As what everyone mentioned already, it would be Tether but as mk4 said. Don't hold it and you should read the thread that he linked.
Not sure if there's any different wallets that holds USDT without holding it in a trading platform or any exchange.
Worse comes to worst, you should probably cash it out for now.
Topic: Where to store money in regular currency when not trading? (Read 313 times)
If what you are saying is that you do not want the worth of your accept to depreciate then I think you should rather convert the bitcoin to USDT because it is a stablecoin that is being used to prevent volatility. About storage, you can store it on MEW since it is an ERC20 token.I hope this answer your question
you worry if the exchange will do the exit scam while your money is with them. USDT can be withdrawn every time you are done trading and you send it back again to the exchange when you are ready to trade again for the day. its a repeating job and will cost withdrawal fees. if the exchange get hacked while your BTC are inside the exchange then thats a long discussion.
there are risks when trading on centralize exchanges but doing it in the decentralized exchange may just save you from sleepless nights.
You don't really have to withdraw to your bank account, you can switch your money to stable coins such as the USDT or PAX, though that comes with some fees. But there are some exchanges that will allow you to store your money as fiat right on their exchange. There is one in my country that I make use of.
When I am funding my account they allow me to fund as fiat and it is instant since it is made with a debit card. And once the money is in my account I can then exchange it to BTC for a very low fee and after trading I can as well change back to fiat right on the exchange . If your exchange doesn't allow that, then stable coins are your only option.
When I am funding my account they allow me to fund as fiat and it is instant since it is made with a debit card. And once the money is in my account I can then exchange it to BTC for a very low fee and after trading I can as well change back to fiat right on the exchange . If your exchange doesn't allow that, then stable coins are your only option.
Thanks for all your answers guys!
Im looking into the stablecoin option and by reading ur thread mk4, tether doesnt seem completley safe, if it is like the tread implies that the founders of the currency can opt to freeze any funds invested into it at any point and just leave us hanging? Especially if they do so when u deposit ur funds into a wallet. It seem like the better option thou compared to leaving it on an exchange.
Would EToro be safer than other exchanges to store on? Right now im on cex.io and while i can hold usd there every trade costs small amounts, big thumbs down. Will be reading up on binance as well, their insurance option is something i havent run into on any of the others
Sadly? Well my logic is that if i make a small profit from trading when the price rises say 200 dollars/btc i want to hold on to this profit by selling if i predict the price will fall soon thereafter. It makes no sense to book the winnings and then just stick with ur holding and leave it overnight say and see the price dwindle back down again.
Also it seems great if ledger can hold stablecoins
A quick look into Etherum and it seems just as volatile as bitcoin...
What does pair holding mean?
Im looking into the stablecoin option and by reading ur thread mk4, tether doesnt seem completley safe, if it is like the tread implies that the founders of the currency can opt to freeze any funds invested into it at any point and just leave us hanging? Especially if they do so when u deposit ur funds into a wallet. It seem like the better option thou compared to leaving it on an exchange.
Your choices are probably down to:
1. Holding Tether(USDT). While this is an option, I wouldn't suggest holding it for more than a day. https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055
2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.
1. Holding Tether(USDT). While this is an option, I wouldn't suggest holding it for more than a day. https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055
2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.
Would EToro be safer than other exchanges to store on? Right now im on cex.io and while i can hold usd there every trade costs small amounts, big thumbs down. Will be reading up on binance as well, their insurance option is something i havent run into on any of the others
What I realized from OP, you don't want to hold bitcoin sadly due to volatility. The only good option I found to hold USDT instead, but I will not recommend for that. It's just a option since you aren't encouraged to hold bitcoin. So holding USDT would solve your problems. Electrum is one of the best wallet that are using now, but unfortunately you can't store USDT there. Don't hold it on any exchange even you want to hold any other stable coins. I will strongly recommend to buy Ledger nano tether wallet. I thing it's not much expensive since you may use for life time. And your fund will be totally under control of you, most secure & reliable.
Sadly? Well my logic is that if i make a small profit from trading when the price rises say 200 dollars/btc i want to hold on to this profit by selling if i predict the price will fall soon thereafter. It makes no sense to book the winnings and then just stick with ur holding and leave it overnight say and see the price dwindle back down again.
Also it seems great if ledger can hold stablecoins
A quick look into Etherum and it seems just as volatile as bitcoin...
What does pair holding mean?
I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.
You can hold real USDs on eToro. Whereas with crypto-only exchanges like Binance and HitBTC, you can only trade and hold USD stablecoins. Whereas like I said I really don't recommend holding stablecoins.
On the Binance exchange, you can store your savings not only in stablecoins but also in the currencies of some countries. Yes, there is no pair to USD on Binance, but there are others, such as EUR, RUB, ZAR and others. For long-term storage, I use EUR, but it also loses value in relation to USD.
To avoid transactions fees and similar what I do is tether the coins/tokens I don't want to have on the trading market but instead have them in a stable wallet where all the coins will then be linked to USDT. At least this is how, I keep mine though if anything was to happen to tether like getting hacked or something then my tether deposits will suffer otherwise they're safe! You can read more about tether on their official page, should you wish to do so: https://tether.to/
If you will return it to your bank account and suddenly you realize that you will be transferring again fiat to your trading account then you are wasting fee for it. If your country supported by one of the fiat currency stablecoin of Binance then your problem is solved. Most of the stablecoin with fiat version can deposited directly from your debit card. But od course the withdrawal part going to your account is a different matter and you need another third party service that accept crypto to your fiat and vice versa. Im sure you have cause most countries will always have one that interest blockchain and cryptocurrency.
I will say just on the exchange itself if you want to hold stable crypto currency because moving them to wallet still cause you expenses then centralized coins can be froze even if you hold them into your wallets, so just hold in exchange but if you are going to hold longer like more than a week then its better to convert into fiat than the stable coins.
I think Binance may be a good place to save lots of money in regular currency without using it far better at exchanging Not just exchanges, trades, hold, and invest in many great sites. But how we keep it'll depend upon our investment we will use Binance for future investments Ethereum is additionally far better for low investment we will exchange both BTC and Ethereum.
Just deposit minimum amount for trading and do not store all USD to exchange especially if the trading site is not well known with no reviews and has no representatives in twitter or Bitcointalk. I dont know if its the same process but im using my country's local wallet provider and send my local currencies there. Coinbase might support USD pair holding.
I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.
You can hold real USDs on eToro. Whereas with crypto-only exchanges like Binance and HitBTC, you can only trade and hold USD stablecoins. Whereas like I said I really don't recommend holding stablecoins.
On the Binance exchange, you can store your savings not only in stablecoins but also in the currencies of some countries. Yes, there is no pair to USD on Binance, but there are others, such as EUR, RUB, ZAR and others. For long-term storage, I use EUR, but it also loses value in relation to USD.
In regards on what OP is been asking about whats the best option then it would really be either way which you had suggested or stick out to stable coins like USDT
to make yourself safe in times where price is too volatile or securing out your funds.You would have these options for you to take and select which one will be preferred.
Hi there!
Im just getting started in crytpotrading and im trying to find a way to do it with the least possible risk involved for my funds and also the smoothest and cheapest way. What im trying to figure out at the moment is where to store my money when im not trading. I have an electrum wallet setup for storing bitcoin but what i would like to do is store usd someplace safe when im not trading, since the usd price is less volatile. Why not withdraw back to your bankaccount u might say, and this is of curse an option but a rather not do this since the fees typically are quite large and to minimise fees in generall i use bank transfers. These takes time and if I transfer this way i cant jump at a good opportunity during the day. So how do u guys store your money when not trading?
Im just getting started in crytpotrading and im trying to find a way to do it with the least possible risk involved for my funds and also the smoothest and cheapest way. What im trying to figure out at the moment is where to store my money when im not trading. I have an electrum wallet setup for storing bitcoin but what i would like to do is store usd someplace safe when im not trading, since the usd price is less volatile. Why not withdraw back to your bankaccount u might say, and this is of curse an option but a rather not do this since the fees typically are quite large and to minimise fees in generall i use bank transfers. These takes time and if I transfer this way i cant jump at a good opportunity during the day. So how do u guys store your money when not trading?
The means is what u just mentioned above, I believe in your trading you do get interest out. Now you check out your earns you get and store them in the bank which is the money you have made out so far and keep back the capital I believe that should be for your business. Less I forgot binance is a cool Exchanger where by it has the Naira trades now if am not mistaken head to binance here: https://www.binance.com and see for yourself.
I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.
You can hold real USDs on eToro. Whereas with crypto-only exchanges like Binance and HitBTC, you can only trade and hold USD stablecoins. Whereas like I said I really don't recommend holding stablecoins.
On the Binance exchange, you can store your savings not only in stablecoins but also in the currencies of some countries. Yes, there is no pair to USD on Binance, but there are others, such as EUR, RUB, ZAR and others. For long-term storage, I use EUR, but it also loses value in relation to USD.
This was a real problem for us. It is not easy to hide cash for many early adopter.
But our solution was this:
Its much easier to hide gold coins since they took less space and that's what we've done years and years ago. Cash can't be hidden in safe deposit boxes or residence once amount exceeds 40k euros, and we have bills that were damaged. Gold coins in its physical form seems to withstand its elements (even in sea water it held up perfectly decades later)
But current crisis make acquire physical gold very difficult. COMEX unable to deliver place huge premiums on gold so converting tiny bit of gold actually is enough to stay healthy and well.
But our solution was this:
Its much easier to hide gold coins since they took less space and that's what we've done years and years ago. Cash can't be hidden in safe deposit boxes or residence once amount exceeds 40k euros, and we have bills that were damaged. Gold coins in its physical form seems to withstand its elements (even in sea water it held up perfectly decades later)
But current crisis make acquire physical gold very difficult. COMEX unable to deliver place huge premiums on gold so converting tiny bit of gold actually is enough to stay healthy and well.
If I want to store money in regular currency, I usually prefer a decentralised wallet with USDT balance. When I trade BTC with USDT, I would never store it in an exchange because there’s a high risk in getting hacked. It’s a lesson learned from a close friend of mine who have traded BTC in an exchange and just stored it for a long time.
After a few months, that exchange was hacked and forced to be closed. The worst part is that my friend wasn’t aware of that since they are giving traders some time to withdraw their funds or risk losing all of their assets. She lost all of it, and it’s a lesson learned.
FreeWallet is one of the best wallets for storing USDT, but it’s not really secured in case my phone gets destroyed. Much better storing it in hardware wallet like Ledger Nano S or X.
After a few months, that exchange was hacked and forced to be closed. The worst part is that my friend wasn’t aware of that since they are giving traders some time to withdraw their funds or risk losing all of their assets. She lost all of it, and it’s a lesson learned.
FreeWallet is one of the best wallets for storing USDT, but it’s not really secured in case my phone gets destroyed. Much better storing it in hardware wallet like Ledger Nano S or X.
What I realized from OP, you don't want to hold bitcoin sadly due to volatility. The only good option I found to hold USDT instead, but I will not recommend for that. It's just a option since you aren't encouraged to hold bitcoin. So holding USDT would solve your problems. Electrum is one of the best wallet that are using now, but unfortunately you can't store USDT there. Don't hold it on any exchange even you want to hold any other stable coins. I will strongly recommend to buy Ledger nano tether wallet. I thing it's not much expensive since you may use for life time. And your fund will be totally under control of you, most secure & reliable.
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^ I don't see that USDT is good to gain profit upon holding, this is a stable coin and you can't get any profit on this if you are holing but there are few wallets that you can hold USDT for a short term purpose, not a long term. These are, MyEtherWallet, OmniWallet, Tether Wallet, Coinomi, Exodus, Ledger Nano S. https://coinswitch.co/news/tether-wallet.
Nevertheless, you have a second option on this. You can directly divert your Bitcoin to cash is must better, I dont trust holding USDT.
Nevertheless, you have a second option on this. You can directly divert your Bitcoin to cash is must better, I dont trust holding USDT.
Actually you can have profit on it but very minimal. Due to liquidity of stable coin, Technically it's not pegged to accurate USD price. But still very closed to 1 USD. You can actually used it for triangular arbitrage.
As holding coin on exchange. I prefered Binance because they have insurance funds to cover loss of there user in case there system was breach by a hacker. This the only exchange I know so far has this unique feature so I believe that there's no need to back and fort the funds to a external wallet from exchange when using it. Just setup a strong security with 2fa using a device with no history of browsing/downloading malicious file or website.
Finally. I recommend Binance because personally using it and leaving my funds more than 1BTC for over a year without any problem. But still do it at your own risk.
but the fact that it is still in an exchange do not guarantee it safe, there are still chances that it can get stolen when the exchange system has been breached.
I'm pretty sure most people here on Bitcointalk know that already.I'm seeing about eToro a lot when watching youtube, I don't like their advertisement but the fact that it works then it should be fine.
Their ads sure are too predatory, but yea it doesn't change the fact that eToro is a legitimate business.Having no deposit option for BTC makes me think that they are not really into cryptocurrency, they are more in stocks trading.
eToro is a trading platform in general, not specifically a cryptocurrency exchange.
^ I don't see that USDT is good to gain profit upon holding, this is a stable coin and you can't get any profit on this if you are holing but there are few wallets that you can hold USDT for a short term purpose, not a long term. These are, MyEtherWallet, OmniWallet, Tether Wallet, Coinomi, Exodus, Ledger Nano S. https://coinswitch.co/news/tether-wallet.
Nevertheless, you have a second option on this. You can directly divert your Bitcoin to cash is must better, I dont trust holding USDT.
Nevertheless, you have a second option on this. You can directly divert your Bitcoin to cash is must better, I dont trust holding USDT.
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