how to cash out usdt to usd august 2018,Understanding USDT and USD
Understanding USDT and USD
Before diving into the process of cashing out USDT to USD in August 2018, it’s essential to understand what USDT and USD are. USDT, or Tether, is a cryptocurrency that aims to maintain a 1:1 ratio with the US dollar. It’s often used as a stablecoin to facilitate transactions between different cryptocurrencies. USD, on the other hand, is the official currency of the United States and is widely recognized and accepted globally.
Why Cash Out USDT to USD in August 2018?
In August 2018, the cryptocurrency market experienced a significant downturn. Many investors were looking to cash out their holdings, including USDT, to USD to secure their investments. Additionally, the volatility of cryptocurrencies made USD a more stable and reliable option for many.
Steps to Cash Out USDT to USD in August 2018
1. Choose a Cryptocurrency Exchange: To cash out your USDT, you’ll need to use a cryptocurrency exchange that supports both USDT and USD. Some popular exchanges in August 2018 included Binance, Coinbase, and Kraken.
2. Create an Account and Verify Your Identity: Once you’ve chosen an exchange, create an account and complete the necessary verification process. This typically involves providing your full name, date of birth, and proof of identity.
3. Deposit USDT: After verifying your account, deposit your USDT into the exchange. You can do this by transferring USDT from your wallet or another exchange.
4. Place a Sell Order: Once your USDT is in your exchange account, place a sell order for USDT and receive USD in return. You can set the price at which you want to sell your USDT, or use the market price.
5. Withdraw USD: After your sell order is filled, you can withdraw your USD to your bank account or another wallet. This process may take a few days, depending on the exchange and your bank’s policies.
Table: Comparison of Cryptocurrency Exchanges for Cashing Out USDT to USD in August 2018
| Exchange | USDT/USD Trading Pair | Verification Process | Withdrawal Fees |
|---|---|---|---|
| Binance | USDT/USD | Identity verification, proof of address | 0.1% to 0.2% |
| Coinbase | USDT/USD | Identity verification, proof of address | 1.49% to 1.99% |
| Kraken | USDT/USD | Identity verification, proof of address | 0.26% to 0.30% |
Considerations When Cashing Out USDT to USD
1. Exchange Fees: Be aware of the fees associated with trading and withdrawing funds from the exchange. Some exchanges may charge higher fees than others.
2. Withdrawal Limits: Exchanges often have withdrawal limits, which may vary depending on your account level and verification status.
3. Security: Ensure that the exchange you choose is reputable and has strong security measures in place to protect your funds.
4. Exchange Rate: The exchange rate at which you sell your USDT may not be the same as the market rate. Be aware of any spreads or fees that may affect the final amount of USD you receive.
Conclusion
Cashing out USDT to USD in August 2018 involved choosing a reputable cryptocurrency exchange, verifying your identity, depositing USDT, placing a sell order, and withdrawing USD. It’s important to consider exchange fees, withdrawal limits, security, and exchange rates when choosing an exchange and executing your cash-out transaction.
