Bitcoin Forum

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  ??? ??? 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  >:(

need help figuring this out.

thanks,

There is some others way to do cash out. Binance is not one of those, yet.

Their P2P market still really young. If you want USD just buy again an use another service such, hodlhodl, Bisq, Paxful or regulated exchanges like Coinbase, Bistamp, Kraken, etc to get money straight to your bank account...

Trade it back to Bitcoin or transfer it to another exchange that accepts USDT. You shouldn't have any problems with USDT since it's a popular stablecoin traded on several exchanges. If you're going to a centralized exchange you'll have to do KYC and that'll take time for verification but if you prefer p2p you can also check the Currency Exchange section (https://bitcointalk.org/index.php?board=53.0).

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

Usdt has been a stable coin to deal with market.everytime when market looking to dump,  it is always beneficial to convert your Cryptocurrencies into usdt. Usdt market has been started by lots of exchanges so you can buy crypto with your usdt. Everybody should know that usdt can not too much pump or dump so it will not destroy you equity when you convert your crypto in usdt. You shouldn't have any problems with USDT since it's a popular stablecoin traded on several exchanges.

USDT is a stable coin you can sell it back to BTC and withdraw from exchange. You need to find a local exchange that you may convert your BTC to fiat. If your purpose to convert your BTC to fiat no need to use Binance.

You can use these exchanges that may support Bank transfer.

• BestChange.com (https://www.bestchange.com/)
• LocalBitcoins.com
• CEX.IO
• Coinbase

..and there are lot more just use google search bar engine.

I guess you made a bitcoin pair usdt by coincidentally because that is what trader did if they want to make a profit in USDT or bitcoin. You can use USDT to buy bitcoin back if the bitcoin price is down so you will get more amount with some dollars.

I don't know where you can trade bitcoin to fiat because that will depend on the local exchanges. But if you want to withdraw to your bank account, you can use Binance to withdraw the money. But maybe you need to find your local exchange so, with a local exchange, you can withdraw to your bank account.

How if you buy bitcoin again with the USDT amount that you already have, and then you send the bitcoin to your local exchange so you can sell your bitcoin to your fiat, and the local exchange can send the fiat to your bank account.

Stablecoins are models to stabilize the price against fluctuations to maintain the value of profits compared to the dollar, and therefore there is no real use of those currencies except in trading within the platforms.
USDT is the most popular model and therefore you will not have difficulty converting to fiat, but it is better to convert it back into BTC and then sell it normally.

Bitcoin price may go up quickly so to avoid losing it's best to sell them quickly.

unfortunately most of those regulated exchanges r either not supported in my country or look really suspicious to me ! no need to get into details, but i cant even activate my account on bitstamp because my country is not listed there ! coinbase is NOT supported where i live, so am down to kraken now and i have a simple question, is working with them as simple as:-

- create account
- get it verified
- deposit funds in BTC (they call it XBT)
- sell my XBT for USD (NOT USDT)
- my money is USD will show up in my kraken account (real Fiat)
- I will withdraw it to my bank account in my own country of residence, or even hopefuly paypal.

plz clarify this to me,

thanks,

If kraken is suitable for your condition and your country of residence is not restricted to use it, then you can go with it. It's a regulated exchange, old player in the crypto markey, safe, and no complaints against it as far as i know. There always p2p option available in marketplaces like Paxful, localbitcoins, localcrypto...
If you can tell what is your country, you will get better suggestions from users here.

Where you come from?. Kraken has restricted countries like Afghanistan, Cuba, Iran, Iraq, North Korea,Tajikistan and Japan. also, does not offer service to residents of Washington state and New York. so be careful.

Kraken offers fiat currency, if you want trading $ USD must be ready KYC level 2 (ID verification and Resident). so do not confident too much.

Also,they don't support Paypal.

[1]. https://insidebitcoins.com/cryptocurrency-exchanges/kraken-review#Supportedcountries
[2]. https://support.kraken.com/hc/en-us/articles/360000382423-Deposits-or-withdrawals-via-third-party-payments-processors-TPPPs-

Most important question to answer first is where you are, and which jurisdiction applies to you. Don't go Localbitcoins if you're from the US, for example, you don't want to go to jail.

If you're outside the US, chances are you can easily use Bitpanda without verification for that amount of Tether. Deposit it directly to them, and request bank payment. Not advertising, but it works easiest for Tether across almost all jurisdictions.

If Kraken is your main choice then you're in luck. Kraken is also one of the very few exchanges with a direct USD/USDT market. You can send your USDT straight there and exchange it for USD. No need to lose extra in trading fees and volatility. Kraken's USD set up is pretty creaky compared to elsewhere but at least it exists.

https://trade.kraken.com/charts/KRAKEN:USDT-USD

How much cost fee withdrawl USD in Kraken?

It's all here - https://support.kraken.com/hc/en-us/articles/360000423043-Fiat-currency-withdrawal-options-fees-minimums-and-processing-times-

But I'm not sure how good their USD banking is compared to EUR. They seem to have used piece of shit third party payment processors in the past who've caused users problems. I'm not sure what their current set up is at the moment.

May be next time i'll try kraken. But thanks for your suggestion

Am a resident of the UAE, kraken seems to allow trading from where i live, but am just wondering, if i sell say huge sum almost 1 BTC on their trading platform in exchange for fiat (mainly USD) will kraken honor the withdrawal of the fiat to my bank account in my country or scam me just like someone might suspect ?...

btc/usdt is for traders not holders .ofc in the end u can sell your btc or usdt witch depends on your country.but usdt is more safe to keep .if im going to sell btc first i change it to usdt because usdt is alwasy 1 usd .or for trade if i see price will go down i change my btc to usdt and wait for drop and then i buy btc again.

I can suggest that you use CEX.IO, you must do KYC (you will have to hand over your passport, proof of address and a selfie holding your bank card) or you can exchange bitcoin to paypal and then you will withdraw the money from your paypal account  to the bank (just add your bank card to your paypal account )... but be careful with exchange bitcoin to paypal because it is full of scammers, I exchange with this user: @shasan (https://bitcointalk.org/index.php?action=profile;u=1883627) and I use Cex.io for a long time

USDT is 'safe' in the sense that it's supposed to remain at a set price. It's not safe in any other way. It's possible the $1 peg will collapse. It's also possible USDT will disappear completely. I'd never spend any significant amount of time parked in it especially when there are enough real dollars out there.

Won't they charge up to 25% of your Bitcoin when converting? Or you haven't consider that yet ?

The conversion depends to the price of bitcoin and that's how it will be converted to USDT. Say, that bitcoin is worth $9,800 then you will get 9700 USDT because it's conversion is 1usdt=$1.

I don't know where you got the idea of charging 25% of your bitcoin when you're just trying to convert/trade your bitcoin with usdt. Exchanges don't even charge that much withdrawal fee when you're withdrawing .

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

If Binance supported your country fiat currency what you have to do is withdraw the USDT into your country fiat but you dont need to convert your BTC into USDT next time if Binance does provide fiat withdraw to your country.

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

buy some weed or wait for the money go brr and buy more bitcoin

Point us towards a bank account that accepts USDT. Your answer at the bank is guaranteed to be 100% 'wut'?

It's a crypto specific obscurity and since you can't get Tether themselves to redeem your USDT for dollars, which I thought was kind of the original point, you'll have to find somewhere else that'll turn it into real dollars for you.

Binance is the most popular exchange. It's not the only one. You can try Coinbase or Coinmama, and don't you mind about P2P selling like LocalBitcoins offers. What's about Tether? I cashed out it via Coinswith again.

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.

When selling a small amount of bitcoin other times, you should not trade on global exchanges, you will waste a large fee compared to the amount you trade. It is best to look for small buyers (reputable) or cash exchanges in your country. It's very easy, you can search on the forums, then contact and sell USDT or BTC with them.

I don't know if there are banks accepting USDT directly maybe I miss to see the news about this since on our country we don't have an option to do that and we need to exchange our USDT to bitcoins and transfer it to our local wallet to convert it into fiat.

Maybe american citizens have that option or?

binance was a crypto exchange so i assume that you can only buy or sell cryptos on here and not fiats  but there are other trading platforms that supports crypto to fiat or fiat to crypto , i just only dont know if what site but you can try searching that on google  .  

there are also wallet that allows you to do that like the one that i use right now although i dont know if this was available on your region because i heard this only operates mainly on asian region .

You are massively overestimating USDT's importance. No one outside of crypto has a clue what it is. No bank will know and if you explained it to a bank they'd look at you like you were fucking nuts.


'Look, there's this company, no one really knows who owns it or where it's based and they invented this token. It's worth a dollar but there's no way of proving that there are real dollars backing it and they've said themselves that sometimes it isn't.

The actual company who issues these tokens refuse to give their non whale customers dollars for one of these tokens. You have to find some other individual on an exchange willing to hand over real ones.

So, are you gonna let me deposit these or not?

I'm WAITING.'

I think USDT should CEO  should more active negotiating to be the CBDC

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 ;D

Tether: The Story So Far

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

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.

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

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.

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 (https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone).

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.

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 (https://wallet.tether.to/transparency)


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.

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.

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.

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.

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.



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.

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.

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.

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.

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.

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.

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?

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.

So if I get you very well you are planning to exchange your Bitcoin to Fiat? If I'm correct you need to change that USDT back to Bitcoin and send to LUNO wallet, you need to set up a luno account and do KYC then you will be able to sell for Fiat and move into your bank account

Well, The most simplest thing you can do is transfer the USDT to an exchange that accepts it  and you can convert it to USD. But, Because it's just a small amount, I'd recommend just letting it stay in Binance because for me there's no point to do that work for a few dollars. right? So just hold it there and if you plan to trade some more BTC or other coins, then your fees are basically covered.

The selling to USDT isn't by magic you were the one that selected it, could be you weren't fully aware that it was BTC/USDT pair you clicked on. Regardless of that, there is no issue as you can still sell back to your preferred fiat currency. Before doing that, it is better to check the list of supported fiat currencies on Binance to see if yours is among, if it is, then select the BTC/USDT pair again, this time around sell to BTC first, then sell to your fiat. The reason is, most fiat currencies have BTC and BUSD as their trading pairs. Lastly, to successfully, withdraw the fiat, you will need to be verified, that is, sending your documents to Binance to verify you.

I personally invest my stablecoins on platforms like Nexo, Binance lending products, and margin lending.

On average these generate an APR of between 6-15% per year, but they can be considered relatively safe ways to turn a profit—assuming these platforms can avoid being hacked for the duration of the investment.

https://interest.coinmarketcap.com/

The above link has a few examples of places that offer a return on stablecoins. Be sure to do your own due diligence though.

Echoing what the others have said so far, I invest my USDT in Nexo right now and get 10% interest.

The platform has a good amount of insurance over user funds, and I believe it uses a custody solution too, so should be safer than the lending products offered by most exchanges.

You can also use your USDT to provide liquidity using one of the myriad DeFi protocols, check out DeFi pulse as there's a bunch on there that offer safe returns on USDt.

Good advice! I rather convert USDT to fiat money than holding it. Otherwise, I'll choose to invest in another coin. If I want a stable coin to hold my investment, I'll choose ETH. I usually store my capital in either ETH or BTC. In that way, I can both keep my capital and earn profit at the same time. 

Usdt is stable coin in cryptocurrencies market which is not too much volatile like another coin. Anytime when we are expecting a crash in market you can convert your crypto in USDT where your total value will not decrease. After crash you can buy with these USDT any coin for a good profit quickly. USDT is a coin that has support from traders all over the world.

I will advice you trade with the USDT, study a good altcoin to trade on exchange, when the token is dumping, buy with your USDT, when the token Pumps, exchange back to USDT, keep doing this and in few days you should be in profit.

You can use LocalBitcoins to convert your BTCs to FIAT money there's no minimum limit there AFAIK. You can also look for any other exchange that provides service in your country. Would be able to help you better if I know which country you are from.

I thought binance supports FIAT? I'm guessing that's through binance US, that's US version for binance exchange, you can withdraw FIAT through that platform, all you need to do is KYC verifications, the app is available on playstore, looks like this

https://i.imgur.com/gXTWjdw.png

USDT is a stable coins so why you are saying this is the best time to hold it? No matter when you hold the price is going to be stable or goes to zero if people lost the trust on it.Binance support fiat withdrawals but not for every countries so he needs to check whether his country is supported or not.Or its better to move BTC to p2p like localbitcoin and sell it for fiat from there.

he was looking for the best way to exchange his USDT into the fiat money and there was no a lot of exchange sites have already used USDT too. He can use coinbase, kraken, okex, bittrex and many more to exchange it with fiat but since he was looking for exchanging small amounts and exchange site will never approve it as it needs a lot of money to pay the fees.

You still have your money, why sound like USDT is worthless? If you can't convert to FIAT on binance exchange you will need to get your BTC back and move the BTC to platforms that support FIAT withdrawal like Luno, I use Luno and it works perfectly ok, it supports many countries too.

On Binance, there is really no trading pair to USD and it is not known what this is due to. But it can be exchanged for Fiat, Euro, GBR and other national currencies. Based on the development of the exchange, they will add new national currencies in order to facilitate entry and withdrawal via credit card.

LOL, this is really a humorous advice. How do you know when is the time to buy the token if it is dumped?
The cryptocurrency market is harder than the forex market, so it's not easy to trade for newbies to make profit.

My recommendation :

Convert small portion of your Tether (USDT) to Bitcoin, sent it to Kraken, withdraw in USD, evaluate the whole process.
If process is good : get verified on Kraken (so you can withdraw a larger amount in USD) and repeat above process.

Links :

https://support.kraken.com/hc/en-us/articles/360000423043-Fiat-currency-withdrawal-options-fees-minimums-and-processing-times-
https://support.kraken.com/hc/en-us/articles/360001449826-Deposit-and-withdrawal-limits-by-verification-level

Looking at the FIAT currencies limits in above link you may need to get verified first, before being able to do any kind of FIAT withdrawel as a starter, keep that in mind.
Also Kraken has this in place : 'All first-time fiat deposits will result in a temporary (72 hour) withdrawal hold on the account.'

With regards to Euro withdrawing, Kraken is one of the largest exchange that is handling Euro withdrawels in Europe and has an excellent reputation.
I just don't know how well Kraken handles USD withdrawels, it depends on their third party USD payment-processing & banking partnerships i guess.

USDT is a stable coin and it has its wide range functions and benefits too. If you use binance for example, and would love to withdraw in fiats currencies, you need to convert your crypto currencies to usdt, so you can withdraw your fiats. Also, if you are in profit, and want to close your order for the day and seeks safety, you can equally trade to usdt, to keep your value in $ intact.

its not something that is that hard, selling to fiat involves just to identify if your desired fiat is available, then check for the pair which you can easily convert your current coin into and then you can trade easily to fiat and make withdrawal.

If you want Fiat then I think you should use local exchanges, each country will have many different small exchanges do that job. So I believe you will not have too much difficulty with it

I believe the best time to hold USDT is now as the price is gradually coming, and I think you can also convert your coin to fiat in Binance when on spot trading but its also for some specified countries, but you can still dig in more, changing your to fiat isn't that hard any more but you have to find the exchange that's works for you