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Author Topic: Exchange Question on converting to fiat  (Read 238 times)
raymonddaf
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May 30, 2017, 09:04:14 PM
 #1

Trying to work out how to do this.

Say i thought bitcoin was about to drop in price how can i sell it on the exchange and get the market rate in usd, and basically keep it on the exchange and buy back in when the price drops? 

Looking at bittrex for example i only see usdt - is this the same as having usd or is there a difference?

If its the same could i then withdraw my usdt to usd at 1:1 ratio?

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May 30, 2017, 09:10:10 PM
 #2

USDT is USD Tether - it's a centralised "cryptocurrency" token which has its value pegged to the dollar.  However recently it's been far from actually pegged to the dollar, and its price has been all over the place.

Bitfinex is not allowing fiat deposits or withdrawals currently, so instead of trading with US dollars you're trading with USDT.  Basically, there's no guarantee that when you need to, you'll be able to exchange your USDT 1-1 with fiat.

If I were you I'd migrate to a functional exchange like Bitstamp.

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May 30, 2017, 09:32:36 PM
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If you are going to keep your money in an exchange consider the associated risks, you can end up losing your money.
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May 30, 2017, 09:39:05 PM
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If you are going to keep your money in an exchange consider the associated risks, you can end up losing your money.
That's not even what he's talking about. What he wants to do is easily sell his Bitcoin for USD when he thinks the price is falling too hard to avoid losts, and keep the amount in Dollar, so he can buy Bitcoin again when the price is good enought. This all using USDT as a middle man coin, so he doesn't need to transfer his money between a bank account and his exchange before doing any transaction.

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May 30, 2017, 09:45:17 PM
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If you are going to keep your money in an exchange consider the associated risks, you can end up losing your money.
That's not even what he's talking about. What he wants to do is easily sell his Bitcoin for USD when he thinks the price is falling to hard to avoid losts, and keep the amount in Dollar, so he can buy Bitcoin again when the price is good enought. This all using USDT as a middle man coin, so he doesn't need to transfer his money between a bank account and his exchange before doing any transaction.

Yip sums it up just don't quite fully understand the usd vs usdt.

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May 30, 2017, 09:48:56 PM
 #6

Yip sums it up just don't quite fully understand the usd vs usdt.

the theory of usdt is that it's an altcoin backed by us dollars. that saves alt exchanges a whole bunch of legal head aches that they would have to address if they were dealing with dollars in bank accounts.

tether.to, the operation behind usdt says they have the dollars in their bank accounts and they only issue usdt if it has a real dollar to match it.

however you have to trust that the people backing usdt have the actual dollars. they've issued millions of them in the last few days and they're not a transparent operation.

they have banking problems so you can't withdraw the dollars to your own account and verification is pretty onerous.

https://tether.to/announcement/

you might be fine. i'd prefer not to take that risk myself. stick with real dollars. it's just as seamless and an exchange that offers them will be more accountable.

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May 30, 2017, 09:53:06 PM
 #7

Having a web wallet would answer your concerns (I don't know if the web wallet and the exchange wallet are the same). I am using a web wallet that has 2 wallets within, a wallet for btc and a wallet for my local currency (Philippine Peso or Php). I can easily buy btc using the Php in my Php wallet or through third party. I can also easily sell my btc to Php and it will be sent on my Php wallet or I can cash out through a third party. Having such type of wallet is very convenient to my part.

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raymonddaf
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May 30, 2017, 10:21:20 PM
 #8

Yip sums it up just don't quite fully understand the usd vs usdt.

the theory of usdt is that it's an altcoin backed by us dollars. that saves alt exchanges a whole bunch of legal head aches that they would have to address if they were dealing with dollars in bank accounts.

tether.to, the operation behind usdt says they have the dollars in their bank accounts and they only issue usdt if it has a real dollar to match it.

however you have to trust that the people backing usdt have the actual dollars. they've issued millions of them in the last few days and they're not a transparent operation.

they have banking problems so you can't withdraw the dollars to your own account and verification is pretty onerous.

https://tether.to/announcement/

you might be fine. i'd prefer not to take that risk myself. stick with real dollars. it's just as seamless and an exchange that offers them will be more accountable.



Ok so what exchanges can I do real usd to bitcoin and ether?

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May 30, 2017, 10:23:04 PM
 #9

Ok so what exchanges can I do real usd to bitcoin and ether?

gemini, gdax, and bitstamp soon. they're all solid choices.

kraken also but their usd market is smaller than their euro market.
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May 30, 2017, 11:31:22 PM
 #10

Having a web wallet would answer your concerns (I don't know if the web wallet and the exchange wallet are the same). I am using a web wallet that has 2 wallets within, a wallet for btc and a wallet for my local currency (Philippine Peso or Php). I can easily buy btc using the Php in my Php wallet or through third party. I can also easily sell my btc to Php and it will be sent on my Php wallet or I can cash out through a third party. Having such type of wallet is very convenient to my part.
He is asking whether or not he can have USD ready in an exchange without identification process et al.
So when he wants to buy quickly without any waiting time he could convert back to Bitcoin.
Answer is obvious you could do whatever you'd like as long as you're doing it on site and not trying to withdrawal.

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