Can someone shed some light on Tether (USDT) please

[PoohFace]

I almost understand the whole thing but I have a few questions.

Can you use Tether without verification?

If not, how long does it take to get verified?

Can you withdraw your USDT straight to your bank account?

If yes, how long does it take to end up available in your bank account?

Also some banks in the US, Canada, and UK hate bitcoin and cryptocurrencies in general. Will they freeze the funds if they find out it is related to bitcoin?

Thank you for your help.

[ulhaq]

The search engine will give answers to several of your questions. But you cannot withdraw USDT to a bank account. It is purely a digital currency, like bitcoin. You can't deposit bitcoin in a traditional bank.

[prospector1]

The search engine will probably not give him the answers to his questions. Perhaps if there is someone with experience converting USDT to USD, they could post abiout THEIR EXPERIENCE in THIS THREAD.

Good Luck.

[generalizethis]

I almost understand the whole thing but I have a few questions.

Can you use Tether without verification?

If not, how long does it take to get verified?

Can you withdraw your USDT straight to your bank account?

If yes, how long does it take to end up available in your bank account?

Also some banks in the US, Canada, and UK hate bitcoin and cryptocurrencies in general. Will they freeze the funds if they find out it is related to bitcoin?

Thank you for your help.

It's a cryptocurrency so you will not be able to deposit it into your bank account--I've traded BTC and XMR for it on Poloniex to lock-in a gain and avoid slippage when those markets seem on a downturn.

[HCLivess]

Things can get pretty bad when everyone buys it and then sells it at the same time? Remember NuBits? I bet you don't

[PoohFace]

So it is pretty much considered a safe haven on exchanges to avoid bear days. That is the only use?

[Arvydas77]

So it is pretty much considered a safe haven on exchanges to avoid bear days. That is the only use?

I suggest you to read this information regarding the Tether (USDT). It should help you to understand how it works and why you should invest in USDT:

Launched in late 2014 Tether is a cryptocurrency whose main focus is to keep a stable value. It works just like Bitcoin, but it has 2 major differences. First is the fact that each Tether (USDT) is pegged at $1 USD. If you look at Tether’s price chart you will see that it always has a value of $1. The way the currency accomplishes that is because every Tether is backed by a real US dollar. There is a trade off however for such a stable currency. If you would like to trade tether you need to provide some personal information to pass KYC / AML regulations.

The second difference is that Tether doesn’t have its own blockchain like most cryptocurrencies. Instead, it runs on the Omni Layer, which is a platform built on top of Bitcoin, allowing the issuance of digital tokens such as Tether. In a way, each Tether transaction is a Bitcoin transaction which is made through the Omni Layer. Tether’s market cap is ranked at number 21 and is at $14 million. If you are tired of the volatile crypto market and want to store some coins in a stable crypto asset, definitely look into Tether.

[generalizethis]

So it is pretty much considered a safe haven on exchanges to avoid bear days. That is the only use?

You could also use it to buy stuff--though I'm unsure who accepts tether for payments.

[ulhaq]

The search engine will probably not give him the answers to his questions. Perhaps if there is someone with experience converting USDT to USD, they could post abiout THEIR EXPERIENCE in THIS THREAD.

Good Luck.

Um, yes, all the answers ARE in previous threads, which were easily searchable, including one that you yourself posted in:
https://bitcointalk.org/index.php?topic=1820940.0 I'm not going to post links to every other thread on tether.

The other questions are moot because the OP asked about the process of withdrawing USDT into a bank account, which is impossible. I answered that question. The verification question also moot because OP asked if verification is required, which it is not.

[Cryptonite310]

The search engine will probably not give him the answers to his questions. Perhaps if there is someone with experience converting USDT to USD, they could post abiout THEIR EXPERIENCE in THIS THREAD.

Good Luck.

I don't get the point of this forum. Too many members be like, go do research yourself. The point is to talk to one another and share information about crypto and each others experience and knowledge.

[JGoRed]

Things can get pretty bad when everyone buys it and then sells it at the same time? Remember NuBits? I bet you don't

I don't, but I can guess by the way you worded your post that it didn't do well.

[sotoshihero]

I think USDT tether is used on  Poloniex trading. I've seen this and used this in trading btc to dollar pair. But I did not withdraw since I don't as dollar but used only on exchanges.

[kwest1]

What you can do is buy USDT on say Poloniex, and then withdraw that to Bitfinex and get real USD that you can send to your bank account. Of course you need to be verified at BFX.

[ulhaq]

The search engine will probably not give him the answers to his questions. Perhaps if there is someone with experience converting USDT to USD, they could post abiout THEIR EXPERIENCE in THIS THREAD.

Good Luck.

I don't get the point of this forum. Too many members be like, go do research yourself. The point is to talk to one another and share information about crypto and each others experience and knowledge.

If 5 threads contain the exact same information, what is the post of making a 6th thread to ask the same question? I am not suggesting to "go do research." I was suggesting to do a search of this forum. It takes a few seconds. There is in fact another thread where someone asks about EXPERIENCES with tether. That is not what the OP asked about specifically, but if that was the question, then go post in that thread.

[l0nglive]

The site requires too much information to verify. My bank refuses to send out paper statement, they only prodive PDF