USDT, or Tether, abbreviated as U, is a stablecoin pegged to the value of the US dollar.
Stablecoins refer to digital currencies with minimal price fluctuations. This means that when you buy 100 yuan of stablecoins, when you want to sell them in the future, the price will still remain around 100 yuan, with minimal fluctuations.
Fiat currency account:
A legal currency account is an account used for transactions between legal currency and digital currency.
Coin-to-coin account:
A coin-to-coin account is an account used for transactions between digital currencies.
Conversion from bank account to USDT:
Why choose to buy USDT? The reason is that its price fluctuation is very small. The "buy" here is actually closer to the concept of "exchange".
According to the Xinhua Dictionary, "exchange" means exchanging one currency for another. Therefore, this operation does not constitute a real investment behavior because we have not yet assumed the risk of price fluctuations of the investment target.
First you need to authenticate on the exchange, ID card authentication, just like WeChat authentication
Then click "Trade" and select the fiat currency above
Sell Bitcoin: I am prepared to sell 100 USDT of Bitcoin at a maximum price of 60,000
Pay attention to this interface.
The red color above represents the selling price.
The green below represents the buy side pricing
When buying, if you want to trade as quickly as possible, click the red bottom one above and buy as soon as possible.
When selling, if you want to complete the transaction as soon as possible, click the top green one below to sell it as soon as possible.
Please note that the minimum unit of Bitcoin trading is 0.00000001BTC, because one Bitcoin is now 59000U, who can buy one at a time?
Whenever someone asks about withdrawing money from the cryptocurrency world, there will be people who joke that "you make money in the cryptocurrency world, you spend it in the cryptocurrency world, and you want to take it home when you leave." If you really make money and want to withdraw money, is there any relatively safe and reliable way?
The reason why it is relatively safe and reliable is that the traditional OTC withdrawal is very risky and it is difficult to verify the source of the other party's funds. If the other party's funds are black money, then once the victim involved in the funds reports the case, the bank account through which the black money flows may be frozen by Uncle. This article briefly introduces a relatively safe and reliable path for reference.
1. Withdrawal process
Transfer U from the exchange to Kraken Pro - Kraken converts U to USD or EUR - Kraken then transfers USD/EUR to WISE or ZhongAn Bank (ZA) - and finally remits to domestic bank cards/WeChat/Alipay
2. Preliminary preparation
1. Register a Kraken account (Please search online for details of the Kraken exchange)
Visit Kraken official website and complete account registration. Pass real-name authentication (support Chinese ID card/passport for KYC) and make sure the information is in English so that it is consistent with the Wise account information.
(ii) WISE account registration and activation (supports Chinese ID card/passport for KYC). You need to transfer US$20 to the Hong Kong card to activate the account. Please search the Internet for specific tutorials.
(III) When opening a HSBC or BOC Hong Kong account in Hong Kong, you can simultaneously apply for a virtual account with ZA Bank or Li & Fung Bank on your mobile phone. You only need to connect to the Hong Kong network and upload your entry and exit records. The account opening process is simple. Please search the Internet for specific tutorials.
3. Operation steps and costs
1. Obtaining the blockchain address
Select withdraw U on the exchange, select the amount and blockchain network, and preview the fee. Taking the Optimism network as an example, the fee for 50U is 0.29U. It is recommended to select a network based on the fee, and the fee can be previewed on the exchange withdrawal page. Log in to Kraken, click the two-way arrow icon on the homepage, and select "withdraw". On the withdrawal page, select USDT and paste the blockchain address provided by Kraken to the exchange withdrawal page, select the same network and enter the amount to complete the withdrawal.
2. Currency Conversion
In Kraken, select the "Convert" function to convert U to USD or EUR. Given that the transfer fee for EUR is lower, it is recommended to choose EUR. The fee for withdrawing EUR to Wise is 1 EUR per transaction, while the fee for withdrawing USD is 13 USD per transaction.
(III) Kraken withdrawal
Before withdrawing, you need to add Euro to your Wise account and obtain the BIC code, IBAN and Wise address. Select "Withdraw" in Kraken, select Euro as the withdrawal currency, and select Bank Frick (SEPA) as the withdrawal method. After filling in the address of the Wise Euro account and other account information, proceed with the withdrawal. If you choose to withdraw to ZA, you need to fill in the payment information of the ZA account in Kraken. Wise can directly convert USD/EUR to CNY and remit it to a domestic bank card (no more than 18,000 per time) or Alipay account (no more than 50,000 per time), and the overall fee is about 1%-2%.
Considering that many newcomers to the cryptocurrency circle are worried about the risk of frozen cards, unblocking is troublesome, and they may not be able to unblock and get into trouble, here are some experience points for reference. Paying attention to a few points can effectively prevent receiving black money and having your card frozen:
Many newcomers to the cryptocurrency world are generally concerned about the risk of frozen cards for deposits and withdrawals and the subsequent difficulty of unblocking. The following is a series of carefully summarized prevention strategies and response guidelines to help you effectively avoid the risk of black money transactions.
Keeping your funds safe: prevention strategies
Prefer large-scale OTC trading platforms: Choose large-scale trading platforms such as Binance and EURUSD that have established good communication channels with mainland regulatory agencies, and use their perfect risk control system to reduce risks.
Prefer T+1/T+2 withdrawal platforms: Although the capital recovery is slightly slower, such platforms can effectively reduce the suspicion of money laundering caused by fast withdrawals, such as Binance T+1 and Huobi Strict Selection Trading (T+2 withdrawal).
Mainly trade in mainstream currencies: Try to avoid using stablecoins such as USDT for OTC transactions directly, and instead use mainstream cryptocurrencies such as BTC and ETH to reduce potential risks.
Dedicated bank card isolation risks: Set up an independent bank card for OTC transactions, separate from the salary card used in daily life, etc. Even if it is frozen, it will not affect basic life and capital operations.
Local banks are the first choice: Consider using bank cards from local banks for transactions. Because their branches are limited, the probability of being directly frozen is lower than that of large national banks.
Avoid high-frequency fixed transactions: Do not trade frequently with the same merchant or user, especially multiple transactions in a short period of time, so as not to be mistaken for money laundering.
Select reliable trading partners: Try to choose reputable OTC merchants to trade with, and avoid working with merchants in problem areas or with abnormal behavior.
Reasonably adjust the withdrawal strategy: reduce the number of withdrawals, increase the amount of each withdrawal, and reduce the risk of being noticed.
Handle fund transfers with caution: After an OTC transaction, avoid transferring funds directly to other bank cards. You can withdraw funds through ATMs or make purchases online to keep funds clean.
Choose normal trading hours: Try to trade during normal working hours on weekdays to reduce suspicion of abnormal trading behavior.
Keep appropriate amount after receiving payment: Keep the RMB obtained from selling USDT in the account for a period of time before processing it to reduce the risk of immediate transfer.
Guide to dealing with frozen cards
Explain your innocence
It emphasizes that personal transactions are legal Bitcoin transactions and do not involve illegal activities such as money laundering.
Demonstrated ignorance of any criminal involvement of the funds received.
Actively provide all transaction records, chat records, on-chain transfer records, etc. as evidence.
Clearly state that it is legal for individuals to engage in digital asset transactions.
Materials required for public security and judicial freezing
Bank card transaction records.
On-chain transaction records and trading platform order details.
Communication records between the two parties to the transaction, such as WeChat chat records (must include the transaction process).
Other documents proving the legality of the assets, such as proof of income, etc.
Solve the frozen card problem
Bank risk control freezing: Bring your ID card and bank card to the bank where you opened the account to explain the situation, submit relevant bank transaction certificates, cooperate with the public security department's investigation if necessary, and fill out the anti-fraud application form and wait for review.
Public security and judicial freezing: observe for 3 days first. If it is converted to a formal freezing, immediately contact the bank where the account is opened to inquire about the freezing authority and case information, then communicate with the responsible police, cooperate with the investigation, and apply for unfreezing after proving your innocence.
By following the above strategies and suggestions, you will be able to more effectively protect your funds in the cryptocurrency world and avoid unnecessary troubles and losses.
Recently, I plan to ambush a potential coin that is ready to explode. It is very easy to double it. At the same time, I am also preparing to find some potential coins to hold by the end of the year. The expected space is more than 10 times, and there is no problem. Follow up and eat meat below 999