Bitcoin Forum
September 22, 2018, 02:03:46 PM *
News: ♦♦ New info! Bitcoin Core users absolutely must upgrade to previously-announced 0.16.3 [Torrent]. All Bitcoin users should temporarily trust confirmations slightly less. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [2018-06-05] How Bittrex Does Crypto-to-Fiat Trades  (Read 16 times)
Psicotico
Newbie
*
Offline Offline

Activity: 99
Merit: 0


View Profile
June 05, 2018, 05:44:29 PM
 #1

How Bittrex Does Crypto-to-Fiat Trades When Other Cryptocurrency Exchanges Can’t.

According to Bill Shihara, the CEO at Bittrex, which remains as one of the very few cryptocurrency exchanges apart from South Korea’s Bithumb and UPbit that users can utilize to purchase tokens with fiat currency, stated that every single digital asset listed on Bittrex goes through a rigorous review process.

“For us, it is primarily about innovation. That’s what we are excited about. We have a very rigorous review process to go ahead and find the most innovative blockchain projects out there in the world. And a part of that process is not just making sure that the technology and the business models are innovative, we also look at the founders and principles behind the project,” Shihara said.

Shihara added that Bittrex works closely with every project listed on the platform and their lawyers alongside third party or independent law firms to prevent any potential regulatory conflict in the future between investors and local financial authorities. He added:

“We also put them through a compliance review. We work with their US-based lawyers as well as independent lawyers who double check to ensure that it is something we feel comfortable trading in the United States.”

Coinbase is Taking a Different Approach
Coinbase, another juggernaut exchange and cryptocurrency brokerage in the US, has taken a different approach in supporting tokens. Since its debut, Coinbase has been recognized as the largest cryptocurrency platform in the world, serving more than 20 million users and storing more than $20 billion in customer funds.

Despite its close connections to regulators, Coinbase has taken a different approach from Bittrex. Instead of collaborating with blockchain projects and their US-based lawyers to research the legality of their tokens, Coinbase acquired decentralized cryptocurrency exchange Paradex to support token to token trading.

The key difference between Coinbase and Bittrex is that on Bittrex, users can trade tokens directly with fiat. On Coinbase, users have to purchase major cryptocurrencies like bitcoin and Ethereum with fiat, and eventually trade BTC or ETH with tokens on Paradex, which will be integrated into GDAX that is expected to rebrand to Coinbase Pro.

The method used by Bittrex to remain compliant with local policies in processing token to fiat trades is more complicated and resource-demanding in comparison to Coinbase’s decentralized digital asset exchange integration. Bittrex has to cooperate with banks, regulators, lawyers, and independent teams on each token and if local authorities find an issue with just one of the hundreds of tokens listed on Bittrex, the exchange could be under heavy scrutiny.

How Bittrex Will Process Fiat to Token Trades
Currently, Shihara explained that BIttrex is directly working with US banks to process deposits and withdrawals and once the system is successfully tested, Bittrex will expand to many markets.

“Right now, we started with a small select number of launch partners and the idea right now in this phase, we are stress testing our system. We are working with the banks very closely to ensure that they can process fiat deposits and withdrawals, and also the engine itself that we use to trade is going to be able to properly handle the load. The idea then is to expand to as many markets as possible.

https://www.ccn.com/how-bittrex-does-crypto-to-fiat-trades-when-other-cryptocurrency-exchanges-cant/
1537625026
Hero Member
*
Offline Offline

Posts: 1537625026

View Profile Personal Message (Offline)

Ignore
1537625026
Reply with quote  #2

1537625026
Report to moderator
1537625026
Hero Member
*
Offline Offline

Posts: 1537625026

View Profile Personal Message (Offline)

Ignore
1537625026
Reply with quote  #2

1537625026
Report to moderator
1537625026
Hero Member
*
Offline Offline

Posts: 1537625026

View Profile Personal Message (Offline)

Ignore
1537625026
Reply with quote  #2

1537625026
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1537625026
Hero Member
*
Offline Offline

Posts: 1537625026

View Profile Personal Message (Offline)

Ignore
1537625026
Reply with quote  #2

1537625026
Report to moderator
1537625026
Hero Member
*
Offline Offline

Posts: 1537625026

View Profile Personal Message (Offline)

Ignore
1537625026
Reply with quote  #2

1537625026
Report to moderator
1537625026
Hero Member
*
Offline Offline

Posts: 1537625026

View Profile Personal Message (Offline)

Ignore
1537625026
Reply with quote  #2

1537625026
Report to moderator
vit05
Sr. Member
****
Offline Offline

Activity: 406
Merit: 289



View Profile WWW
June 05, 2018, 11:05:07 PM
 #2

If the exchanges really started using the method of exchanging Fiat for tokens instead of BTC-Tokens or ETH-Tokens, I believe the market would get a lot off the Bitcoin chart. Today all negotiations are mainly using Bitcoin. And any fall or rise impacts the entire market. I believe that separating, Bitcoin could go its own way and being the leader in what it does better, as a store of value and as a commercial exchange using LN.

All other tokens that only serve the casino of speculation would continue in that pump and dump circumventing regulations.


       █
      ██
     ██
   ██ ██
 █ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
   
       █
      ██
     ██
   ██ ██
 █ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
██ ██ ██
  B

          ▄▄▄▄▄▄
     ▄▄████████████▄▄
   ▄█████▀▀    ▀▀█████▄
  ████▀            ▀████
 ████                ████
▐███                  ███▌
███▌                  ▐███
▐███           ▄▄     ███▌
 ████         ▀███▄  ▐███
  ████▄         ▀███▄███
   ▀█████▄▄     ▄█████▀
     ▀▀████████████▀▀
          ▀▀▀▀▀▀
T 
Better. Quick.

Transparent.






             ▄████▄▄   ▄
█▄          ██████████▀▄
███        ███████████▀
▐████▄     ██████████▌
▄▄██████▄▄▄▄█████████▌
▀████████████████████
  ▀█████████████████
  ▄▄███████████████
   ▀█████████████▀
    ▄▄█████████▀
▀▀██████████▀
    ▀▀▀▀▀






▄█████████████████████████▄
███████████████████████████
███████████████▀       ████
██████████████      ▄▄▄████
██████████████    ▐████████
██████████████    ▐████████
██████████            ▐████
██████████            █████
██████████████    ▐████████
██████████████    ▐████████
██████████████    ▐████████
▀█████████████    ▐███████▀






                   ▄▄████
              ▄▄████████▌
         ▄▄█████████▀███
    ▄▄██████████▀▀ ▄███▌
▄████████████▀▀  ▄█████
▀▀▀███████▀   ▄███████▌
      ██    ▄█████████
       █  ▄██████████▌
       █  ███████████
       █ ██▀ ▀██████▌
       ██▀     ▀████
                 ▀█▌
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!