Topic: USDT on Bittrex? - page 2. (Read 796 times)

Guys above you have said it all. However, with this question you are asking again, I feel you are complicating things for yourself. You do not have to send USDT to another exchange to convert to fiat. Once you want to make any withdrawal from bittrex, just send the USD equivalent of the BTC you want to withdraw to exchanges like coinbase and the likes, and you can convert your BTC to your normal currency which would be sent to your bank account from there. However, there are some things I guess you should know first;
1. Unless you plan on trading, you really do not need bittrex
2. Your BTC is all you need in most exchanges to convert to fiat which would be sent to your bank account.
3. You have to find the exchanges you can make use of in your area as some may not be applicable for you to use in your country. If you are in the US though, you can make use of coinbase. If you are in a different country, you can check the supported countries here https://www.coinbase.com/global?locale=en
4. Make sure you get your account on bittrex verified before you start using it.

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

How do you turn that tether into money to your bank account?  Is the process easy?  You have to create a tether account right?  Then send the money to your bank account?  Is verification easy for this?  Also what are the fees for this?  For example say you have 5000 dollars in usdt.  You want to cash it out to bank.  When you cash it out, how much you get back to your bank after fees?  Is it fixed percentage?  And is it an ach or wire transfer?  Is there a minimum/max?

this is all you need to know!
it is a general rule of trading, it could be monero instead of tether, it is just the same with anything, buy low and sell high.
Tether is a crypto currency linked to the USD to within 1 or 2%

why are you complicating it for yourself?!!

you have X and you have Y, you sell X for Y and pay some fee. X is sometimes worth 100*Y and sometimes it goes up and it is worth 120*Y and sometimes it goes down and it is worth 90*Y.

X can be bitcoin and Y can be USDT or USD or CNY or JPY or ....

to trade you buy when X with the Y you have while the price is still low and sell at a high enough price to cover the fees you paid and also make a profit.

try not to get confused about what USDT is and what it should be worth. if you receive 9975 USDT after a million years you will still have 9975 USDT. what is not guaranteed is the value of USDT which is 1 dollar most of the times but it may drop or it may even go to 0.

As far as I know USDT is Equivalent to USD. You have to ask the Bittrex support to inquire about withdrawal fess and others.

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?