FIAT currencies on DEX

[Cappex]

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

[shinratensei_]

I don't even think that why happen and why? when the centralized exchange site wanna make the fiat available to be traded on its service and that will always need a license. I don't even believe if those decentralized exchange sites wanna try to apply to the regulators for license approval to be able to trade the fiat currency. I think that you understand it in the wrong way dude.
We have tokenized fiat currency and it's far better rather than use direct fiat currency

[Willitivity]

I don't even think that why happen and why? when the centralized exchange site wanna make the fiat available to be traded on its service and that will always need a license. I don't even believe if those decentralized exchange sites wanna try to apply to the regulators for license approval to be able to trade the fiat currency. I think that you understand it in the wrong way dude.
We have tokenized fiat currency and it's far better rather than use direct fiat currency

Centralized exchanges only support fiat currencies on their platforms because they want to onboard as much users as possible including retail customers that's why they make numerous fiat options available to accommodate the needs.

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

I don't think this would be a necessary feature for decentralized exchanges. As they can still participate in crypto without needing to directly interact with fiat in order to buy crypto or they can patronize those tokenized fiat currencies and what's good is that these things get better by every passing day.

[samcrypto]

This is not the essence of DEX and if they do accept FIAT money, what kind of network they’ll use since they are not regulated and this can become a place for scammers to create their own Fiat money which is too risky.

In a growing market of cryptocurrency, having a pair of FIAT/CRYPTO makes it more convenient to buy cryptocurrency and since we are using bank accounts to for this kind of transaction, its too risky to used DEX and your bank account might be put on freeze, so I don’t think this will work.

[AmoreJaz]

This is not the essence of DEX and if they do accept FIAT money, what kind of network they’ll use since they are not regulated and this can become a place for scammers to create their own Fiat money which is too risky.

In a growing market of cryptocurrency, having a pair of FIAT/CRYPTO makes it more convenient to buy cryptocurrency and since we are using bank accounts to for this kind of transaction, its too risky to used DEX and your bank account might be put on freeze, so I don’t think this will work.

 
would trust a centralised exchange when it comes to fiat. hard to rely on DEX when you are talking about involving your bank account. and yes, in the first place how are they going to implement it in their system? very far that visa or mastercard or any other financial institution that will support a DEX.

[kaya11]

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

As long it doesn't go against the main function of DEX, which is decentralized then I will say it will be an edge to people that don't want to transfer their money to some local wallet and cash it out. Because if a DEX will introduce such features they will directly withdraw money to their bank accounts and nothing more. I am using a wallet which offers instant swapping to our own currency, but this feature is only available in BTC, Eth,BCH and XRP.

[btcsmlcmnr]

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

You miss a point to be eligible using those swap features from fiat to crypto and vice versa. Finish your KYC first.

Binance is very friendly to crypto users and they don't require a mandatory KYC for all users. If you don't want to file your identity documents for KYC, you are still free to use Binance but only won't be allowed to withdraw more than 2 BTC each day.

For swap, or P2P Binance, you are mandatory forced to do KYC. Use it or not, it depends on you. Honestly, I am not big fan of sort of people who store all money in one platform. I trade on Binance every day but I don't stick all my life and funds to it. If I want to sell my crypto to my fiat, I will do it in other platforms or through local Peer to peer trade.

When you stick all activities on one platform, risks will be higher.

The swap from Fiat to crypto requires exchanges have to bind with local laws and central banks. It is not good.

[cryptoaddictchie]

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

Once fiat is considered tradeable on dex. This is no longer considered as decentralized since they incorporate the use of fiat money. These money are regulated and we all knew once it set foot on the crypto dexes it will become a centralized platform already regardless the feature it looks or running as a decentralized platform. It will be gone, even with a smoothest feature they have.

Dex is all about freedom and inserting fist into scene especially on liquidity and might as well loans means it already evolve to a cex.

[Bttzed03]

Is there any Bisq user here to refute all these claims that DEX shouldn't have a fiat pair? Bisq is widely known as the only true DEX on the market and yet they have most (if not all) fiats if you look at their BTC trading pair. USD, GBP, EUR, AUD, CAD you name it.

~ I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

Just drop it here or ask an official representative to create ANN on exchange dedicated board.

[Cappex]

if we think of an increase in demand for cryptocurrencies in recent years, we cannot fail to consider the ease and accessibility that this will have to achieve to satisfy all users.

Users who want to buy cryptocurrencies will do so with regular money so the KYC will not be a problem, different is the issue related to the custody of cryptocurrencies.

Currently, to buy cryptocurrencies with fiat currencies you have to carry out the KYC procedure in a platform (coinbase, binance, etc.) and send them your money in exchange for the custody of your cryptocurrencies.

What I intend for Fiat and Dex currencies is the removal of (coinbase, binance etc.. and their KYC procedure) and with a Sepa transfer from your current account to make an atomic swap (with the support of the new generation banks) Fiat/Crypto... I got to try it, the beta version of Nimiq Oasis is live.
I think there could seriously be the possibility of a greater diffusion of this technology: https://www.nimiq.com/oasis/explainer/

[ryzaadit]

Is not really to have another FIAT because we already have a FIAT based ($), Just change your other FIAT to USD. In every popular chain we already have FIAT from various chain :
- ETH : Tether (USDT)
- TRX : Tether (USDT)
- BSC : BUSD

See, not really to do another FIAT backup by real asset again because we already have the pair using $ and people more often with that.

[pakhitheboss]

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

I donot think this will happen, if it does happen then it will become a paradise for scammers. I would still go to a centralized exchange if I want to convert my cryptos into fiat because of the safety and security. A DEX would be able to provide that because they do not have any mechanism to verify a user.

[Cappex]

Is not really to have another FIAT because we already have a FIAT based ($), Just change your other FIAT to USD. In every popular chain we already have FIAT from various chain :
- ETH : Tether (USDT)
- TRX : Tether (USDT)
- BSC : BUSD

See, not really to do another FIAT backup by real asset again because we already have the pair using $ and people more often with that.

certainly that there are stablecoins but these are simply not accessible by everyone, I am talking about massadoption and not a tax haven for whales or people of wall street...

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

I donot think this will happen, if it does happen then it will become a paradise for scammers. I would still go to a centralized exchange if I want to convert my cryptos into fiat because of the safety and security. A DEX would be able to provide that because they do not have any mechanism to verify a user.

I believe that this will not be the case, the German bank TEN31 has already given support to this technology and in fact it is possible to buy cryptocurrencies from your bank account with an instant SEPA transfer ... I would not be surprised to see this huge step towards a greater ease of access to the entire sector.

[zasad@]

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

See this data
https://usdonethereum.com/
decentralized exchanges won't work with fiat.
These exchanges use tokens (stablecoins) from other projects to provide liquidity.
Many projects wanted to make a secure stablecoin. The main categories of stablecoins can be found here
https://bitcointalk.org/index.php?topic=5280287

I will wait for a link to your project

[Johnyz]

Is not really to have another FIAT because we already have a FIAT based ($), Just change your other FIAT to USD. In every popular chain we already have FIAT from various chain :
- ETH : Tether (USDT)
- TRX : Tether (USDT)
- BSC : BUSD

See, not really to do another FIAT backup by real asset again because we already have the pair using $ and people more often with that.

Those are working with CEX and I don’t think Fiat money will work on DEC where you don’t know what you’re dealing for on that platform. We don’t need any complications with fiat currency anymore, we already have CEX doing it and followed all the regulations from the government so we can easily used our bank cards to buy cryptocurrency, the risk on DEX is that your money can be tagged as illegal, that’s way more scary for me.

[CryptopreneurBrainboss]

Fiat  swapping on decentralized exchange will require load's of paper works and licensing and I don't think crypto exchanges will like to go down that road. We are all familiar with the crypto to centralized currency relationship.

Exactly and even though there was a chance we'll likely see such development in the future, it'll mean the decentralized exchange isn't totally decentralized because there's no way both technology can interact without having to tokenized the fiats like we have with all the current stablecoin in the market.

Fiat can't be on dex without it having some centralized features, which will put anybody interacting with that exchange at risk of exposure to government official as the exchange would have to comply to all their regulations before getting the licence to operate such service.

Don't rely on exchanges not to sell us out, we all know how badly exchange are licking the government ass just to get want they want.

[FairUser]

Is it necessary and useful in this space, if so I am sure many people have already done it. For some reason it's unnecessary and moreover we need fiat or crypto, I think people won't take time to join this space to trade them, the general nature is to seek profit in The market and fiat are only a very small part.

[OcTradism]

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.

I don't use Binance P2P for my trades to fiat. I do it on another platform as I don't want to bind all my documents and my trades on one exchange. Even they are Binance, I don't it.

Swap causes more expensive fee and to have lower fee and bigger income after your finished trades, choose offers manually and make your trades. Swap is when you need something quick with acceptance of expensive fee.

Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

Fiat currencies will bring more legal things for exchange and users. We use cryptocurrency because we don't want to rely on central banks and their fiat. The suggestion eliminate the independence and freedom from crypto.

[Ziskinberg]

We have tried, but centralized exchange is more famous than decentralized as it can be regulated unlike DEX.

Binance DEX is not a success, because people does not believe its really a DEX due to lots of country restriction in using the site.
For a DEX to be called as a legit DEX, there should be no KYC or any restriction.

[yurez]

FIAT currencies on DEX are incompatible things in my opinion. Most likely there will be some kind of additional aggregator-provider between such a DEX exchange, but it will already look like an ordinary centralized exchange.