Poloniex - Convert Bitcoin to cash and hold online?

[PacificNomad]

Hi there,

Apologies if I haven't posted in the right forum. 

I'm curious if anyone here has experience with Poloniex and knows whether it's possible to convert Cryptocurrency to Fiat and keep it online in that platform without having to transfer it back to my regular bank account or crypto wallet? 

Is this possible?

I'd like a way to sell out of crypto and back into Fiat in that online platform and then have the quick ability to buy back into crypto as the markets fluctuate.

Any help is much appreciated

Cheers

[knircky]

Polo does not have usd or any fiat. However you can buy crypto tokens that are pegged to usd such as sbd or usdt.

[PacificNomad]

Hi Knircky,

Thanks for the response.  That's a good similar alternative

Cheers

[Vaccinus]

you can do this in other exchange, you dump your bitcoin and hold fit instead and wait for a rise, because sending them to your bank account, might let you in trouble with taxes and thigns like this, and also having fiat instead of bitcoin on a exchange is more secure, you are covered in case someone hack your account

[arcathomas]

You can trade your BTC to USDT, and hold it, it's basically the same as trading to usd.

[LLec]

You can trade your BTC to USDT, and hold it, it's basically the same as trading to usd.

Yes that's right. USDT.
It is called Tether and you can do it this way in what you are asking if it is possible to do.

[PacificNomad]

Heya,

Cheers for the responses.  Just to confirm, is there any issues transferring to USDT, holding for a while and then back into your chosen coin at any time?  

I've been looking around on Polo and maybe someone can point me in the right direction of how I transfer my coins into USDT and then back out into coins?  Can't see it in front of my face :-/


PS.  I had a friend tell me had some issues with USDT and lost money somehow.  Just want to make sure I'm using it correctly and there's no chance of losing funds, or any chance of USDT not being a 100% lock to the US $ ....

Cheers

[amaral1977]

Heya,

Cheers for the responses.  Just to confirm, is there any issues transferring to USDT, holding for a while and then back into your chosen coin at any time?  

I've been looking around on Polo and maybe someone can point me in the right direction of how I transfer my coins into USDT and then back out into coins?  Can't see it in front of my face :-/


PS.  I had a friend tell me had some issues with USDT and lost money somehow.  Just want to make sure I'm using it correctly and there's no chance of losing funds, or any chance of USDT not being a 100% lock to the US $ ....

Cheers

Can buy back the cryptos at any time as long as they are still listed there.
If you are concerned with profit keep a look at your history. In a few days, weeks or months you might not remender at what rate you sold the crypto for USD tokens. When you check your history you might consider that info when buying back the cryptocurrency coins.

[HI-TEC99]

Heya,

Cheers for the responses.  Just to confirm, is there any issues transferring to USDT, holding for a while and then back into your chosen coin at any time?  

I've been looking around on Polo and maybe someone can point me in the right direction of how I transfer my coins into USDT and then back out into coins?  Can't see it in front of my face :-/


PS.  I had a friend tell me had some issues with USDT and lost money somehow.  Just want to make sure I'm using it correctly and there's no chance of losing funds, or any chance of USDT not being a 100% lock to the US $ ....

Cheers

You might find there are times when there is a big spread between the prices of USDT for sale, and offers to buy them. You might lose some money if you buy some, then quickly change your mind and sell them.

There is a $4 gap between the lowest priced USDT for sale, and the highest priced offer to buy USDT today.

https://poloniex.com/exchange#usdt_btc

[piloder]

I personally trade bitcoin for USDT in poloniex and it is best way to remain in safe side during huge price movement like right now. I have already sold few bitcoin when price was around 1300$ and now waiting for price to get some stable price after this correction to buy back. However its better not to keep all your bitcoin in any exchange platform but we don't have other choice.