How to convert Bitcoin to USDT: Crypto trading on different apps and sites broadly varies, but the result is the same. One could decide to sell one currency for local cash and then fund the wallet to buy the other currency. Another could merely choose the “convert” option if that exists on the trading site. Whichever the choice is, you will get your coin converted to another.
How to convert Bitcoin to USDT
This post focuses on the various methods and apps available to convert bitcoin to USDT and other currencies. Firstly, we must look into what bitcoin and USDT are and why traders might need to convert one for another.
What is Bitcoin?
Bitcoin is the world’s largest cryptocurrency and the first decentralized digital currency. Besides Bitcoin, there are now over 9000 cryptocurrencies created for different purposes. The emergence and sustenance of Bitcoin is a major reason why people believe in cryptocurrency and invest in it. Bitcoin was originally launched in 2009 as an open-source software before the start of other coins in the crypto space.
How to convert Bitcoin to USDT
By market capital, Bitcoin is the largest cryptocurrency with about $400BN and a max supply of 21M BTC. The ownership and control of bitcoin are attributed to an anonymous person or group of people called SATOSHI NAKAMOTO. Its market value and volatility are determined by the market forces (demand and supply) like other assets. Just that, in the case of Bitcoin, the supply is constant. The system does not increase or decrease the available number of Bitcoins in circulation.
What is USDT?
The USDT is another top currency that is traded in the crypto space. It is regarded as a stable coin. The full meaning of USDT is United States Dollar Tether. It is a cryptocurrency that mirrors the exact value of the USD.
Stablecoins like USDT maintain balance in the crypto market and aid easy crypto trading. For spot traders that hold coins till they rise, the USDT is a safe space to keep coins during a fall. The tinny fluctuation that USDT may experience is dependent on the inflation rate affecting the actual USD. So, if you want to make money from the rise in Crypto Value, USDT is not the coin for that.
Why convert Bitcoin to USDT?
As seen earlier in this post, bitcoin is the largest cryptocurrency, and its rise or fall in value often takes a turn on other crypto assets. To manage money value, bitcoin traders stop their loss during a fall by converting bitcoin to USDT and back to Bitcoin when they perceive a rise. Brilliant bitcoin traders will analyse the market trends with indicators, charts, and news reports to determine their position in the crypto market.
If you are an expert in Crypto trading, you will find USDT very useful in managing your crypto assets. For newbies and intermediate traders, USDT is a stable coin that helps you steady the value when the market does not seem favourable.
How to convert Bitcoin to USDT
Several apps and sites can help one achieve this in Nigeria. Most of the top crypto apps in Nigeria and Africa make it easy for crypto traders to make currency-to-currency conversions. Some of the best are Trust Wallet, Binance, Coinbase, and Luno. Conversions like that might have some restrictions and may be accompanied by some transaction fees. The following common exchange sites and apps that allow conversion of bitcoin to USDT and other cryptocurrencies in 2022:
- Coinbase
- Crypto.com
- Binance
- Pancake swap
- Cashapp
- Luno
- Roqqu
- Busha
- Gemini
- Uphold and more…
The process for conversion on these different sites and apps is not the same, so we will only be talking about Binance in this post. The reason for choosing Binance is because of its ease and availability to Africa and other continents.
Step-by-step conversion of bitcoin to USDT with Binance
- Download Binance on your mobile device for your preferred app store. For Apple users, the apple store; android users, the Google Play Store; and windows, the Microsoft store.
- Create an account and get the account verified. If you already have an account, log in and verify it (if it is not verified). To Verify an account, Binance requires a valid means of ID like a national passport, driver’s license, or voter’s card.
- Buy Bitcoin or receive bitcoin into your bitcoin spot wallet through your Binance Bitcoin wallet address.
- Click on “Trades” on the middle button below the screen. Proceed to click on “Convert.”
- Choose the wallet you want to convert from and the one that you are converting to (“from” in this case is Bitcoin, and “To” is USDT). Also, enter the amount of bitcoin you want to exchange for USDT.
- The system will calculate the amount of USDT and the fee for converting Bitcoin to USDT. If you are okay with this, proceed to convert now.
- After that, the amount entered for the “from” wallet will be deducted and the amount calculated for the “to” wallet will be deposited immediately.
To sell Bitcoin for instant Ghana Cedis and Nigerian Naira, check out the best rates on Dartafrica.io today.
– To perform a transaction on Dart Africa you have to have an account with us. Create an account with your correct credentials or just log in if you already have an account. If you are just creating an account a verification email will be sent to the email you provided, make sure to verify your account.
– On your first log in to your account, the system will ask you to create a PIN, make sure you choose a PIN you can remember. This PIN will be used in the future when you want to withdraw from your account.
– Add your bank account details to the account list on your Dart Africa Account.
– You will see a nav menu on the left side of your screen, click on sell coin and choose Bitcoin as your preferred coin for exchange, and the naira value will be displayed.
– Click on start trade and their system will automatically create a wallet address with a bar code, send the Bitcoin to this address and funds will be sent to the Dart Africa account after 2 block confirmations. Note, that you can send any amount to the wallet address provided, their system will credit you based on the amount received.
– Click on Withdraw after payment as being disbursed into your Dart Africa account to send the funds to your bank account. You can check your transaction history to check if the funds have been sent to your bank account.
How to convert Bitcoin to USDT read also How To Withdraw Bitcoin To Bank Account
