Newbie, need help

[kapsoki]

I'm not going to trade crypto because I really don't understand how the market works. But I think it's a good way to receive payment for my transactions.

I'm a completely newbie in this field. After some research recently, I might have figured out how to receive payment in this way. But I'm not sure. I need your confirmation or guide.

I've registered an account on Binance and I verified my account. And I decide to receive payment by USDT which is stabler than other crypto.

So in order to receive USDT and transfer the money to my account from other people, should I do the things below?

1. I send my USDT address to them, usually trc 20 address. ( But I have 4 addresses on Binance, I still don't understand why I shouldn't send other 3 addresses?)

2. After receiving the USDT, I enter the c2c market on Binance and sell my USDT to a buyer.

3. I have the option of receiving money to my bank account or paypal account, right?

And I still have some questions. Should I use an independent wallet to receive USDT or it's fine just to use the Binance wallet? Should I test the whole process first? If so, what's the minimum money Binance requires?

What do you think? Crypto is really hard for me to understand. I need your help.

 

[alurosu]

And I decide to receive payment by USDT which is stabler than other crypto.

USDT is a stable token equal, in theory, to the USD. So it will roughly be 1$ in the future. There are other tokens similar to this. USDT has some questionable past. Check out BUSD, USDC or DAI. They all do the same thing.

I send my USDT address to them, usually trc 20 address. ( But I have 4 addresses on Binance, I still don't understand why I shouldn't send other 3 addresses?)

The token is available on multiple blockchains. That's why you have 4 different addresses. One address for each blockchain. The Binance exchange will merge all your balance into one. The most IMPORTANT thing is to ask your client on what blockchain will he want to pay you. If he sends an Ethereum USDT token on the BSC blockchain, the money will be lost.

I have the option of receiving money to my bank account or paypal account, right?

Yes, you can withdraw money to your account. Make sure to check if that feature is available in your country.

or it's fine just to use the Binance wallet?

It's fine, if you trust them with your money. It's like a paypal account. You have the money only if you are not banned. They have the power.

Should I test the whole process first?

100% always test before anything.

 

[kapsoki]

USDT is a stable token equal, in theory, to the USD. So it will roughly be 1$ in the future. There are other tokens similar to this. USDT has some questionable past. Check out BUSD, USDC or DAI. They all do the same thing.


The token is available on multiple blockchains. That's why you have 4 different addresses. One address for each blockchain. The Binance exchange will merge all your balance into one. The most IMPORTANT thing is to ask your client on what blockchain will he want to pay you. If he sends an Ethereum USDT token on the BSC blockchain, the money will be lost.


Yes, you can withdraw money to your account. Make sure to check if that feature is available in your country.


It's fine, if you trust them with your money. It's like a paypal account. You have the money only if you are not banned. They have the power.


100% always test before anything.

Thank you very much. Your reply helps a lot!

USDT is not stable? What are the stable crypto coins recently in your opinion?

I thought of selling crypto and getting money from a buyer, then you talked about withdrawing money to bank account. These are 2 different things? I even don't know there is an option of withdrawing money.

OMG this whole thing still makes me very confused.

 

[alurosu]

USDT is not stable? What are the stable crypto coins recently in your opinion?

USDT is a stablecoin. This means it has constant value. 1 USDT should always be 1 dollar. The only problem is the rumour that the company behind this token does not have the equivalent value in assets. This is just speculation. It is not proven to be true, yet.

I thought of selling crypto and getting money from a buyer, then you talked about withdrawing money to bank account. These are 2 different things? I even don't know there is an option of withdrawing money.

Withdraw money from the Binance account to your bank account. It's like taking money out of PayPal. Selling crypto for USD is a different action.

 

[k2h2]

Receive payment in BTC or litecoin.

 

[kapsoki]

100% always test before anything.

You are right. I must test which is the only way to figure out the whole process and make sure it works. Could you help me with the test? I sent you an PM just now, please check it out.

 

[Nikolaos]

USDT is a stable token equal, in theory, to the USD. So it will roughly be 1$ in the future. There are other tokens similar to this. USDT has some questionable past. Check out BUSD, USDC or DAI. They all do the same thing.


The token is available on multiple blockchains. That's why you have 4 different addresses. One address for each blockchain. The Binance exchange will merge all your balance into one. The most IMPORTANT thing is to ask your client on what blockchain will he want to pay you. If he sends an Ethereum USDT token on the BSC blockchain, the money will be lost.


Yes, you can withdraw money to your account. Make sure to check if that feature is available in your country.


It's fine, if you trust them with your money. It's like a paypal account. You have the money only if you are not banned. They have the power.


100% always test before anything.

Best answer here!