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HashFace
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August 27, 2017, 03:15:14 AM |
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I think it's because outside of the main players, the ones that have been steadily in the top 10, their isn't enough demand for something like Coinbase to start adding lots of Altcoin support.
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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yonghongtang
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August 27, 2017, 03:34:00 AM |
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Hello to everyone
As the title says, Why are Altcoins traded with Bitcoin or Ether and not with fiat directly? Newbie here and needs to get some questions cleared up
There are fiat trading pairs from beginning in some exchanges, do you have an exchange account in Chinese exchagnes? |
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hehemon
Newbie
 Offline
Activity: 47
Merit: 0
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August 27, 2017, 03:58:01 AM |
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because bitcoin and ether is trustworthy. if another coin rises up and have the same value of the 2, and gain their trust and support, maybe it'll be these 2 and that certain coin will be traded to.
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industria77
Newbie
Offline
Activity: 12
Merit: 1
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August 27, 2017, 06:38:30 PM |
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Accepting fiat would require jumping through the regulatory hoops of KYC/AML (Know your customer / anti-money laundering). Some have done so: Filecoin worked with
CoinList/AngelList to "pre-load" fiat wallets as part of their ICO prep
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Arkann
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August 28, 2017, 05:21:03 PM |
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Bitcoin and the etherium are the first digital currencies that enjoy wide support and trust. Not all exchanges and exchangers trade those altcoyins that need to be exchanged for fiat. Especially it concerns new altcoyins. Therefore, you first need to exchange for these coins, and then already make the necessary exchange for fiat currencies.
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SmokerFace
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August 29, 2017, 02:00:46 AM |
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Hello to everyone
As the title says, Why are Altcoins traded with Bitcoin or Ether and not with fiat directly? Newbie here and needs to get some questions cleared up
For my opinion, I think the reason why the most all of altcoins is traded with bitcoin and ether and not with fiat directly because bitcoin is the main currency of all the altcoins and if you purchase altcoins with bitcoin it can helps bitcoin to rise the value because you need to buy bitcoin first before you can buy altcoins so if you buy alts using fiat it can't help bitcoin to rise and it helps traders to earn more profit than trading fiat. |
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NRF
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August 29, 2017, 05:18:43 AM |
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 because no exchange support fiat altcoin... I just known only btc-e use cash to buy ppc nmc ...
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Weawant
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August 29, 2017, 05:35:02 AM |
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Hello to everyone
As the title says, Why are Altcoins traded with Bitcoin or Ether and not with fiat directly? Newbie here and needs to get some questions cleared up
For my opinion, I think the reason why the most all of altcoins is traded with bitcoin and ether and not with fiat directly because bitcoin is the main currency of all the altcoins and if you purchase altcoins with bitcoin it can helps bitcoin to rise the value because you need to buy bitcoin first before you can buy altcoins so if you buy alts using fiat it can't help bitcoin to rise and it helps traders to earn more profit than trading fiat. Not only that it's because where on cryptocurrency industry that's why we can see other alts are been traded to btc,ether and etc, And I think that is the true agenda of the coin maker since they want to earn more money with there coins made. And also having an alt is not the only one can help btc since the demand itself make it pump so hard since bitcoin has been used for online transaction globally. trading with it is I think helps bitcoins on some other part but not the major one. |
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Om.monata
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August 29, 2017, 05:38:43 AM |
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because altcoin only has support with bitcoin and ETH, but also the exchanger only supports ETH and bitcoin. Maybe it can be an interesting idea if you can trade in addition to using ETH and bitcoin example using cash money. will be a new breakthrough, but it certainly has to go through many stages to become successful.
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owocki
Newbie
Offline
Activity: 38
Merit: 0
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August 29, 2017, 05:39:36 AM |
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Litecoin Ether and Bitcoin are all traded directly with Fiat currency at GDAX.
But I think that most exchanges don't want to go through the AML/KYC requirements to trade directly fiat with altcoins. The money transmitter regulations are quite burdonsome.
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eagle10
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August 29, 2017, 05:41:18 AM |
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Hello to everyone
As the title says, Why are Altcoins traded with Bitcoin or Ether and not with fiat directly? Newbie here and needs to get some questions cleared up
Because bitcoin has a lot of exchanges to Fiat and altcoins don't have. Bitcoin is a legend and trusted already. |
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Herbert2020
Legendary
Offline
Activity: 1946
Merit: 1137
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August 29, 2017, 05:46:11 AM |
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this is one of those questions that you will only get the answer to only if you try it yourself!
trading with bitcoin:
- you make the profit on your bitcoin and we all know bitcoin is rising so double profit!
- when you deposit bitcoin it is easy, reliable, fast, moderately cheap in comparison. same with the withdrawal
- when you deposit bitcoin you remain anonymous, you don't have to give your documentation and verify your identity.
- the markets with bitcoin are always the most popular, everyone choose them because of the reasons i just said and that means more liquidity and less spread*
trading with fiat:
- you make profit on your fiat! pointless!
- when you deposit fiat, it is hard, takes a long time and the cost of it is always going to be very high. same with withdrawal of fiat.
- depositing and withdrawing fiat requires you to verify your account, it is a time consuming act and invades your privacy.
- the markets with fiat are usually less popular and that means less liquidity and a bigger spread*.
trading with other altcoins such as ether:
- you make your profit on that altcoin! again pointless since most of them are dropping in long term.
- deposits and withdrawals are easy and most of the times cheap (not ethereum) and most of the time reliable (again not ethereum) but deposits may take a much longer time than bitcoin deposits since exchanges require a lot more confirmation on all the altcoins (3 conf. in bitcoin is sometimes 20 in an altcoin)
- as far as anonymity goes altcoins are same as bitcoin
- the markets with alts/alts are the least popular of all and that means a lot less liquidity and huge spread*.
* spread
by spread i mean for example if the asks end at 10 the bids start at 5 and there is no order in the middle of this
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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izumaki
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August 29, 2017, 05:53:48 AM |
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because bitcoin and ethereum is more trusted than most of these altcoins, bitcoins have a standard that most altcoins try to reach.
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zarados
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August 29, 2017, 07:14:35 AM |
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Hello to everyone
As the title says, Why are Altcoins traded with Bitcoin or Ether and not with fiat directly? Newbie here and needs to get some questions cleared up
I don't think so, In my exchange site, You can trade for Bitcoin, Bitcoin cash, Ethereum and Ethereum Classic for local currency. I think it depends on your exchanger. I do believe, it's because a market cap of bitcoin and ethereum was above other crypto thats why both of this crypto are available for trade in local currency in every country. The other also said that's why everytime bitcoin price jump, alt will slide. It's because alt are compare with bitcoin like dash/btc, ltc/btc etc, So when the bitcoin price soaring, the alt price will follow their value in bitcoin, and what we see is down. |
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