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Author Topic: Are we really getting the most of this technology?  (Read 185 times)
Stedsm (OP)
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December 07, 2018, 02:56:45 PM
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When we speak about Bitcoins, most people use it because of less fee in terms of USD and for smaller transaction sizes, it'll be surely profitable, but when it comes to buy/sell spreads over centralized exchanges to redeem our fiat out of crypto, are we really getting what we should get? There are many users who don't do wire or any high-profile banking to save over fees, but is it really profitable at the receiver's end that when they try to sell over such exchanges, they get ~2 - 5% less based on the policy of the exchange and some based on users' rates (like localbitcoins)? When we receive money in crypto from our clients, should we really consider it a good deal (I know BTC value is volatile, but then, I'll need to wait for it to reach my expected value over sell side)?

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December 07, 2018, 03:25:52 PM
 #2

The question doesn't seem to be apt on what your post say, as I'm pretty sure we're getting the most of the technology, and trading is not a part of the said technology but rather an aspect of the tech assigned by the community. In terms of transaction speed, security and anonymity, we're pretty much covered by the tech, but speculation and any activity associated with it isn't, and that's with us users. There's always the option to look for anyone who would be willing to sell and buy at market value, but that is a rare gem nowadays. These centralized exchanges, albeit imposing high fees somewhat helped the community thrive and develop by allowing people to buy and sell safely and conveniently, so I guess that's where your fee goes to: convenience and use of their platform to make things easier and faster for you.

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December 07, 2018, 03:34:24 PM
 #3

When we speak about Bitcoins, most people use it because of less fee in terms of USD and for smaller transaction sizes, it'll be surely profitable, but when it comes to buy/sell spreads over centralized exchanges to redeem our fiat out of crypto, are we really getting what we should get?
No we are not. We do not have much options rather than using those centralized exchanges. Shame, isn't it? I guess Bitcoin and cryptocurrency is still new. It's gonna take more time and work. Let's make a strong community.

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December 07, 2018, 03:49:57 PM
 #4

When we speak about Bitcoins, most people use it because of less fee in terms of USD and for smaller transaction sizes, it'll be surely profitable, but when it comes to buy/sell spreads over centralized exchanges to redeem our fiat out of crypto, are we really getting what we should get? There are many users who don't do wire or any high-profile banking to save over fees, but is it really profitable at the receiver's end that when they try to sell over such exchanges, they get ~2 - 5% less based on the policy of the exchange and some based on users' rates (like localbitcoins)? When we receive money in crypto from our clients, should we really consider it a good deal (I know BTC value is volatile, but then, I'll need to wait for it to reach my expected value over sell side)?

For whatever reason why the market is in stage of downfall, that is because market was too difficult to predict what could be its price, it is probably due to the fluctuation was too aggressive, we don't know when traders going to buy coins or sell coins too. Although, most of the community in this business industry are still holding to their belief into crypto and bitcoin were in the near future it will bounce once more.
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December 07, 2018, 03:54:18 PM
 #5

in my opinion yes because we are very fortunate at this time to be able to use bitcoin to be a technology developed to turn the world forward according to me
Stedsm (OP)
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December 07, 2018, 03:55:17 PM
 #6

These centralized exchanges, albeit imposing high fees somewhat helped the community thrive and develop by allowing people to buy and sell safely and conveniently, so I guess that's where your fee goes to: convenience and use of their platform to make things easier and faster for you.

I agree that we pay for convenience and exchanges' use, but it's like most of the exchanges have given everything in the hands of users and they're trying their best to make money with the spreads that are being put over such exchanges when we buy/sell our BTC, and I don't really know any exchanges providing least spreads while doing the same over their platform as well. How can one claim that crypto really helps us get our money completely (as expected in fiat) when such big spreads are here to remain?

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December 07, 2018, 04:08:08 PM
 #7

in my opinion yes because we are very fortunate at this time to be able to use bitcoin to be a technology developed to turn the world forward according to me
right now I feel a victory in technology today because the emergence of bitcoin and others helps our day to day work right? this is very beneficial
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December 07, 2018, 05:59:21 PM
 #8

~snip
Not yet. We sell our BTC to get fiat, because it is more accepted than cryptocurrency when buying irl.  Time will come that we will no longer have to sell our BTC into fiat just to buy something with. When this happens, we can now enjoy this technology in 100%, without any 3rd party related fees.

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