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!
It’s the value of the USD that is fluctuating not the value of XMR :)
My advice is if you get some XMR that you actually put it in your own wallet, with your own secret key phrase that you generated using an app like cake wallet. Don’t fall for a naked short seller promising that they have crypto for you by showing you a number on a screen. If its not your keys you’re falling for a scam.
You can’t compare the USD with a crypto. A crypto is only based on offer and demand and are volatile. A fiat, it related to entire gigantic economies, governments and markets. I’m not saying one is better than the other, they are different and can’t just be compared.
That’s exactly my view too. Basic human rights are fundamental and invariable; a Privacy/Fiat ratio is volatile, because a fiat is volatile as privacy is sometimes valued properly, but sometimes traded cheap.
That said, you may want to simply get XMR “on-demand” just before you actually use it, so that the rate won’t change significantly.