Hi guys, I’m using localmonero to buy XMR and cakewallet to keep my coins. My idea is to have those XMR accessible when the time comes, for example if I want to purchase something and the seller accepts Monero. The thing is I would like to have those XMR “frozen” until the situation comes without being exposed to coin prices changes. I was thinking to keep USDT, and when I need to buy something with XMR, just convert it and use that specific amount. Maybe is not the point of Monero itself. Is this approach the best option? What would be your recommendations? Thank you!
The short answer is you can’t. Hold small amounts so fluctuations don’t bother you that much. USDT (any stablecoin for that matter) is only stable until it isn’t.
Exactly. I don’t mind holding USDT for a few days if I’m waiting to do a trade, but definitely wouldn’t hold it longterm. Too much of a risk of a black swan event in my opinion.