Where to store money in regular currency when not trading?

[rexxarofmoknathal]

To avoid transactions fees and similar what I do is tether the coins/tokens I don't want to have on the trading market but instead have them in a stable wallet where all the coins will then be linked to USDT. At least this is how, I keep mine though if anything was to happen to tether like getting hacked or something then my tether deposits will suffer otherwise they're safe! You can read more about tether on their official page, should you wish to do so: https://tether.to/

[Twentyonepaylots]

I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.

You can hold real USDs on eToro. Whereas with crypto-only exchanges like Binance and HitBTC, you can only trade and hold USD stablecoins. Whereas like I said I really don't recommend holding stablecoins.

On the Binance exchange, you can store your savings not only in stablecoins but also in the currencies of some countries. Yes, there is no pair to USD on Binance, but there are others, such as EUR, RUB, ZAR and others. For long-term storage, I use EUR, but it also loses value in relation to USD.

If you are not that geeky type of person you will not be bothered from a small fraction of your money being lost because fiat currencies do have a volatility that is not even noticeable, I mean the value each day changes but it will just be a tiny stone compare to cryptocurrencies. Tether is the best stablecoin since it is peg 1:1 to the dollar, so that means you are also having a dollar with a tether.

[cbdcbd]

Thanks for all your answers guys!

Im looking into the stablecoin option and by reading ur thread mk4, tether doesnt seem completley safe, if it is like the tread implies that the founders of the currency can opt to freeze any funds invested into it at any point and just leave us hanging? Especially if they do so when u deposit ur funds into a wallet. It seem like the better option thou compared to leaving it on an exchange.

Your choices are probably down to:

1. Holding Tether(USDT). While this is an option, I wouldn't suggest holding it for more than a day. https://bitcointalk.org/index.php?topic=5204055

2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.

Would EToro be safer than other exchanges to store on? Right now im on cex.io and while i can hold usd there every trade costs small amounts, big thumbs down. Will be reading up on binance as well, their insurance option is something i havent run into on any of the others

What I realized from OP, you don't want to hold bitcoin sadly due to volatility. The only good option I found to hold USDT instead, but I will not recommend for that. It's just a option since you aren't encouraged to hold bitcoin. So holding USDT would solve your problems. Electrum is one of the best wallet that are using now, but unfortunately you can't store USDT there. Don't hold it on any exchange even you want to hold any other stable coins. I will strongly recommend to buy Ledger nano tether wallet. I thing it's not much expensive since you may use for life time. And your fund will be totally under control of you, most secure & reliable.

Sadly? Well my logic is that if i make a small profit from trading when the price rises say 200 dollars/btc i want to hold on to this profit by selling if i predict the price will fall soon thereafter. It makes no sense to book the winnings and then just stick with ur holding and leave it overnight say and see the price dwindle back down again.

Also it seems great if ledger can hold stablecoins

A quick look into Etherum and it seems just as volatile as bitcoin...

What does pair holding mean?

[bearexin]

You don't really have to withdraw to your bank account, you can switch your money to stable coins such as the USDT or PAX, though that comes with some fees. But there are some exchanges that will allow you to store your money as fiat right on their exchange. There is one in my country that I make use of.

When I am funding my account they allow me to fund as fiat and it is instant since it is made with a debit card. And once the money is in my account I can then exchange it to BTC for a very low fee and after trading I can as well change back to fiat right on the exchange . If your exchange doesn't allow that, then stable coins are your only option.

[electronicash]

you worry if the exchange will do the exit scam while your money is with them. USDT can be withdrawn every time you are done trading and you send it back again to the exchange when you are ready to trade again for the day. its a repeating job and will cost withdrawal fees. if the exchange get hacked while your BTC are inside the exchange then thats a long discussion.

there are risks when trading on centralize exchanges but doing it in the decentralized exchange may just save you from sleepless nights.

[thesmallgod]

If what you are saying is that you do not want the worth of your accept to depreciate then I think you should rather convert the bitcoin to USDT because it is a stablecoin that is being used to prevent volatility. About storage, you can store it on MEW since it is an ERC20 token.I hope this answer your question

[isaac_clarke22]

As what everyone mentioned already, it would be Tether but as mk4 said. Don't hold it and you should read the thread that he linked.
Not sure if there's any different wallets that holds USDT without holding it in a trading platform or any exchange.
Worse comes to worst, you should probably cash it out for now.