The cryptocurrency market hosts hundreds of various assets – tokens, coins, stablecoins, NFTs, etc. In this article, we will discuss two popular assets – Bitcoin and Tether, and see how to exchange Bitcoin to USDT.
Bitcoin is a revolutionary digital currency, created in 2009 by the mysterious Satoshi Nakamoto. Unlike conventional currencies that are managed and regulated by governments or financial institutions, this decentralized form of payment offers complete freedom and independence to users.
Bitcoin stands apart from other digital currencies with its finite number of coins. 21 million is the maximum amount ever to be created and this limitation has been encoded onto the blockchain. This guarantees that Bitcoin will retain its scarcity, allowing it to retain a significant value over time.
With Bitcoin, you can purchase goods and services from merchants who embrace it as payment or trade on various digital exchanges with lightning-fast speed and security.
What is Tether?
USDT (Tether) is a cryptocurrency that maintains an equivalent value to the US dollar. Behind its design lies the notion of stabilizing cryptocurrencies, preventing them from becoming too volatile in comparison with other digital currencies on the market and providing users with a secure store of value or medium for exchanging funds. Every token issued is backed up by an equal amount of United States dollars held in reserve.
Converting Bitcoin to USDT
The need to exchange BTC to USDT arises when traders need to hedge risks and save their crypto holdings avoiding harsh market fluctuations. In this way, they save their cryptos pegged to the dollar but still do not withdraw them from the market. Let’s see how to exchange Bitcoin to USDT using the WhiteBIT exchange:
Sign up for a WhiteBIT account and get through all the necessary verification measures quickly.
Securely deposit your Bitcoin into the WhiteBIT wallet for safekeeping.
After your Bitcoin deposit is officially verified, head on over to the trading page and select the BTC to USDT pairing.
Input the quantity of Bitcoin you desire to transform into USDT and examine the present market value.
Take advantage of the current market price and place a sell order for your Bitcoin.
Upon the successful completion of your sell order, you will promptly receive USDT in your WhiteBIT wallet.
Once you are finished trading, you can effortlessly withdraw your USDT to an external wallet or use it to buy and sell other cryptos on the exchange.
How to Convert Bitcoin to USD?
People convert Bitcoin to US dollars for various reasons, including cashing out profits, diversification, wider purchasing power, hedging against volatility, and accessing funds quickly due to the high liquidity of USD. However, there may be fees and tax implications involved in converting Bitcoin to USD. Using the same WhiteBIT platform, you may transform your BTC to dollars and move money to your bank card, following the algorithm, mentioned above.