Tether Confirms Its Relationship With Auditor Has 'Dissolved'
https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/
Topic: USDT on Bittrex? (Read 808 times)
Hey all got a question. If you send btc to bittrex and sell your bitcoin... you get the usdt equivalent right? So for example if you sell btc for 10k and sell 1 of it. Let say you get around 9975 or so since there is the 0.25 percent fee. So that means you would have a 9975 usdt value balance?
I read that usdt is a cryptocurrency called tether. So if you sell bitcoin for that price, you would get a 9975 usdt balance? So with this balance... let say bitcoin drops to like 9000. Now let say you want to buy 1 bitcoin. So the total cost would be 9000 + 22.50 fee = 9022.50. So that would mean you would have 1 bitcoin in your bittrex wallet. But your usdt value would show 954.50 usdt right?
So basically if you want to buy and sell bitcoin... buy at the low... then sell very high and do it many times, that would mean your usdt value would be your profit right? Now with the usdt value you have... the most important thing is how do you cash it out to your bank account? I read gdax and gemini you sell your bitcoin there and then its converted into usd and then you do an ach or wire transfer to your bank account. But with bittrex, can you send a bank wire or ach to your bank account or not? So you would have to create a tether.io account... then send the tether from bittrex to tether.io? Now what if you want to cash it out. What are the fees to cash out to your bank account? I read tether is around 1 dollar or so. That means that tether is basically like a usd balance then right? The thing is i read that people who trade on gdax or gemini... they buy/sell bitcoin etc. But with bittrex, its the same as in gdax/gemini right? The only different is you have USDT as oppose to usd balance if it was done in gdax or gemini?
I think you can switch between bitcoin and USDT. The price of USDT fluctuates less when bitcoin decreases so you can convert USDT and bitcoin. If you trade, then this conversion is very important, it will help you solve the problem of capital loss as well as bring about Add a little profit if you are clever. I read that usdt is a cryptocurrency called tether. So if you sell bitcoin for that price, you would get a 9975 usdt balance? So with this balance... let say bitcoin drops to like 9000. Now let say you want to buy 1 bitcoin. So the total cost would be 9000 + 22.50 fee = 9022.50. So that would mean you would have 1 bitcoin in your bittrex wallet. But your usdt value would show 954.50 usdt right?
So basically if you want to buy and sell bitcoin... buy at the low... then sell very high and do it many times, that would mean your usdt value would be your profit right? Now with the usdt value you have... the most important thing is how do you cash it out to your bank account? I read gdax and gemini you sell your bitcoin there and then its converted into usd and then you do an ach or wire transfer to your bank account. But with bittrex, can you send a bank wire or ach to your bank account or not? So you would have to create a tether.io account... then send the tether from bittrex to tether.io? Now what if you want to cash it out. What are the fees to cash out to your bank account? I read tether is around 1 dollar or so. That means that tether is basically like a usd balance then right? The thing is i read that people who trade on gdax or gemini... they buy/sell bitcoin etc. But with bittrex, its the same as in gdax/gemini right? The only different is you have USDT as oppose to usd balance if it was done in gdax or gemini?
Okay so no one answered my question. Can you send an ach or bank wire to bittrex or other exchange and then get usdt?
I don't do that because I don't think that it will need too long before I can receive that money in my bank account. I prefer to send my btc to my friend which is bought and sold btc for fiat so I don't have to wait too long. selling your btc is a good idea but my suggestion is better you use your friend service to cash out your btc to fiat because the fee is not too big to depend on the bank.
Also are you guys telling me selling your btc for usdt is not a good idea? I thought about doing this because say i want to buy some altcoins at a certain price. Say i want to buy a coin when its 5 dollars etc. I have btc. But if i wait for the price of the altcoin to drop to 5 dollars before i buy with the bitcoin i have bought specifically to buy altcoins, then i have to make sure the btc price either says around the same or goes higher. Because if both falls, then sure i get the altcoin at a better price but i would be selling the bitcoin for a lower price. So in this situation where you only want to care about the altcoin price and not care about the btc price for a certain amount of btc you have solely to buy altcoins, you could just sell it immediately for usdt? Then when the altcoin hits the price that you want to buy, then you immediately sell the usdt for btc... then immediately buy the altcoin with the btc? Is this correct?
this is a different case. if you want to buy a coin with usdt, then you need to have usdt too and not btc.you need to sell your btc and then you can buy the coin with your usdt. I think if the altcoin price increases then I am sure that altcoin price in usdt will increase too.
I only need to buy and sell altcoin in btc and not altcoin in usdt although I do this too. it is not a problem in what way you want to buy or sell, the matter is how much profit you want to make, that's it. if you only turn around with this, I guess you cannot make any profit at all. just do it, try to do 3 times for buy and sell in one coin and see what is happen and I think you can get the point of your question.
If you are selling an altcoin for btc. And you plan to later on another altcoin when prices dip... should you be selling the btc immediately for usdt... that way you dont have to be affected by the btc fluctuations? Thus imagine you want to buy an altcoin at 1 dollar. Its 2 dollars now. BTC is say 13k now. But if you sell the btc for usdt... then you can buy the altcoin at 1 dollar. But if during that instance, btc drops to 10k, you would get less altcoin with that same amount of money. Someone mentioned in a thread its a way to park your funds so you could buy altcoins later on. Thoughts on this?
why do we need to sell btc for usdt? if we want to altcoin when the prices dip then we can buy with btc if we have btc and if we only have usdt then we can buy the coin too as long as the coin have pair with usdt.
If you are selling an altcoin for btc. And you plan to later on another altcoin when prices dip... should you be selling the btc immediately for usdt... that way you dont have to be affected by the btc fluctuations? Thus imagine you want to buy an altcoin at 1 dollar. Its 2 dollars now. BTC is say 13k now. But if you sell the btc for usdt... then you can buy the altcoin at 1 dollar. But if during that instance, btc drops to 10k, you would get less altcoin with that same amount of money. Someone mentioned in a thread its a way to park your funds so you could buy altcoins later on. Thoughts on this?
As I known that USDT is Tethered USD. But nowaday USDT is higher than USD exceed over +10%, it can be called inflation. I think BTC price actually too high to obtain, so I have seen bunch of people have to choose USDT instead of BTC.
That is my point.I think it is a better way to join the exchange,and it is useful can instead of most coin.
That is my point.I think it is a better way to join the exchange,and it is useful can instead of most coin.
Hi there. Here is my situation. I want to mainly buy altcoins and hold but also daytrade. For example, say im looking at the prices and prices are dropping. Now i want to buy a certain altcoin because its below a certain price. In order for me to do this, i need to request a btc withdraw from a site that i bet on. Thus they pay out in btc. So say at the moment i want to buy 1000 usd worth of an altcoin. So in order for me to do this, i need to request a btc withdraw from the site. However, it would takes hours or a day or even longer for the btc to hit my wallet. By then, the price of the altcoin might have went up a lot to where i don't want to buy it anymore at that price. Thus i need to have btc on hand. I do have some btc on hand but the issue is those btc... im holding it. I do not want to convert those btc to altcoins. Thus i want to convert usd i have in a betting account online that bet on... and then when i withdraw, they pay me out in btc the usd equivalent. Thus if i want to withdraw 1000 usd or 5000 usd, they then pay me out my bitcoin but i dont know how long it takes for the btc to be received.
It depends on the fees was used for transaction when they send you the paymentThe thing is i always want to have money on hand where i could buy an altcoin immediately. So based on my situation, i should request btc from that site... then once i receive it... send it to bittrex... then sell it for usdt right? Then once i do that... say i have 5000 usdt in my bittrex account. Now i can look at the prices and when i want to buy an altcoin because the price is dipping or because i heard something good about it or its going up and i want to buy it immediately... then i would immediately buy btc with the usdt right? For example, say i want to buy a 5 dollar coin and buy 500 shares of it or 2500 dollars. With the 5000 usdt in my balance... i would then buy 2500 usdt worth of btc. Then i would immediately sell that 2500 usdt worth of btc for the altcoin right? Now i own around 500 shares of that altcoin and also have a 2500 usdt balance roughly to buy any altcoin or btc when im ready? Is that what the process should be like for me?
yes, but with some altcoins, you can use USDT to buy directly.Another thing i want to ask. Let say i buy an altcoin for 5 dollars and buy 1000 shares of it. Let just say btc is worth 5k for example. Thus i spent 1 btc to buy 1000 shares of an altcoin. Now the altcoin price went up to 8 dollars and i want to sell. I sell all of it and i make around 3k profit minus fees. So when i sell the altcoin back to btc, i get btc. But let say btc went from 5k to 15k for example. So i started out with 1 btc... but because btc went up so much... 1 btc is 15k.... and i get only 8k back... i get around 0.533 btc. So here i clearly made a usd profit. But in order for me to lock this profit in this trade, i should be selling that 0.533 btc immediately for usdt which should be around 8k usdt right? That way i locked by 3k usdt profit? Because if i dont convert it to usdt and say btc drops... well my 3k usd profit from buying/selling that altcoin could be negated by the drop of btc right if it drops over that amount?
yes, your USDT balance has not affected by the change in bitcoin prices.
Okay so no one answered my question. Can you send an ach or bank wire to bittrex or other exchange and then get usdt?
Also are you guys telling me selling your btc for usdt is not a good idea? I thought about doing this because say i want to buy some altcoins at a certain price. Say i want to buy a coin when its 5 dollars etc. I have btc. But if i wait for the price of the altcoin to drop to 5 dollars before i buy with the bitcoin i have bought specifically to buy altcoins, then i have to make sure the btc price either says around the same or goes higher. Because if both falls, then sure i get the altcoin at a better price but i would be selling the bitcoin for a lower price. So in this situation where you only want to care about the altcoin price and not care about the btc price for a certain amount of btc you have solely to buy altcoins, you could just sell it immediately for usdt? Then when the altcoin hits the price that you want to buy, then you immediately sell the usdt for btc... then immediately buy the altcoin with the btc? Is this correct?
Also are you guys telling me selling your btc for usdt is not a good idea? I thought about doing this because say i want to buy some altcoins at a certain price. Say i want to buy a coin when its 5 dollars etc. I have btc. But if i wait for the price of the altcoin to drop to 5 dollars before i buy with the bitcoin i have bought specifically to buy altcoins, then i have to make sure the btc price either says around the same or goes higher. Because if both falls, then sure i get the altcoin at a better price but i would be selling the bitcoin for a lower price. So in this situation where you only want to care about the altcoin price and not care about the btc price for a certain amount of btc you have solely to buy altcoins, you could just sell it immediately for usdt? Then when the altcoin hits the price that you want to buy, then you immediately sell the usdt for btc... then immediately buy the altcoin with the btc? Is this correct?
As I known that USDT is Tethered USD. But nowaday USDT is higher than USD exceed over +10%, it can be called inflation. I think BTC price actually too high to obtain, so I have seen bunch of people have to choose USDT instead of BTC.
USDT can't be trusted like USD as nobody knows how much USD they have in their bank which is backing those USDT tokens.Also it has been hacked recently and I think deposit/withdrawal for USDT is still disabled in many of the exchange.
I have stopped holding my fiat in USDT after that hack and several other hickups.
You are complicating it too much. If you are trading Alts on an exchange that is not accepting a fiat transfer then find one that does. On the platform that is not accepting fiat, exchange your Alts to one Alt you like then transfer it to the other exchange. Then now your problem about bank transfer is solved.
As I known that USDT is Tethered USD. But nowaday USDT is higher than USD exceed over +10%, it can be called inflation. I think BTC price actually too high to obtain, so I have seen bunch of people have to choose USDT instead of BTC.
Is it possible to send a wire transfer or ACH to bittrex and get the equivalent of USDT there?
Anyone can answer this question?
Hi there. Here is my situation. I want to mainly buy altcoins and hold but also daytrade. For example, say im looking at the prices and prices are dropping. Now i want to buy a certain altcoin because its below a certain price. In order for me to do this, i need to request a btc withdraw from a site that i bet on. Thus they pay out in btc. So say at the moment i want to buy 1000 usd worth of an altcoin. So in order for me to do this, i need to request a btc withdraw from the site. However, it would takes hours or a day or even longer for the btc to hit my wallet. By then, the price of the altcoin might have went up a lot to where i don't want to buy it anymore at that price. Thus i need to have btc on hand. I do have some btc on hand but the issue is those btc... im holding it. I do not want to convert those btc to altcoins. Thus i want to convert usd i have in a betting account online that bet on... and then when i withdraw, they pay me out in btc the usd equivalent. Thus if i want to withdraw 1000 usd or 5000 usd, they then pay me out my bitcoin but i dont know how long it takes for the btc to be received.
The thing is i always want to have money on hand where i could buy an altcoin immediately. So based on my situation, i should request btc from that site... then once i receive it... send it to bittrex... then sell it for usdt right? Then once i do that... say i have 5000 usdt in my bittrex account. Now i can look at the prices and when i want to buy an altcoin because the price is dipping or because i heard something good about it or its going up and i want to buy it immediately... then i would immediately buy btc with the usdt right? For example, say i want to buy a 5 dollar coin and buy 500 shares of it or 2500 dollars. With the 5000 usdt in my balance... i would then buy 2500 usdt worth of btc. Then i would immediately sell that 2500 usdt worth of btc for the altcoin right? Now i own around 500 shares of that altcoin and also have a 2500 usdt balance roughly to buy any altcoin or btc when im ready? Is that what the process should be like for me?
Another thing i want to ask. Let say i buy an altcoin for 5 dollars and buy 1000 shares of it. Let just say btc is worth 5k for example. Thus i spent 1 btc to buy 1000 shares of an altcoin. Now the altcoin price went up to 8 dollars and i want to sell. I sell all of it and i make around 3k profit minus fees. So when i sell the altcoin back to btc, i get btc. But let say btc went from 5k to 15k for example. So i started out with 1 btc... but because btc went up so much... 1 btc is 15k.... and i get only 8k back... i get around 0.533 btc. So here i clearly made a usd profit. But in order for me to lock this profit in this trade, i should be selling that 0.533 btc immediately for usdt which should be around 8k usdt right? That way i locked by 3k usdt profit? Because if i dont convert it to usdt and say btc drops... well my 3k usd profit from buying/selling that altcoin could be negated by the drop of btc right if it drops over that amount?
The thing is i always want to have money on hand where i could buy an altcoin immediately. So based on my situation, i should request btc from that site... then once i receive it... send it to bittrex... then sell it for usdt right? Then once i do that... say i have 5000 usdt in my bittrex account. Now i can look at the prices and when i want to buy an altcoin because the price is dipping or because i heard something good about it or its going up and i want to buy it immediately... then i would immediately buy btc with the usdt right? For example, say i want to buy a 5 dollar coin and buy 500 shares of it or 2500 dollars. With the 5000 usdt in my balance... i would then buy 2500 usdt worth of btc. Then i would immediately sell that 2500 usdt worth of btc for the altcoin right? Now i own around 500 shares of that altcoin and also have a 2500 usdt balance roughly to buy any altcoin or btc when im ready? Is that what the process should be like for me?
Another thing i want to ask. Let say i buy an altcoin for 5 dollars and buy 1000 shares of it. Let just say btc is worth 5k for example. Thus i spent 1 btc to buy 1000 shares of an altcoin. Now the altcoin price went up to 8 dollars and i want to sell. I sell all of it and i make around 3k profit minus fees. So when i sell the altcoin back to btc, i get btc. But let say btc went from 5k to 15k for example. So i started out with 1 btc... but because btc went up so much... 1 btc is 15k.... and i get only 8k back... i get around 0.533 btc. So here i clearly made a usd profit. But in order for me to lock this profit in this trade, i should be selling that 0.533 btc immediately for usdt which should be around 8k usdt right? That way i locked by 3k usdt profit? Because if i dont convert it to usdt and say btc drops... well my 3k usd profit from buying/selling that altcoin could be negated by the drop of btc right if it drops over that amount?
if you have bitcoin, you need to determine what trading pair you want to do. is it btc pair usdt or btc pair altcoin. try to understand this first.
let say you want to do trade btc pair altcoin. you need to make you have bitcoin to trade then you can buy altcoin. if you don't have bitcoin, you can buy it from another place and send the bitcoin to your bittrex account then you can trade bitcoin pair altcoin.
I think it will be good if you have bitcoin than usdt, no matter how amount bitcoin you have because with bitcoin in your hand, you don't have to get a problem to trade. with bitcoin, you have the flexibility to trade. you can trade it with usdt or altcoin. but you need to understand that people will prefer to cash out their bitcoin to their account bank than send the tether to their bank. I don't have any experience to cash out my tether but I have a lot of experience to cash out my bitcoin to my bank account. it is more simple to cash out our bitcoin than our tether.
but I might be wrong so I am sorry if my explaining is not right. I hope you understand this.
let say you want to do trade btc pair altcoin. you need to make you have bitcoin to trade then you can buy altcoin. if you don't have bitcoin, you can buy it from another place and send the bitcoin to your bittrex account then you can trade bitcoin pair altcoin.
I think it will be good if you have bitcoin than usdt, no matter how amount bitcoin you have because with bitcoin in your hand, you don't have to get a problem to trade. with bitcoin, you have the flexibility to trade. you can trade it with usdt or altcoin. but you need to understand that people will prefer to cash out their bitcoin to their account bank than send the tether to their bank. I don't have any experience to cash out my tether but I have a lot of experience to cash out my bitcoin to my bank account. it is more simple to cash out our bitcoin than our tether.
but I might be wrong so I am sorry if my explaining is not right. I hope you understand this.
Okay so let say someone wants to buy altcoins especially when there are huge dips. The only way to do this would be have btc on hand and sell it immediately for altcoins. The issue with this is you would be holding the btc and that would fluctuate. For example say you want to have 5000 usd where when either altcoins drop or btc drops, you then buy. The issue for me is when i want to buy altcoins, i need to withdraw btc from a site in order to do this. So the issue would be me requesting btc and that could take hours or longer to receive the btc. And by then, the altcoin price might go up high where i do not want to buy it anymore.
So this would also appy to bitcoin, eth and litecoin and those other coins as well. So basically shouldn't you always have usdt in bittrex if you want to buy/sell altcoins? Because assuming you are holding btc that you don't want to touch and don't plan to sell those for altcoins... isn't the only way to really buy immediately without waiting is to have usdt on bittrex to buy altcoins? And also with the btc, lth and ETH? But on gdax/coinbase, you either have btc balance or a usd balance right? Thus on gdax/coinbase and gemini for example, those ppl who daytrade and wait for dips... they have a usd balance there to do buy/sell?
And what is the best way to get usdt on bittrex? If i sell btc on bittrex, i would get usdt? Im already enhanced verified. However i read a while back then bittrex requires more verification documents if you want to trade usdt... but since im already enhanced verified, that means i don't have this issue right? So if i want usdt on bittrex, easiest way would be to sell btc or litecoin or eth and then i have usdt balance there? Then when im ready to buy altcoin, i just buy btc and then immediately sell btc for altcoin?
So this would also appy to bitcoin, eth and litecoin and those other coins as well. So basically shouldn't you always have usdt in bittrex if you want to buy/sell altcoins? Because assuming you are holding btc that you don't want to touch and don't plan to sell those for altcoins... isn't the only way to really buy immediately without waiting is to have usdt on bittrex to buy altcoins? And also with the btc, lth and ETH? But on gdax/coinbase, you either have btc balance or a usd balance right? Thus on gdax/coinbase and gemini for example, those ppl who daytrade and wait for dips... they have a usd balance there to do buy/sell?
And what is the best way to get usdt on bittrex? If i sell btc on bittrex, i would get usdt? Im already enhanced verified. However i read a while back then bittrex requires more verification documents if you want to trade usdt... but since im already enhanced verified, that means i don't have this issue right? So if i want usdt on bittrex, easiest way would be to sell btc or litecoin or eth and then i have usdt balance there? Then when im ready to buy altcoin, i just buy btc and then immediately sell btc for altcoin?
Tether is treated as any other crypto currency.
if we use monero again as above, how do you cash that into FIAT and into your bank?
well it is the same for tether, transfer it to USD or whatever FIAT currency you like and transfer it to your bank
I feel the OP is really mixing things up and it is good for him to understand before he ends up making mistake.if we use monero again as above, how do you cash that into FIAT and into your bank?
well it is the same for tether, transfer it to USD or whatever FIAT currency you like and transfer it to your bank
USDT is not USD. USDT is a cryptocurrency that can serve as USD for those who may want to trade BTC-USD and so many exchanges are using it as I feel that was the main essence anyway.
However, it is not necessary to convert to USDT before getting money into one's bank account. There are so many exchanges that one can make use of to just convert BTC straight to fiat without complicating things.
You almost got me lost bro 
, with all those your statement. First and foremost, I hope you really know how to trade, so you do not get all your funds messed up at the end. That being said, it is just the normal rule of trading and you do not necessarily need tether to do all of that.
Tether however, is just an equivalent value of USD for those who may want to trade against fiat.
Bittrex is a trading platform and apparently, if you sell higher and buy back lower, you obviously already have some profit when the value increases.
If you want to withdraw back into fiat, you can just make use of any exchange based on your location and send your bitcoin from bittrex to the wallet. Simple! Mind you, you must get verified before you can withdraw on bittrex and you may want to do that first before you start trading.
, with all those your statement. First and foremost, I hope you really know how to trade, so you do not get all your funds messed up at the end. That being said, it is just the normal rule of trading and you do not necessarily need tether to do all of that.Tether however, is just an equivalent value of USD for those who may want to trade against fiat.
Bittrex is a trading platform and apparently, if you sell higher and buy back lower, you obviously already have some profit when the value increases.
If you want to withdraw back into fiat, you can just make use of any exchange based on your location and send your bitcoin from bittrex to the wallet. Simple! Mind you, you must get verified before you can withdraw on bittrex and you may want to do that first before you start trading.
But with bittrex, can you send a bank wire or ach to your bank account or not?
No. You cannot withdraw fiat money from Bittrex. So you would have to create a tether.io account... then send the tether from bittrex to tether.io?
I don't know why you would bother to do that. You could use Bittrex to exchange your USDT to Bitcoin and then sell that BTC for fiat. But if you want to hold USDT for a longer period (God knows why you would) then that's an option.That means that tether is basically like a usd balance then right?
It's supposed to be, but there's no guarantee that they will always remain worth $1. That's just what USDT claims that it will be worth.The only different is you have USDT as oppose to usd balance if it was done in gdax or gemini?
That's an extremely important difference.So if someone only plans to daytrade btc, litecoin and eth thus the main coins that are paired with usd... its better to do this on gdax/gemini as oppose to bittrex right? Thus selling it for usdt on bittrex is not a good idea? Only use bittrex for bitcoin to altcoin and vice versa.
what's best alternative to USDT. The rumors concern me.
But with bittrex, can you send a bank wire or ach to your bank account or not?
No. You cannot withdraw fiat money from Bittrex. So you would have to create a tether.io account... then send the tether from bittrex to tether.io?
I don't know why you would bother to do that. You could use Bittrex to exchange your USDT to Bitcoin and then sell that BTC for fiat. But if you want to hold USDT for a longer period (God knows why you would) then that's an option.That means that tether is basically like a usd balance then right?
It's supposed to be, but there's no guarantee that they will always remain worth $1. That's just what USDT claims that it will be worth.The only different is you have USDT as oppose to usd balance if it was done in gdax or gemini?
That's an extremely important difference. Jump to: