2

binance seems to have BTC-EUR but no BTC-USD. I can see BTC-USDT. Is this the closest one to trading BTC-US dollar?

1

It makes sense to me that they don't offer a USD trading pair, as binance does not have access to the US banking system, much less so to the or a federal reserve account.

How they are able to represent the euro in the first place within their exchange/framework, i don't know. That would mean they would have an account at a EU bank and subsequently at a NCB within the eurozone, which i highly doubt given they operate with and within "anonymous" accounts. (I highly doubt this would be allowed by the ECB and subsequently their commercial bank), If anyone could shed some more light on this and how this would actually work (I fear I might be wrong here.), I'd be extremely interested.

Before thinking you can use USDT as a safe haven, you should note that more often than not, these "stablecoins" are not backed 1:1, or at least not proven to be, and that while they might be stable as of right now, that that is not a guarantee for the future.

USDT in particular lacks audits. A quick google search on the topic will give you a wide range of articles why they're so controversial.

Anyway, to answer your question, yes, USDT is probably the closest to representing the value of an actual dollar, but, as i said, it is NOT an actual dollar, and you should be really careful using them, or preferably; not use them at all.

| improve this answer | |
  • So other exchanges (e.g. Bitfinex) have had BTC-USD for ages. Why is binance so different? I just need the value of BTC in US Dollar for a presentation. I am not involved in trading cryptocurrencies so would not hold USDT. Do you think using data for BTC-USDT (and in fact *-USDT) would be a good approximation to the exchange rate against the US dollar? – s5s Apr 23 at 15:29
  • Do you think using data for BTC-USDT (and in fact *-USDT) would be a good approximation to the exchange rate against the US dollar? For the aforementioned purpose, i wouldn't see why not, - unless you really care about small discrepancies, in which you'd probably take a weighed average from several BTC/USD exchanges such as Bitstamp/Coinbase/Kraken. – Philips Kuyper Apr 23 at 15:38
  • You might find this interesting bitcoin.stackexchange.com/questions/95483/… – s5s Apr 25 at 13:57

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.