Binance Announces Fiat-to-Crypto Trading Pairs in a Move That Could Shift Relian

[bitmover]

https://dailyhodl.com/2018/04/19/binance-announces-fiat-to-crypto-trading-pairs-in-a-move-that-could-shift-reliance-away-from-bitcoin/

From daily hodl

Binance Announces Fiat-to-Crypto Trading Pairs in a Move That Could Shift Reliance Away from Bitcoin

Cryptocurrency exchange leader Binance says it’s working on fiat-to-crypto features that could have a major impact on the market’s reliance on Bitcoin.

Now that it’s moving to Malta, the company says it’s talking with banks on the small island nation and expects to close a deal that will allow it to accept fiat deposits and withdrawals.

If that happens it will be long waited moment for altcoiners.
I don't believe it will have any negative impact on btc price, as there is already a eth fiat pair.

What do you think?

[Bardman]

Great news for the market as a whole and hopefully more exchanges do the same. Everyone is eager to split from bitcoin, no one likes a market where everything goes down or up at the same time no matter what. I don't think they will have fiat pairs for every coin but 10-15 with the highest volume.

[Jonsnowstark]

Indeed it will be beneficial to long time holders of the alts. We need not convert our alts to bitcoin and incur fees then again convert bitcoin to fiat and again incur fees. This will really save us more of the trouble. But for newbies, most of their entry point is bitcoin. So this does not really benefit them at all. So the price of bitcoin i think wont really make any difference.

[jmlona]

We could see a fall in the price of bitcoin purely because there would be a reduced demand from the flow through to altcoins. In the same way we see ETH is so reliant on people using it for ICOs.

[squatz1]

While this may shift reliance, it's not REALLY going to change much. The pairs with the most volume are always going to be the BTC ones, for the sole fact that ANYONE can confirm that they actually do have the coins they say they're trading and not just prining mass amounts of USD (that isn't real, yes we're looking at you TETHER)

So, this is just news for news.

[gambitcoin53]

this will be a boost for altcoins resulting in a slight decrease on bitcoin price in the total market, depending on ICO and buyers who will invest on alts, trading pairs can affect the market shares not for bitcoin. the question is, which alt will last or sufficient for the demands  and will garner the same criteria to pair with bitcoin.

[hugeblack]

I think the source of this news is World's Biggest Cryptocurrency Exchange Is Heading to Malta In 2018-03-23.
In general, you can buy altcoin directly without having to go back to bitcoin as Buy Litecoin from Coinbase.
But the rapid rise in the price of Bitcoin and the possibility of easy conversion to altcoin makes it the best option.
Based on the above. I say that the real purpose of this news is more propaganda than a real transformation

[BillCoin]

Very good thing to the crypto community, as most of the exchanges who trade against fiat must be regulated, and if the exchange works with regulators then the chances of it to just run away with the money or to get hacked is much smaller, because it is well known to regulators and is registered as a company.

Really unexpected movement from Binance as they are counted for having a shady operator.

[taiwww]

https://dailyhodl.com/2018/04/19/binance-announces-fiat-to-crypto-trading-pairs-in-a-move-that-could-shift-reliance-away-from-bitcoin/

From daily hodl

Binance Announces Fiat-to-Crypto Trading Pairs in a Move That Could Shift Reliance Away from Bitcoin

Cryptocurrency exchange leader Binance says it’s working on fiat-to-crypto features that could have a major impact on the market’s reliance on Bitcoin.

Now that it’s moving to Malta, the company says it’s talking with banks on the small island nation and expects to close a deal that will allow it to accept fiat deposits and withdrawals.

If that happens it will be long waited moment for altcoiners.
I don't believe it will have any negative impact on btc price, as there is already a eth fiat pair.

What do you think?

Nah! I hardly think that will happen anytime. I mean I am not talking about the Binance taking that move to shift the the BTC trades. This will never happen as most of the people here are more reliable on BTC pairs. Firstly they need to get the BTC so that they can hold the BTC and more often collect as much as they could so that they can earn extra share on the interest rates that they have gotten in that way. But on the other hand fiat-to-crypto and/or vice versa wouldn't work much it means nothing to most of the crypto investors. Believe me they might just regret it later. Also it wont affect the prices of bitcoin for the reasons that I mentioned above.

[mu_enrico]

It's indeed a good move, but fiat-crypto pair usually involve KYC and many people still want to trade anonymously so BTC pair still has its use.
But if fiat-crypto is still using some kind of tether, well.. it sucks
Having both option can be good though

[haroldtee]

I want to believe this would really affect altcoins with great product positively as they will have a lot of chance to do well on their own. Nevertheless, we should also remember Binance is not the only exchange, so there may not really be much impact, although this should really mean a lot for binance as that should actually skyrocket their trading volume more than it is already.

However, it is not new and even if we get to see the whole exchange doing this, it is not something the market would react to that much and I do not see it affecting btc negatively in anyway but should probably keep ushering in a more matured market.

[hubballi]

It's indeed a good move, but fiat-crypto pair usually involve KYC and many people still want to trade anonymously so BTC pair still has its use.
But if fiat-crypto is still using some kind of tether, well.. it sucks
Having both option can be good though

What are telling is true that if you want to trade in fiat currency then you have to fulfill all KYC documents then automatically it will become like you are trading in stocks. then i think the main aim of cryptocurrency formation will die of decentralization with out relieving identity verification.

[omonuyak]

This is very good as binance as one of the leading cryptocurrencies exchange is going to do this. Exchange altcoins with fiat in a more easy way  should be what we should all desire. I think this is a great progress we have made and by now I think this is going to stimulate buying in the future.

[talkbitcoin]

fiat pairs already exist on big exchanges such as Bitfinex, Kraken,... and even small exchanges like Cryptopia and Yobit,... and to this day there has been no change in anything. people are trading altcoins with bitcoin most of all because they want some place to invest their bitcoin!

check out a couple of these spam topics asking "how to earn bitcoin" and you will see that in all of them the majority are saying "trade altcoins".

[Edward Finney]

They're very brave. I can only imagine how hard regulators will come down on them if they do this. Eventually it will be attempted though. As for reliance on btc, I think it will be ok

[MoonWhale]

This is great news, with USDT there were many problems. I hope they will add currencies of different countries, not only the dollar.

[rickadone]

We could see a fall in the price of bitcoin purely because there would be a reduced demand from the flow through to altcoins. In the same way we see ETH is so reliant on people using it for ICOs.

I want to believe it is too early to start assuming how the market is going to be responding to this since this is not a general news for all the exchanges but just binance.

If things turn out as they plan, sure, the reliance may drop a little bit most especially with some altcoins really doing well, but as long as majority of the other exchanges are still having more btc-alt pair, I am not sure it would really change much until further notice. It is good news and a brilliant move from Binance anyway.

[audaciousbeing]

https://dailyhodl.com/2018/04/19/binance-announces-fiat-to-crypto-trading-pairs-in-a-move-that-could-shift-reliance-away-from-bitcoin/

From daily hodl

Binance Announces Fiat-to-Crypto Trading Pairs in a Move That Could Shift Reliance Away from Bitcoin

Cryptocurrency exchange leader Binance says it’s working on fiat-to-crypto features that could have a major impact on the market’s reliance on Bitcoin.

Now that it’s moving to Malta, the company says it’s talking with banks on the small island nation and expects to close a deal that will allow it to accept fiat deposits and withdrawals.

If that happens it will be long waited moment for altcoiners.
I don't believe it will have any negative impact on btc price, as there is already a eth fiat pair.

What do you think?

From the way I see this, its going to affect bitcoin price in the long run because now, I have been noticing that when there is an increase in the price of crypto, it does not just affect bitcoin but all of the major alt coins we have there(although in different percentages) and the reason is because, you don't get to buy an alt without getting bitcoin but with this coming on board it means that you get to trade directly rather than first going through bitcoin this will make affect things as binance can launch their own coin, publicise it, getting people to invest in it, without even adding some premium to the popularity of bitcoin.

[Whosdaddy]

Great news for the market as a whole and hopefully more exchanges do the same. Everyone is eager to split from bitcoin, no one likes a market where everything goes down or up at the same time no matter what. I don't think they will have fiat pairs for every coin but 10-15 with the highest volume.

It is good news mainly for binance if they can get to pull this off.
I said that because, we still have a lot of exchanges, and unless they are also deciding to follow this path as well, there would still be some form of reliance on bitcoin. Nevertheless, I really feel this is one thing we may start getting to observe as most exchanges are beginning to want to thread this path. I once remembered bittrex saying something similar few months ago as well. Let's see how this turns out.

[squatz1]

Very good thing to the crypto community, as most of the exchanges who trade against fiat must be regulated, and if the exchange works with regulators then the chances of it to just run away with the money or to get hacked is much smaller, because it is well known to regulators and is registered as a company.

Really unexpected movement from Binance as they are counted for having a shady operator.

I don't know if it is a good thing if you were to think about it. If we are to shift away from bitcoin, we're going to have an increased reliance on actual coins -- which is going to end up casuing mass amounts of issues for exchanges as they're going to have to have audits to ensure that they're holding the amount of money which they say they have. Because at the moment there is a way to ensure that they do have the bitcoin which they say they have.

There would be no way to find out how much USD they have. Paves the way for problems like printing tether caused.