Is it ok to convert my BTC savings to Tether when the price is high? - page 3.

paullaux

copper member

Activity: 13

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Ethereum Developer

Quote from: ishotasi on June 28, 2018, 12:28:06 AM

I'm never able to sell on time... and just regret every that why I did not sell when the price was high.

Actually I don't have any direct option to covert my crypto to USD or any other fiat currency at ease... it take 1-2 weeks minimum or may be more to withdraw money from crypto (due to my geo graphical location). Later I have been thinking since Tether is 1=1 with USD is good idea to convert Bitcoin or any crypto to tether when it's ATH and later buy back when prices are low?

How you guying doing this? Please let me if you have any other idea?

Any replies much appreciated. Thanks

There is no right time to sale. The market is unpredictable.

A general rule, the bigger the market cap, the more stable the price. BTC is relatively stable.

If you want, you can use USDT, which is tethered to the US dollar.

https://coinmarketcap.com/currencies/tether/

it has its own risks though.

talkbitcoin

legendary

Activity: 1372

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All I know is that I know nothing.

what you need to know is that nobody is guaranteeing Tether to have the same value. for example the company behind it will not guarantee 1 USDT to be 1 USD. so don't count on it.
but also know that in the pasts the price of it was 1 USDT for about 98% of its lifetime.

additionally they do not guarantee exchange of USDT and USD although so far it has been possible.

and finally it is centralized so everything about this coin depends on health of the company that issues this coin. if someday this company disappears price of this coin will drop to 0 immediately.

keycellko

full member

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Some people are doing this. I dont really want to conveft my BTC to tether. But if you believe that tether is will maintain their value then you can convert your btc as much as it is convenient for you. But the best way to collect profits is sell when you already are gaining.

spiker777

sr. member

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Yes, that is a common strategy among traders, it goes something like this:

1. Buy in at a low price, e.g. $6,000
2. Wait until a small bull run to around $6,300
3. Tether it
4. Wait until it dips back to ~$6,000
5. Buy back in
6. Wait until a small bull run to around $6,300
7. Repeat

Doing this you can net yourself some small, but eventually significant micro-gains.

Nanagyasi

member

Activity: 336

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Just think that is exactly the meaning of investment. When the profit comes, you take it out. I don't know why you would still want to convert it to tether and not fiat.

Vineeta2oct

newbie

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If you believe that tether will maintain its value nearly at 1 USD then its a good move however that may change anytime. So its better to convert your crypto to fiat when price is high and you've made profits. At least you'll 100% sure that its value will not decrease suddenly.

tailor.and

newbie

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In my opinion, it's better if you convert your money into cash and then buy as the price is low now. It may help you in future.

Thirdspace

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Quote from: OmegaStarScream on June 28, 2018, 09:55:26 AM

There is nothing wrong with the idea If you trust Tether. It's actually what everyone is doing right now since it's more convenient.

yes, most people do that to store value temporarily before buying back again when the price dips
and usually it's the only way on some exchanges that don't have real USD fiat trade pair
but when you need $ it's better to sell BTC than Tether, just use Tether for short period hedging

nioctiB#1

full member

Activity: 308

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It is also a good idea if you want to have a rest on trading cryptocurrency without pulling out your money on exchanges and if you think that the market will start to have a price correction since tether has a stable value. Actually it is nothing new because traders do use it for that purpose for a long time and this is why tether became the 2nd cryptocurrency that has the most trading volume next to bitcoin.

zenrol28

copper member

Activity: 882

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We can't tell if Tether can hold when all those who converted will cash out. We're not sure if USDT has enough fiat to back it up. You might be saved because of your mistake. Just keep on hodling because your already on it.

Lifeisagame

newbie

Activity: 104

Merit: 0

Having hard time to belive tether will stay arround $1 for much longer. Better to FIAT usd than again buy low

tegarp90

full member

Activity: 546

Merit: 100

Quote from: ishotasi on June 28, 2018, 12:28:06 AM

I'm never able to sell on time... and just regret every that why I did not sell when the price was high.

Actually I don't have any direct option to covert my crypto to USD or any other fiat currency at ease... it take 1-2 weeks minimum or may be more to withdraw money from crypto (due to my geo graphical location). Later I have been thinking since Tether is 1=1 with USD is good idea to convert Bitcoin or any crypto to tether when it's ATH and later buy back when prices are low?

How you guying doing this? Please let me if you have any other idea?

Any replies much appreciated. Thanks

Nothing to regret, no one can predict exactly when the price is high it will go down, you might be thought the price will higher so you not sell.
yes it's good to sell it to thether if you thing the price will go down because thether price is same as dollar, it will not go down or up.

bigdude

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Quote from: ishotasi on June 28, 2018, 12:28:06 AM

I'm never able to sell on time... and just regret every that why I did not sell when the price was high.

Actually I don't have any direct option to covert my crypto to USD or any other fiat currency at ease... it take 1-2 weeks minimum or may be more to withdraw money from crypto (due to my geo graphical location). Later I have been thinking since Tether is 1=1 with USD is good idea to convert Bitcoin or any crypto to tether when it's ATH and later buy back when prices are low?

How you guying doing this? Please let me if you have any other idea?

Any replies much appreciated. Thanks

Yes, this is very very good idea. But only only problem that people never know when is ATH to convert their BTC to Tether.
Also as OmegaStarScream said he don't believe in USDT so there are some alternate once such as USDT and you know some exchange already support fiat so problem not about you truth Tether or not. It is WHEN the right time come to do that

OmegaStarScream

staff

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There is nothing wrong with the idea If you trust Tether. It's actually what everyone is doing right now since it's more convenient.

If you're like me and you have some doubts about USDT and don't believe that it will maintain it 1 USD value forever then It's not suggested, at least not for storing for a long period of time anyway.

ishotasi

newbie

Activity: 4

Merit: 0

I'm never able to sell on time... and just regret every that why I did not sell when the price was high.

Actually I don't have any direct option to covert my crypto to USD or any other fiat currency at ease... it take 1-2 weeks minimum or may be more to withdraw money from crypto (due to my geo graphical location). Later I have been thinking since Tether is 1=1 with USD is good idea to convert Bitcoin or any crypto to tether when it's ATH and later buy back when prices are low?

How you guying doing this? Please let me if you have any other idea?

Any replies much appreciated. Thanks

Topic: Is it ok to convert my BTC savings to Tether when the price is high? - page 3. (Read 428 times)