Why altcoins traded in Bitcoin and not in $ ? Tricks to save money during drop

[eveilside]

Hello everyone,

1) I would like to understand why altcoins are traded in Bitcoin and not directly in dollar ? 

it's really a problem that almost all of altcoins depend on Bitcoin price because when Bitcoin price drop, altcoins drop too and conversely (that's what happening right now) ...while if altcoins were traded in dollar, each crypto were independent...

If tomorrow Bitcoin totally crash , altcoins will crash too...

2) What are your tricks to keep monney when bitcoin pump and dump ?

For example, you buy 100$ of myaltcoin at 1$ (so you have 100 myaltcoin), one month later, myaltcoin price is 2$ (beause of myaltcoin rise and bitcoin rise), you have now 200$.

Now, you want to keep your 200$ to continue trading. There are two solutions :

- Exchange myaltcoin in Bitcoin and keep them
- Exchange myaltcoin in Bitcoin and exchange them in another altcoin

But for example, Bitcoin drop of 50% few hours later...

In both cases you lose 100$ and your return at 100$.

So, how do you do to keep max profit ?
Do you exchange your currencies in dollars as soon as you have a profit ?

I have seen that TETHER guaranteed his value at 1$ but i have seen too that it's a scam...

Thanks for your comments !! 

 

[reflector]

Hello everyone,

1) I would like to understand why altcoins are traded in Bitcoin and not directly in dollar ? 

it's really a problem that almost all of altcoins depend on Bitcoin price because when Bitcoin price drop, altcoins drop too and conversely (that's what happening right now) ...while if altcoins were traded in dollar, each crypto were independent...

If tomorrow Bitcoin totally crash , altcoins will crash too...

2) What are your tricks to keep monney when bitcoin pump and dump ?

For example, you buy 100$ of myaltcoin at 1$ (so you have 100 myaltcoin), one month later, myaltcoin price is 2$ (beause of myaltcoin rise and bitcoin rise), you have now 200$.

Now, you want to keep your 200$ to continue trading. There are two solutions :

- Exchange myaltcoin in Bitcoin and keep them
- Exchange myaltcoin in Bitcoin and exchange them in another altcoin

But for example, Bitcoin drop of 50% few hours later...

In both cases you lose 100$ and your return at 100$.

So, how do you do to keep max profit ?
Do you exchange your currencies in dollars as soon as you have a profit ?

I have seen that TETHER guaranteed his value at 1$ but i have seen too that it's a scam...

Thanks for your comments !! 

 

Today also I met one altcoin trader who is trading multiple coins on polenix but he does not know difference of the multiple wallets like desktop, hardware and online wallets. This is traders understanding about the crypto currency.
Other than trading there are fiat trading site you can find the seller who can give btc for the fiat you have. Utilize that site to take the bitcoin inside the trading site. Due to the transperancy with the anonymous way is always find on bitcoin only not with the cash or banking.

[itsmeram]

Yes, you can still buy altcoins with USDT in some exchanges, you are spreading fake information in here.
You can even decide if you want to buy with bitcoin or usd. Maybe it is not real fiat, but you are using an altcoin who has a fixed value.

[habibsir]

hi,pls explain about bitcointalk.org

[eveilside]

Thanks for your answers, but this but that does not really answer my question.


in any case, what I said about the bitcoin crash is confirmed today...

[dothebeats]

Read all your questions and to sum it up, the answer is simple: there's not one single exchange that allows USD trades into altcoins simply because cryptos can be created easily, and if that happens, imagine these exchanges being a hotbed for cash withdrawals from the devs of the coins and those supporting the coins itself almost immediately. With bitcoin being the currency these alts are pegged at, it is to ensure that the amount of money flowing out of an exchange is controlled and the exchange not operating to a loss. I mean, as an exchange operator, why would I let other people trade a relatively unknown altcoin with fiat knowing that it could just be another fraudulent way for the devs and his conspirators to make money?

[habibsir]

more facilities and most popular site

[eveilside]

Read all your questions and to sum it up, the answer is simple: there's not one single exchange that allows USD trades into altcoins simply because cryptos can be created easily, and if that happens, imagine these exchanges being a hotbed for cash withdrawals from the devs of the coins and those supporting the coins itself almost immediately. With bitcoin being the currency these alts are pegged at, it is to ensure that the amount of money flowing out of an exchange is controlled and the exchange not operating to a loss. I mean, as an exchange operator, why would I let other people trade a relatively unknown altcoin with fiat knowing that it could just be another fraudulent way for the devs and his conspirators to make money?

Hello, sorry for the late...

I agree with your opinion, but the problem is the same with bitcoin...
you just have to exchange your altcoins in bitcoins and then in dollars ...
If you exchange an unknown altcoin in bitcoin, the person who buys your altcoin has invested dollars before to have bitcoins...
Anyway, if your altcoin is a scam, that the person loses bitcoins or dollars, finally she loses dollars...

Furthermore, an exchange plaftorm will accept an altcoin only if the project is serious.

I don't tell that the platforms should exchange your atlcoins directly herself, but if persons want to buy an altcoin, instead of buy bitcoins and deposit them before buy altcoin, they deposit directly dollars to exchange them...

With this system, each coin is independent...

Anyway, with the actual market, bitcoin will finish to be replace by another altcoin or fiat because of his saturation...his age, the transactions times, the transactions fees, ...AT a moment, he will no longer be able to follow the market and current technologies...

[eveilside]

I am not the only one to ask myself the question

https://cryptovest.com/news/altcoins-for-fiat-instead-of-bitcoin/

[Beerwizzard]

it's really a problem that almost all of altcoins depend on Bitcoin price because when Bitcoin price drop, altcoins drop too and conversely

That is not necessary. For example when bitcoin is on its high then it may be a good time to invest in some altcoins. Thats the time when you can easily see a lot of alctoins doubling in a single day. Also during the BTC growth alts may easily go down because people will sell them aiming to get a growing BTC. Thats what we had while BTC had +30% in a day on its way to 20k$.

[burner2014]

it's really a problem that almost all of altcoins depend on Bitcoin price because when Bitcoin price drop, altcoins drop too and conversely

That is not necessary. For example when bitcoin is on its high then it may be a good time to invest in some altcoins. Thats the time when you can easily see a lot of alctoins doubling in a single day. Also during the BTC growth alts may easily go down because people will sell them aiming to get a growing BTC. Thats what we had while BTC had +30% in a day on its way to 20k$.

Why we are here? Because of bitcoin and what is bitcoin it is a digital currency and because of its existence altcoins was born so what are we expecting right? We need this altcoins as well for the bitcoin to become the number one, without those coins I think bitcoin won't be popular just like its fame right now.

[BrewMaster]

1) I would like to understand why altcoins are traded in Bitcoin and not directly in dollar ? 

because the demand is for bitcoin not for dollar...
in other words people are trying to directly increase their BTC and also because trading with a cryptocurrency (deposits withdrawals,  AML/KYC) and all that are easier.

it's really a problem that almost all of altcoins depend on Bitcoin price because when Bitcoin price drop, altcoins drop too and conversely (that's what happening right now) ...while if altcoins were traded in dollar, each crypto were independent...

If tomorrow Bitcoin totally crash , altcoins will crash too...

they don't depend on bitcoin price, altcoins are a side product so they can not function alone. when bitcoin has a drop they drop as a side product.

also it is because traders are still interested in bitcoin not altcoins. when bitcoin drops they take their money out of altcoins and put it in bitcoin market. it can be buying the dip or shorting bitcoin while it is dropping. but in any case alts drop hard because of it.

2) What are your tricks to keep monney when bitcoin pump and dump ?

stop holding altcoins so you don't lose money.
only trade altcoins while they are going up. in your example trade it when it is the time to go to $2.

check the history of altcoins, almost all of them rise in a couple of days.

[eveilside]

because the demand is for bitcoin not for dollar...
in other words people are trying to directly increase their BTC and also because trading with a cryptocurrency (deposits withdrawals,  AML/KYC) and all that are easier.

The demand is for Bitcoin because it is the only one cryptocurrency that can be exchange in dollar !! But almost no one really use bitcoin directly...They just want to convert it in dollar...

they don't depend on bitcoin price, altcoins are a side product so they can not function alone. when bitcoin has a drop they drop as a side product.
also it is because traders are still interested in bitcoin not altcoins. when bitcoin drops they take their money out of altcoins and put it in bitcoin market. it can be buying the dip or shorting bitcoin while it is dropping. but in any case alts drop hard because of it.

Maybe, some of the traders take their money out of altcoins and put it in bitcoin market when bitcoin drops, but you are ok that if :
1 altcoin = 0.5 btc and 1 btc=10000 your altcoin = 5000$ potential...
now, bitcoin drops 50% and his value = 5000$ -> Your altcoin potential value is divided by 2 too...
SO, altcoins depends of bitcoin...

2) What are your tricks to keep monney when bitcoin pump and dump ?

stop holding altcoins so you don't lose money.
only trade altcoins while they are going up. in your example trade it when it is the time to go to $2.

check the history of altcoins, almost all of them rise in a couple of days.

Ok, but with this method, it is necessary to withdraw your money directly after altcoin rise.
My question was, if i trade for exemple 100$ in an altcoin, it rise at 100%, so i have 200$ but i don't want to withdraw them in dollar, i want to keep them for trading again few days later in another coin. during this days, where i put my 200$ to be sure to keep them ?
If i keep them in the altcoin, or exchange them in bitcoin, they can rise but they can drop too...

[kafiristanica]

Hello everyone,

1) I would like to understand why altcoins are traded in Bitcoin and not directly in dollar ? 

because bitcoin is our sweet daddy hehe

2) What are your tricks to keep monney when bitcoin pump and dump ?

never hold ALL your finance in btc. for example 40% in btc, 20% in eth, 20% in bch and 10% in xpr. always be ready for exchanges

[capoeira]

most altcoins are like a poker game for Bitcoin holders.
there is no market for "real" money entering in alts