Disclaimer: This is a guide to aid those in Lebanon buy consistent amount of BTC priced in Dollar, known as DCA (Dollar Cost Averaging). If you have the same issue abroad and do not want to pay 0.0005 BTC for each withdrawal, this guide will hopefully be of benefit to you.
Our problem as young Bitcoin adopters:
If you have already joined the Market group, you may have noticed it is at times hard to buy small amounts of bitcoin.
Kindly ask for market group link/Chat with us in Bitcoin Du Liban: https://chat.bitcoinduliban.org/
Now, due to the demand around peer-to-peer market at times, especially in this era of hitting all-time-highs nearly every day, the demand for bitcoin has gone up.. quite literally. That brings us to our problem:
In the group, including myself we are faced with the reoccurring questions:
- What’s the cheapest way to DCA?
- I don’t want to pay 0.0005 BTC for a Binance withdrawal, is there a cheaper way?
- How do I transfer UsdT (Tether) to Binance and deposit them in my wallet?
Reluctantly, there is a solution to all of this and it’ll cost you 3–5% from what I have seen using Change now. This guide will serve the purpose of showing you how to use changenow. I’ve posted screenshots accompanying each step to help you use the interface.
Let’s get into the guide:
(This is assuming your USDT is on Binance, other wallets may ask you have TRON token to send USDT)
Head to change now (Much appreciated if you use the affiliate link).
Instant non-custodial limitless cryptocurrency exchange service - exchange Bitcoin to Ethereum, Ripple, Bitcoin Cash…
Choose TRC20 (for the cheapest protocol on fees). Assuming you are on Binance when sending you have to choose the TRC20 protocol as well! Address starts with a T
After selecting the right coins in the correct places, proceed to put how many USDT you want to exchange, unfortunately there is a minimum field as seen here: (Can range from 20–50$ at times- perfect for DCA).
Enter your bitcoin address in the recipient wallet box.
Step 3: Double check your BTC address to make sure no issues arise.
Now you will need to go to your wallet with the USDT and send them to the address they give to you, I’ve circled it in Red below.
Now we wait! Patiently, This process took me around 5 minutes, slightly more. Where it takes time to deposit the funds to their address, confirm. Then afterwards it is exchanging.
Final step! Now just wait for your funds to arrive to your recipient address.
This whole process took me around 20 mins. I noticed a price discrepancy on the BTC I was supposed to receive. You can see under steps 4, they stated the wrong BTC amount. Differing from step 3. Anyhow, after the funds were being sent the right amount was sent to my address, slightly more. I believe this is because sharp price movements in BTC/USD, you should not worry you will get very close to the fraction of BTC you see on the first confirm screen.
Upon doing a screen recording of how it works, the price discrepancy no longer existed.
Thank you for following along! Cheers to those Hodling.