchange, or anything. The system is done on a fully automated DEX or distributed exchange. What that means is there is no middleman to take service fees.
Just fire up an Omni wallet
https://www.omniwallet.org/, put your bitcoins in there, go to the DEX, trade for Tether. Later, trade back again. Totally easy and there are no humans involved to fuck it all up with fees and scams.
Over $1 million of Tether are traded every day. So lots of people are comfortable with it. Besides, these is an actual real 1$ on deposit somewhere that backs every tether in existence. It is an amazing system and it is designed to do exactly what you asked for.
