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Newb questions

  • 14-09-2018 9:31pm
    #1
    Moderators, Home & Garden Moderators Posts: 1,916 Mod ✭✭✭✭ karltimber
    Moderator


    Hi folks,

    Am new to crypto, so have a few questions, if ye don't mind.

    I have shares, so understand bid,ask, limit etc.
    But with the 2018 crypto low/bear hopefully near an end, I thought it would be a good time to dabble. And understand the risk.

    So, I joined coinbase and moved my litecoin to binance.

    why is poxcoin (example) listed as pox/btc & pox/usdt & pox/eth. pox compared to ... ?
    Can I cash out ? like shares and go to cash ? - in binance.

    So looks like I have litecoin in LTC/usdt and I see the euro conversion of that. If I want to buy pox/Eth due to higher volume, do I need to sell LTC and buy Eth to do that, or can I buy pox/eth with LTC/usdt ?

    Is it safe enough for now to leave my "holdings" with binance ? Need to educate myself on wallets.

    thanks folks.

    note: when moving my ltc from coinbase to binance - it was done in 5 minutes which was mad, cash takes hours, shares take weeks.....


Comments

  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    karltimber wrote: »
    why is poxcoin (example) listed as pox/btc & pox/usdt & pox/eth. pox compared to ... ?
    Those are the main trading pairs beacuase ratio traders generally want as much BTC or ETH as possible so they trade those ratios or if they want their value to be stable and think a price will keep dropping vs the dollar they go for USDT which is a USD shítcoin that's likely to have fúck all backing it up. Trading shítcoins vs USDT makes little sense as their value is heavily tied to BTC.
    karltimber wrote: »
    Can I cash out ? like shares and go to cash ? - in binance.
    You can "Tether up" using USDT but not cash out using Binance yet. They should have that functionality soon, not sure of the timescale.
    When you want to cash out, buy LTC, send to Coinbase, sell LTC for cash.
    karltimber wrote: »
    So looks like I have litecoin in LTC/usdt and I see the euro conversion of that. If I want to buy pox/Eth due to higher volume, do I need to sell LTC and buy Eth to do that, or can I buy pox/eth with LTC/usdt?
    If a trading pair isnt available for LTC you need to switch pairs using whatever common pair they have, preferably a pair with high volume.
    karltimber wrote: »
    Is it safe enough for now to leave my "holdings" with binance ? Need to educate myself on wallets.
    I wouldn't recommend it but Binance are one of the least likely to run off with your funds, they are one of if not THE most profitable business in crypto.


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