so what to do with USDT ?! - page 2.

WalkerIVIV

hero member

Activity: 2436

Merit: 503

Cryptocasino.com

Quote from: mersal on June 21, 2020, 05:17:29 PM

For converting small amount of bitcoins into actual fiat then p2p sites like paxful or localbitcoin seems the best.You can hold USDT if you want but there is not actual use of holding that coin so convert back into bitcoin or other coin then convert them into fiat using p2p sites.

It's better to convert it into the crypto that can bring us a lot of benefits. The only actual benefit from holding USDT to avoid the volatility and that's the only usage for USDT.

People can trade use it to trade without any problem to loss thei profit. It offers less advantage to the holders.

flagpara

full member

Activity: 756

Merit: 100

Quote from: aliitp2 on May 02, 2020, 10:20:31 PM

hi guys

am new here, but i have been holding 0.95 BTC since more than 2 years now, just today am getting into exchanges and i picked Binance, i was trying to sell a small amount 0.0061 BTC through their Trading Platform, and i managed to sell it, but i was surprised when i found my BTC was sold for yet ANOTHER cryptocurrency called USDT !!! then what is the point am selling for Huh

am selling to get FIAT in exchange, now am stuck with yet another crypto in my binance wallet which i cant store on my trezor, can someone advise on any reputable exchange where i can trade BTC to actual FIAT and then withdraw to my bank account ?

My second question how to go about this USDT i ended up with >! how to get FIAT in exchange for it ?? Binance P2P wont buy ur USDT in small amounts, they need at least 1000 to exchange to USD Angry

need help figuring this out.

thanks,

Your problem is very simple like your provided information. Binance exchange recently added five more fiat currency. As your country's situation will be different. If your country is out of this list, use other exchanges like Coinbase. Without exchange, several websites could buy Bitcoin in your country but should be careful. One if you're new here, how did you get 0.95 BTC two years ago?

mersal

member

Activity: 1204

Merit: 38

For converting small amount of bitcoins into actual fiat then p2p sites like paxful or localbitcoin seems the best.You can hold USDT if you want but there is not actual use of holding that coin so convert back into bitcoin or other coin then convert them into fiat using p2p sites.

pixie85

hero member

Activity: 2170

Merit: 528

Quote from: HakaseMarui on May 03, 2020, 12:21:26 AM

its a stable coin, its for you to trade and hodl if you doesnt want to be affected with the volatility of the market.

There's no point in hodling usdt. It doesn't appreciate in value. It's like an electronic version of the dollar but much more unpredictable.

If Dollar goes up usdt will go up in value but if it goes down it will also go down. The scary truth settles in when you realize that usdt is a private centralized coin and if it goes down, disappears, goes bankrupt, your money will be lost but real dollar will remain unaffected.

My advice for OP: get rid of usdt. If you want to cash out get fiat, don't hold usdt!
If you want to invest buy some coins, but again don't hold usdt.

Mianae

member

Activity: 798

Merit: 14

You can use Coinmetro exchange they offer fiat services to traders. Bittrex has a USD option which I think can be connected directly to your bank account. I haven't used the Bittrex USD option but that of Coinmetro is connected directly to your bank account. USDT is a stable coin you can hold it, it's price won't depreciate.

Shallow

sr. member

Activity: 938

Merit: 255

SmartFi - EARN, LEND & TRADE

Quote from: aliitp2 on May 02, 2020, 10:20:31 PM

hi guys

am new here, but i have been holding 0.95 BTC since more than 2 years now, just today am getting into exchanges and i picked Binance, i was trying to sell a small amount 0.0061 BTC through their Trading Platform, and i managed to sell it, but i was surprised when i found my BTC was sold for yet ANOTHER cryptocurrency called USDT !!! then what is the point am selling for Huh

am selling to get FIAT in exchange, now am stuck with yet another crypto in my binance wallet which i cant store on my trezor, can someone advise on any reputable exchange where i can trade BTC to actual FIAT and then withdraw to my bank account ?

My second question how to go about this USDT i ended up with >! how to get FIAT in exchange for it ?? Binance P2P wont buy ur USDT in small amounts, they need at least 1000 to exchange to USD Angry

need help figuring this out.

thanks,

If I understand clearly, you wanted to sell some of your Bitcoin to fiat and withdraw to your bank? If that is the case, then it is possible with Binance but however comes with varying conditions; first you need to check if Binance support fiat withdrawal in your country, currently there are a good number of countries where users can trade and withdraw fiat via Binance. Secondly, if Binance supports fiat withdrawal in your country then you need to verify your Binance account that is, carrying out the KYC. Once the kyc is verified, you can sell your Bitcoin to fiat then withdraw, you might not even need the P2P trading interface, you just trade your Bitcoin to fiat, and then withdraw, I believe it is faster that way.

monero.org

jr. member

Activity: 48

Merit: 7

If the person on the other side is a scammer, there will be chargeback. Terrible mistake for him but trusting the legendary reputable and trusted members here is okay. I have tried buying from the users willing to make transaction.

He can sell his usdt here https://bitcointalk.org/index.php?board=53.0

My account is not gonna be qualified if he state a rule to only legendary members with green numbers.

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

Quote from: target on May 31, 2020, 03:33:04 PM

That sucks. Its a good thing though that there is https://www.binance.com/en/trade/USDC_USDT I guess this still is an option and then send USDC to coinbase. Price doesn't have much difference unless he gets to have a hundred thousands that need to be sent.

Coinbase would be crazyheads to give USDT their full endorsement. It's far, far too sketchy and their investors would probably tear them a new one. They would probably love to as there's a shit ton of money to be made with it but that's a shitcoin too far for them.

They unquestionably list crappier stuff but at least they're transparently crap.

Quote from: monero.org on May 31, 2020, 03:36:04 PM

Can you sell your USDT for paypal USD? I'd probably be one of the user who will buy and that's straight going to you account which you can directly sent to your bank too.

Yes. But you would be mad to do it. It's probably against Paypal's terms, but the much bigger likelihood is the Paypal buyer initiating a charge back and you finish up with nothing. No one sells Bitcoin for Paypal who's sane for the same reasons. Bitcoin is not reversible. Paypal certainly is.

monero.org

jr. member

Activity: 48

Merit: 7

Can you sell your USDT for paypal USD? I'd probably be one of the user who will buy and that's straight going to you account which you can directly sent to your bank too.

target

legendary

Activity: 2282

Merit: 1041

Quote from: gentlemand on May 31, 2020, 03:23:23 PM

Quote from: target on May 31, 2020, 03:14:36 PM

Coinbase supports USDT.

No it does not.

Coinbase custody have just announced you can deposit and withdraw ERC20 based USDT, but it's only for institutions and there's no mention of exchanging it for anything else.

Coinbase does USDC and DAI.

That sucks. Its a good thing though that there is https://www.binance.com/en/trade/USDC_USDT I guess this still is an option and then send USDC to coinbase. Price doesn't have much difference unless he gets to have a hundred thousands that need to be sent.

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

Quote from: target on May 31, 2020, 03:14:36 PM

Coinbase supports USDT.

No it does not.

Coinbase custody have just announced you can deposit and withdraw ERC20 based USDT, but it's only for institutions and there's no mention of exchanging it for anything else.

Coinbase does USDC and DAI.

target

legendary

Activity: 2282

Merit: 1041

He can send his tether to coinbase and exchange it to usd going to his bank. Coinbase supports USDT.

I'm not sure if binance offers a gateway going to a US bank account but the fact that they have USDT, this should mean they have. I haven't been into that situation where I hold USDT waiting to withdraw, for the most part, we exchange this to BTC or ETH to withdraw.

posi

hero member

Activity: 2268

Merit: 579

Leading Crypto Sports Betting & Casino Platform

Quote from: noorman0 on May 31, 2020, 11:12:09 AM

Quote from: posi on May 09, 2020, 06:13:01 AM

USDT is a stablecoin which is pegged to 1$ i.e USDT is a fiat base crypto currency.

The fact is no, these two currencies still fluctuate with each other even though they are not too significant https://walletinvestor.com/currency/tether/interval/1y. And one more thing that usdt may not be backed by fiat alone.

What i said is still correct mate and USDT said their backed assets may not be fiat alone after they launched XAUT but USDT, EURT etc is still backed by fiat currency.
Here is their reserve wallet link

Quote from: noorman0 on May 31, 2020, 11:12:09 AM

Quote from: posi on May 09, 2020, 06:13:01 AM

You dont need to sell the USDT just withdraw it into your bank account.

I don't know, but I'm sure if we ask me what is tether to bank branch employees in my city or around the world, they are even more familiar with bitcoin than usdt or tether. I've also never heard of a bank willing to accept cryptocurrencies savings to customers bank account.

You're right cause bitcoin is the most utility crypto but you misunderstand the whole conversation because the OP have some USDT on Binance and want to sell it for fiat which will send into his bank account and dont know how he's going to do it.

noorman0

hero member

Activity: 1764

Merit: 696

[Nope]No hype delivers more than hope

Quote from: posi on May 09, 2020, 06:13:01 AM

USDT is a stablecoin which is pegged to 1$ i.e USDT is a fiat base crypto currency.

The fact is no, these two currencies still fluctuate with each other even though they are not too significant https://walletinvestor.com/currency/tether/interval/1y. And one more thing that usdt may not be backed by fiat alone.

Quote from: posi on May 09, 2020, 06:13:01 AM

You dont need to sell the USDT just withdraw it into your bank account.

I don't know, but I'm sure if we ask me what is tether to bank branch employees in my city or around the world, they are even more familiar with bitcoin than usdt or tether. I've also never heard of a bank willing to accept cryptocurrencies savings to customers bank account.

Ridwan Fauzi

full member

Activity: 1330

Merit: 147

Quote from: thesmallgod on May 11, 2020, 04:54:07 PM

If you want your money in fiat which I believe it is your local currency, then you should look for local exchangers in your country and sell directly for them. USDT is a stable coin that people primarily used to prevent asset volatility. It is obvious you do not know much about trading. You should have trying searching before making that trading.

That's true, I don't know how OP got 0.95 on his wallet whilst it is the same thing when he bought bitcoin and sell bitcoin (deposit or withdraw). This is important part for newbie to crypto currency, learning first before make a decision to buy some crypto currency is more prefered.

OP, you can ask your concern in youtube. I guess there are some user who explain your problem. Also, watching youtube video will help you to know some features in binance exchange. Currently, binance exchange has been supported buying and selling my money fiat directly and can withdraw to my bank account, it may happens to your country as well.

CryptopreneurBrainboss

legendary

Activity: 2380

Merit: 4265

eXch.cx - Automatic crypto Swap Exchange.

Quote from: pankaj1234 on May 30, 2020, 07:26:08 AM

USDT is very safe and stable coin. You can store usdt when market is looking to dump because converting altocoins into usdt will not decrease your equity as much as altocoin. If you have usdt in cryptocurrencies account can buy btc, eth or different coin and sell in some profit. This type of things usually can be done by usdt coin. Every trader should convert alcoins in usdt when their is a fear of big market crash.

USDT is a stablecoin and that's quite understand but when you declare it a safe stablecoin then doubt begins to come in if you truely know what you're talking about or just joining the fun like @gentlemand just joked about with the coinbase accepting it scenario.

USDT is quite popular but that's not just enough criteria to make it the safest of the stablecoins in the market, we have other competitors (mostly decentralized stablecoin) that I won't mind recommending them over USDT anything to anyone in search of a stablecoin they can rely on.

USDT isn't any different from the scam called fiat, the manipulation and foul practices associated with the project is just too numerous to consider them the best option when we debate about safe stablecoins

pankaj1234

copper member

Activity: 504

Merit: 0

USDT is very safe and stable coin. You can store usdt when market is looking to dump because converting altocoins into usdt will not decrease your equity as much as altocoin. If you have usdt in cryptocurrencies account can buy btc, eth or different coin and sell in some profit. This type of things usually can be done by usdt coin. Every trader should convert alcoins in usdt when their is a fear of big market crash.

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

https://twitter.com/CoinbaseCustody/status/1266504653577105409

Coinbase custody now supports USDT based on ERC20 deposits and withdrawals.

That to me is pretty mind boggling. Either Coinbase have done a large amount of homework and are satisfied or they threw in the towel and decided to join the fun.

russokai

full member

Activity: 130

Merit: 100

Tether: The Story So Far

https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

You can buy bitcoin again with your USDT, and you can buy it any price. Don't worry if you have USDT because, with USDT, you can buy many coins at binance, but I suggest you buy bitcoin. People buy and sell their bitcoin to USDT, and they can make a profit in bitcoin or USDT, which mean they will increase the bitcoin or USDT amount. You can try it too, and I think you will be satisfied Grin

Topic: so what to do with USDT ?! - page 2. (Read 887 times)