Many users of the decentralized market had firm belief in the immutable and completely secure nature of Bitcoin. Some even believed that the asset would be appreciating steadily over time without ever losing significant portions of its accumulated price gains. However, the events of 2022 have proven that the exchange rate of Bitcoin is susceptible to shocks and can collapse from its all-time-high of $64,000 to just above $15,000 in less than a year.
Bitcoin is the currency of choice for investors seeking to capitalize on the hold strategy. However, the collapse in the price of Bitcoin has undermined faith in the currency and allowed investors to turn their gazes upon other assets. Tether USDT became one the main assets that users turned to in their desire to preserve the value of their savings and retain what purchasing power remained of their native fiat currencies, many of which depreciated significantly over the last two years.
Bitcoin, or BTC, is still inaccessible to most users by virtue of its price wall. That makes it scarce, and without proper circulation on the market, an asset loses demand. That is why crypto space is so versatile and adaptive to the circumstances. As such, many users have decided to swap their Bitcoin to USDT and start using it as a means of transacting that is broadly accepted at retail outlets and online merchants stores.
To convert BTC to USDT, all users need to do is find a suitable exchange platform that suits their overall requirements regarding security, reliability, convenience and transaction commissions. Many exchanges on the market support the given function and offer users a wide range of assets, including ETH, BNB, and many others. Users can also top up their wallets using fiat. Virtually all exchanges have on-ramps for USD and other fiat currencies to make the purchase and exchange operation experience more straightforward and convenient for users.
Once users have selected their venue of choice, they will simply need to open up or connect a wallet on the platform. The most secure types of wallets are non-custodial. But few exchanges allow their users to connect external wallets, option for native hot wallets for ease of use and speed of transacting.
The next step will be to top up the wallet with BTC and then head to the exchange section of the website. There, users will need to enter the amount they are willing to exchange and conduct the operation. The amount of BTC the user has decided to exchange will be converted to its USDT equivalent at the current exchange rate available for the exchange platform.