USDT on Bittrex?

[jerry0]

Hey all got a question.  If you send btc to bittrex and sell your bitcoin... you get the usdt equivalent right?  So for example if you sell btc for 10k and sell 1 of it.  Let say you get around 9975 or so since there is the 0.25 percent fee.  So that means you would have a 9975 usdt value balance?


I read that usdt is a cryptocurrency called tether.  So if you sell bitcoin for that price, you would get a 9975 usdt balance?  So with this balance... let say bitcoin drops to like 9000.  Now let say you want to buy 1 bitcoin.  So the total cost would be 9000 + 22.50 fee = 9022.50.  So that would mean you would have 1 bitcoin in your bittrex wallet.  But your usdt value would show 954.50 usdt right?


So basically if you want to buy and sell bitcoin... buy at the low... then sell very high and do it many times, that would mean your usdt value would be your profit right?  Now with the usdt value you have... the most important thing is how do you cash it out to your bank account?  I read gdax and gemini you sell your bitcoin there and then its converted into usd and then you do an ach or wire transfer to your bank account.  But with bittrex, can you send a bank wire or ach to your bank account or not?  So you would have to create a tether.io account... then send the tether from bittrex to tether.io?  Now what if you want to cash it out.  What are the fees to cash out to your bank account?  I read tether is around 1 dollar or so.  That means that tether is basically like a usd balance then right?  The thing is i read that people who trade on gdax or gemini... they buy/sell bitcoin etc.  But with bittrex, its the same as in gdax/gemini right?  The only different is you have USDT as oppose to usd balance if it was done in gdax or gemini?

[sandy8800]

As far as I know USDT is Equivalent to USD. You have to ask the Bittrex support to inquire about withdrawal fess and others.

[Pursuer]

why are you complicating it for yourself?!!

you have X and you have Y, you sell X for Y and pay some fee. X is sometimes worth 100*Y and sometimes it goes up and it is worth 120*Y and sometimes it goes down and it is worth 90*Y.

X can be bitcoin and Y can be USDT or USD or CNY or JPY or ....

to trade you buy when X with the Y you have while the price is still low and sell at a high enough price to cover the fees you paid and also make a profit.

try not to get confused about what USDT is and what it should be worth. if you receive 9975 USDT after a million years you will still have 9975 USDT. what is not guaranteed is the value of USDT which is 1 dollar most of the times but it may drop or it may even go to 0.

[cynical]

Hey all got a question.  If you send btc to bittrex and sell your bitcoin... you get the usdt equivalent right?  So for example if you sell btc for 10k and sell 1 of it.  Let say you get around 9975 or so since there is the 0.25 percent fee.  So that means you would have a 9975 usdt value balance?


I read that usdt is a cryptocurrency called tether.  So if you sell bitcoin for that price, you would get a 9975 usdt balance?  So with this balance... let say bitcoin drops to like 9000.  Now let say you want to buy 1 bitcoin.  So the total cost would be 9000 + 22.50 fee = 9022.50.  So that would mean you would have 1 bitcoin in your bittrex wallet.  But your usdt value would show 954.50 usdt right?


So basically if you want to buy and sell bitcoin... buy at the low... then sell very high and do it many times, that would mean your usdt value would be your profit right?  Now with the usdt value you have... the most important thing is how do you cash it out to your bank account?  I read gdax and gemini you sell your bitcoin there and then its converted into usd and then you do an ach or wire transfer to your bank account.  But with bittrex, can you send a bank wire or ach to your bank account or not?  So you would have to create a tether.io account... then send the tether from bittrex to tether.io?  Now what if you want to cash it out.  What are the fees to cash out to your bank account?  I read tether is around 1 dollar or so.  That means that tether is basically like a usd balance then right?  The thing is i read that people who trade on gdax or gemini... they buy/sell bitcoin etc.  But with bittrex, its the same as in gdax/gemini right?  The only different is you have USDT as oppose to usd balance if it was done in gdax or gemini?

this is all you need to know!
it is a general rule of trading, it could be monero instead of tether, it is just the same with anything, buy low and sell high.
Tether is a crypto currency linked to the USD to within 1 or 2%

[jerry0]

How do you turn that tether into money to your bank account?  Is the process easy?  You have to create a tether account right?  Then send the money to your bank account?  Is verification easy for this?  Also what are the fees for this?  For example say you have 5000 dollars in usdt.  You want to cash it out to bank.  When you cash it out, how much you get back to your bank after fees?  Is it fixed percentage?  And is it an ach or wire transfer?  Is there a minimum/max?

[cynical]

Tether is treated as any other crypto currency.
if we use monero again as above, how do you cash that into FIAT and into your bank?
well it is the same for tether, transfer it to USD or whatever FIAT currency you like and transfer it to your bank

[haroldtee]

How do you turn that tether into money to your bank account?  Is the process easy?  You have to create a tether account right?  Then send the money to your bank account?  Is verification easy for this?  Also what are the fees for this?  For example say you have 5000 dollars in usdt.  You want to cash it out to bank.  When you cash it out, how much you get back to your bank after fees?  Is it fixed percentage?  And is it an ach or wire transfer?  Is there a minimum/max?

Guys above you have said it all. However, with this question you are asking again, I feel you are complicating things for yourself. You do not have to send USDT to another exchange to convert to fiat. Once you want to make any withdrawal from bittrex, just send the USD equivalent of the BTC you want to withdraw to exchanges like coinbase and the likes, and you can convert your BTC to your normal currency which would be sent to your bank account from there. However, there are some things I guess you should know first;
1. Unless you plan on trading, you really do not need bittrex
2. Your BTC is all you need in most exchanges to convert to fiat which would be sent to your bank account.
3. You have to find the exchanges you can make use of in your area as some may not be applicable for you to use in your country. If you are in the US though, you can make use of coinbase. If you are in a different country, you can check the supported countries here https://www.coinbase.com/global?locale=en
4. Make sure you get your account on bittrex verified before you start using it.

[Xavofat]

But with bittrex, can you send a bank wire or ach to your bank account or not? 

No.  You cannot withdraw fiat money from Bittrex.

So you would have to create a tether.io account... then send the tether from bittrex to tether.io?

I don't know why you would bother to do that.  You could use Bittrex to exchange your USDT to Bitcoin and then sell that BTC for fiat.  But if you want to hold USDT for a longer period (God knows why you would) then that's an option.

That means that tether is basically like a usd balance then right? 

It's supposed to be, but there's no guarantee that they will always remain worth $1.  That's just what USDT claims that it will be worth.

The only different is you have USDT as oppose to usd balance if it was done in gdax or gemini?

That's an extremely important difference.

[augmentedinvestor]

what's best alternative to USDT. The rumors concern me.

[jerry0]

But with bittrex, can you send a bank wire or ach to your bank account or not? 

No.  You cannot withdraw fiat money from Bittrex.

So you would have to create a tether.io account... then send the tether from bittrex to tether.io?

I don't know why you would bother to do that.  You could use Bittrex to exchange your USDT to Bitcoin and then sell that BTC for fiat.  But if you want to hold USDT for a longer period (God knows why you would) then that's an option.

That means that tether is basically like a usd balance then right? 

It's supposed to be, but there's no guarantee that they will always remain worth $1.  That's just what USDT claims that it will be worth.

The only different is you have USDT as oppose to usd balance if it was done in gdax or gemini?

That's an extremely important difference.

So if someone only plans to daytrade btc, litecoin and eth thus the main coins that are paired with usd... its better to do this on gdax/gemini as oppose to bittrex right?   Thus selling it for usdt on bittrex is not a good idea?  Only use bittrex for bitcoin to altcoin and vice versa.

[beerlover]

You almost got me lost bro  , with all those your statement. First and foremost, I hope you really know how to trade, so you do not get all your funds messed up at the end. That being said, it is just the normal rule of trading and you do not necessarily need tether to do all of that.

Tether however, is just an equivalent value of USD for those who may want to trade against fiat.
Bittrex is a trading platform and apparently, if you sell higher and buy back lower, you obviously already have some profit when the value increases.

If you want to withdraw back into fiat, you can just make use of any exchange based on your location and send your bitcoin from bittrex to the wallet. Simple! Mind you, you must get verified before you can withdraw on bittrex and you may want to do that first before you start trading.

[bitgolden]

Tether is treated as any other crypto currency.
if we use monero again as above, how do you cash that into FIAT and into your bank?
well it is the same for tether, transfer it to USD or whatever FIAT currency you like and transfer it to your bank

I feel the OP is really mixing things up and it is good for him to understand before he ends up making mistake.
USDT is not USD. USDT is a cryptocurrency that can serve as USD for those who may want to trade BTC-USD and so many exchanges are using it as I feel that was the main essence anyway.

However, it is not necessary to convert to USDT before getting money into one's bank account. There are so many exchanges that one can make use of to just convert BTC straight to fiat without complicating things.

[jerry0]

Okay so let say someone wants to buy altcoins especially when there are huge dips.  The only way to do this would be have btc on hand and sell it immediately for altcoins.  The issue with this is you would be holding the btc and that would fluctuate.  For example say you want to have 5000 usd  where when either altcoins drop or btc drops, you then buy.  The issue for me is when i want to buy altcoins, i need to withdraw btc from a site in order to do this.  So the issue would be me requesting btc and that could take hours or longer to receive the btc.  And by then, the altcoin price might go up high where i do not want to buy it anymore.


So this would also appy to bitcoin, eth and litecoin and those other coins as well.  So basically shouldn't you always have usdt in bittrex if you want to buy/sell altcoins?  Because assuming you are holding btc that you don't want to touch and don't plan to sell those for altcoins... isn't the only way to really buy immediately without waiting is to have usdt on bittrex to buy altcoins?  And also with the btc, lth and ETH?  But on gdax/coinbase, you either have btc balance or a usd balance right?  Thus on gdax/coinbase and gemini for example, those ppl who daytrade and wait for dips... they have a usd balance there to do buy/sell?



And what is the best way to get usdt on bittrex?  If i sell btc on bittrex, i would get usdt?  Im already enhanced verified.  However i read a while back then bittrex requires more verification documents if you want to trade usdt... but since im already enhanced verified, that means i don't have this issue right?  So if i want usdt on bittrex, easiest way would be to sell btc or litecoin or eth and then i have usdt balance there?  Then when im ready to buy altcoin, i just buy btc and then immediately sell btc for altcoin?

[ipanks]

if you have bitcoin, you need to determine what trading pair you want to do. is it btc pair usdt or btc pair altcoin. try to understand this first.

let say you want to do trade btc pair altcoin. you need to make you have bitcoin to trade then you can buy altcoin. if you don't have bitcoin, you can buy it from another place and send the bitcoin to your bittrex account then you can trade bitcoin pair altcoin.

I think it will be good if you have bitcoin than usdt, no matter how amount bitcoin you have because with bitcoin in your hand, you don't have to get a problem to trade. with bitcoin, you have the flexibility to trade. you can trade it with usdt or altcoin. but you need to understand that people will prefer to cash out their bitcoin to their account bank than send the tether to their bank. I don't have any experience to cash out my tether but I have a lot of experience to cash out my bitcoin to my bank account. it is more simple to cash out our bitcoin than our tether.

but I might be wrong so I am sorry if my explaining is not right. I hope you understand this.

[jerry0]

Hi there.  Here is my situation.  I want to mainly buy altcoins and hold but also daytrade.  For example, say im looking at the prices and prices are dropping.  Now i want to buy a certain altcoin because its below a certain price.  In order for me to do this, i need to request a btc withdraw from a site that i bet on.  Thus they pay out in btc.  So say at the moment i want to buy 1000 usd worth of an altcoin.  So in order for me to do this, i need to request a btc withdraw from the site.  However, it would takes hours or a day or even longer for the btc to hit my wallet.  By then, the price of the altcoin might have went up a lot to where i don't want to buy it anymore at that price.  Thus i need to have btc on hand.  I do have some btc on hand but the issue is those btc... im holding it.  I do not want to convert those btc to altcoins.  Thus i want to convert usd i have in a betting account online that bet on... and then when i withdraw, they pay me out in btc the usd equivalent.  Thus if i want to withdraw 1000 usd or 5000 usd, they then pay me out my bitcoin but i dont know how long it takes for the btc to be received.


The thing is i always want to have money on hand where i could buy an altcoin immediately.  So based on my situation, i should request btc from that site... then once i receive it... send it to bittrex... then sell it for usdt right?  Then once i do that... say i have 5000 usdt in my bittrex account.  Now i can look at the prices and when i want to buy an altcoin because the price is dipping or because i heard something good about it or its going up and i want to buy it immediately... then i would immediately buy btc with the usdt right?  For example, say i want to buy a 5 dollar coin and buy 500 shares of it or 2500 dollars.  With the 5000 usdt in my balance... i would then buy 2500 usdt worth of btc.  Then i would immediately sell that 2500 usdt worth of btc for the altcoin right?  Now i own around 500 shares of that altcoin and also have a 2500 usdt balance roughly to buy any altcoin or btc when im ready?  Is that what the process should be like for me?


Another thing i want to ask.  Let say i buy an altcoin for 5 dollars and buy 1000 shares of it.  Let just say btc is worth 5k for example.  Thus i spent 1 btc to buy 1000 shares of an altcoin.  Now the altcoin price went up to 8 dollars and i want to sell.  I sell all of it and i make around 3k profit minus fees.  So when i sell the altcoin back to btc, i get btc.  But let say btc went from 5k to 15k for example.  So i started out with 1 btc... but because btc went up so much... 1 btc is 15k.... and i get only 8k back... i get around 0.533 btc.  So here i clearly made a usd profit.  But in order for me to lock this profit in this trade, i should be selling that 0.533 btc immediately for usdt which should be around 8k usdt right?  That way i locked by 3k usdt profit?  Because if i dont convert it to usdt and say btc drops... well my 3k usd profit from buying/selling that altcoin could be negated by the drop of btc right if it drops over that amount?

[jerry0]

Anyone can answer this question?

[jerry0]

Is it possible to send a wire transfer or ACH to bittrex and get the equivalent of USDT there? 

[phieudu2601]

As I known that USDT is Tethered USD. But nowaday USDT is higher than USD exceed over +10%, it can be called inflation. I think BTC price actually too high to obtain, so I have seen bunch of people have to choose USDT  instead of BTC.

[ranman09]

You are complicating it too much. If you are trading Alts on an exchange that is not accepting a fiat transfer then find one that does. On the platform that is not accepting fiat, exchange your Alts to one Alt you like then transfer it to the other exchange. Then now your problem about bank transfer is solved.

[piloder]

As I known that USDT is Tethered USD. But nowaday USDT is higher than USD exceed over +10%, it can be called inflation. I think BTC price actually too high to obtain, so I have seen bunch of people have to choose USDT  instead of BTC.

USDT can't be trusted like USD as nobody knows how much USD they have in their bank which is backing those USDT tokens.
Also it has been hacked recently and I think deposit/withdrawal for USDT is still disabled in  many of the exchange.

I have stopped holding my fiat in USDT after that hack and several other hickups.