Bitcoin Forum

Hi everyone. I'm new on here :)

I'm having a small problem that I'm hoping someone can help me with. i can't find the answer to my query anywhere online for the love of looking.

A few months ago I purchased half a bitcoin and joined the exchange Poloniex. I started doing a small amount of trading on the exchange. After much analysis and a learning curve, my trading activity is slowly paying off - after having made various loses in the beginning!  :P

After doing some trading on the exchange I find that the most secure option for me is to withdraw the funds from the exchange into my bitcoin wallet. My online wallet provider has a handy feature to exchange the bitcoins into USD for "safe" keeping while the markets heavily fluctuate. Therefor, to my way of thinking, if or when the bitcoin is to devalue during a period of wild volatility, I can buy more bitcoin at a later date at a cheaper rate- obviously increasing the amount of bitcoin I acquire.

I've noticed that upon exchanging the bitcoin in my wallet for USD in my USD wallet, I am charged exorbitant fees. I don't mind paying fees, however, the fees that my wallet provider charge me seem rather high.

So my query is this: -

What is the most secure way to store bitcoin during market depreciation and volatility? I realise that I can store my crypto on USB data drives etc for safe keeping, but this isn't my question.

What is the most economical way to go about doing the above?

Is there a way of exchanging or converting my bitcoin or other al currencies to USD on the exchange? I've seen USDT, but not sure how feasible that is at the moment. I need to study it more. AS it also fluctuates. I do understand the basics of tether, but their fees are also quite high from what I see...

I really appreciate the guidance.

I have contemplated storing my bitcoin in another alt cryto which isn't as volatile during bitcoin's moments of depreciation. However, this is a risky situation.

USDT aka tether should usually be fine but there are a lot of questions about its credibility seeing the amount of tether there is in the market. Also read an article saying these exchanges create more artificial tether than what really is out in the market to manipulate the btc market.

Thanks.

Does anyone else also have any other suggestions. i figure there is more solutions out there.

I'll continue to search.

If you want to convert BTC/USD fees are usually high. There is no denying that so you have to calculate if it's worth to actually do that as price usually goes back pretty soon. If you are determined to do that cry CEX.io exchange, and take a look at their fees. In my mind it's not really bad

Thanks for the recommendation. I'll check out CEX.io

Obviously you can hold fiat in terms of USDT to lower loss during huge market movements and buy cheap bitcoins when price will be dumped from the same trading platform.

Another option can be exchanging your bitcoin for USD and withdrawing them out in their respective payment gateway like perfectmoney, okpay etc. Only few exchanges support this platforms. But you might have to pay heavy deposit/withdrawal fee for this payment gateway.