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Strategies & Market Trends : Blockchain and Cryptocurrencies -- Ignore unavailable to you. Want to Upgrade?

To: zax who wrote (113)	1/6/2018 12:31:13 AM
From: Elroy	Respond to of 7622

It sort of makes sense, but I would think that having a digital exchange NOT interface with fiat would be easier than interfacing with fiat. In other words, Binance may be a the first mover, but can't every other exchange do almost the same thing? One would think so...... I guess everyone wants to trade on the most active exchange (they would have the best prices), but doing an all digital exchange sounds, well, sorta easy! Easier at least than a regulated exchange with fiat gateway. Whatever, lets see what happens. I think the exchange fees will quickly race toward zero, or puny numbers. Fun stuff!

To: zax who wrote (113)	1/6/2018 5:30:07 AM
From: w0z	2 Recommendations Recommended By Glenn Petersen zax Respond to of 7622

B) No government to report to, because they don't trade in any fiat currency. I don't think this is unique to Binance. I haven't checked all exchanges but Kraken is the only exchange I'm aware of besides Coinbase/GDAX which accepts USD fiat (..not USDT which is actually a coin, not fiat). Bittrex once accepted USD fiat but only in amounts over $100k, but apparently no longer according to this reddit post. TLDR: you can buy directly from Bittrex in amounts greater than $100k only. I had the same question and did a little digging in the bittrex FAQ. Once you’re an enhanced user you have the option to buy USDT via wire transfer directly from bittrex. This is where it gets a little muddy tho. If you go to the support page and down to the FAQ section, under the Wallets section there is an option to Purchase USDT via Wire Transfer. Once you click onto this page it tells you that you can purchase USDT in amounts greater than $100,000. This doesn’t really help regular people. If you scroll down the page there is a link to submit a request to Purchase BTC/ETH/USDT via Wire Transfer form. When you open the form it gives you several drop down boxes. Under the Amount box it asks you to provide the amount you are going to send, and says it must be $10,000 USD or greater. After submitting a request ticket I? received an automated response stating that they no longer accept transfers less than $100k. They were nice enough to provide the wire address info. I? guess I? better improve my trading skills. I haven't checked for non-US fiat but believe Kraken accepts EUR, and many Chinese exchanges accept CNY. Bittrex was the go-to exchange for most US traders but many have moved from there to Binance over the past few months. Key reasons: 1. They did not offer GAS accumulation for NEO holders, even though they did trade NEO. 2. They were very slow to add popular new currencies. 3. They are US based which probably made some US traders nervous (i.e. after the IRS contacted Coinbase for their customer records over $20k transfers annually). There are other upcoming exchanges which will offer competition to Binance. Ethos (previously Bitquence/BQX) is US based and will offer multiple fiat conversions, many new features such as currency baskets (like ETFs), a VERY customer friendly platform, etc. Coinbase is clearly their primary target but their ease-of-use and other features may also impact Binance. I expect they will also implement tax record tracking which is currently a nightmare. One weak area for Binance is that they are slower to list new currencies than other exchanges, like Kucoin (Korean based). KCS seems to be modeling their platform on Binance by offering discounts if you hold some KCS coins. Disclosure: I hold both ETHOS and BNB and a little KCS for trading (although that coin has also been mooning like ETHOS and BNB).