Trezor Safe 3 Bitcoin-only *** Need help to disable the “live converter” ***
(I am describing this as a “live converter” but it may be called something else?)
When I make a deposit (receive) of fiat funds into Trezor Safe 3, all is fine, BUT, Trezor does a sort of live convertor thing against the BTC USD market. I need to disable this live convertor thing. Please show me the settings of where and how to do this.
The reason I need to disable this is let’s say I deposited $1,000 and the BTC USD is going down, that live convertor is dropping the $1,000 of what I just deposited! I am not putting money into Trezor for it to then drop my deposit. I am putting funds into Trezor to HODL, to hold the funds in and when in the future I do an exchange (Send, Sell) I will do my own convertor then.
This live convertor idea is great if the market goes up but not so nice when the market goes down.
Thanks for all the help.
I don’t think you understand how currencies work…?
You are not depositing fiat into Trezor. You are buying Bitcoin for fiat and then depositing Bitcoin into Trezor.
If you buy $1000 worth of Bitcoin at 12 AM, let’s say that 0.02 BTC goes into your Trezor account.
Then Bitcoin goes down at 1 PM and your 0.02 BTC is worth $800. Too bad. Maybe the next day it will go up again and your same 0.02 BTC will be worth $1500.
Point is, you are not holding dollars. You are holding 0.02 BTC.
If you don’t want to see the USD conversion, you can switch your currency to Bitcoin in Suite settings. This however does not affect the value of your holdings, it just affect how the value is displayed.
Thanks for the reply,
You are right, that’s what I thought too, that it is showing live trading against the BTC
I guess it must be like that with all cold wallets as I also have the Blockstream Jade and did not fund that yet.
So it’s like up, down when I go look at the Trezor Dashboard.
What do you think, is it better to Sell and then redep in Oct when the forecast is to HODL? This is what I am trying to do here, dep and hold but hold what as it is scary to watch it go down, up. Most ppl say to buy low and hold as it goes up but now I am funding out that Sept is notoriously bad to do this. Should I take a small hit and wait it out or sell and redep in Oct?
While we’re here what do u think about ETF Bitcoin is that a waste or a good thing?
Can’t resist: 5 mins ago Silver was up 5 mins ago and BTC down and now it’s the other way around with silver down and bit up.
So first of all I’m not going to be giving you investment advice, besides the basic one: only invest as much as you’re comfortable losing.
That said, the HODL strategy is:
Step 1: buy
Step 2: hodl
Step 3: there is no step 3.
If hodling is your goal, there is no point in worrying about day to day volatility. Your investment horizon is “indefinite”. Pick up a calculator: if BTC goes to, say, $200k in five years, it won’t matter if you bought at $58k or $59k. If it goes to zero, it won’t matter either.