Martinsx Posted May 17, 2018 Share Posted May 17, 2018 There are so many cryptocurrency exchange sites in the world today but one thing is peculiar with all them, which is its refusal to accept fiat currency in buying cryptocurrency for new members. This has been a major stumbling block for many people with the interest to invest in cryptocurrency. I would like to know the reason why these exchange sites refuse the use of fiat currency? Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/ Share on other sites More sharing options...
Kakashi2020 Posted July 7, 2018 Share Posted July 7, 2018 On 5/17/2018 at 5:16 PM, Martinsx said: There are so many cryptocurrency exchange sites in the world today but one thing is peculiar with all them, which is its refusal to accept fiat currency in buying cryptocurrency for new members. This has been a major stumbling block for many people with the interest to invest in cryptocurrency. I would like to know the reason why these exchange sites refuse the use of fiat currency? That crossed my mind a lot and the only logical reason I can think of is, maybe it's because of some law that would make them liable if they sell something and get paid with real money. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1680 Share on other sites More sharing options...
Martinsx Posted July 8, 2018 Author Share Posted July 8, 2018 23 hours ago, Kakashi2020 said: That crossed my mind a lot and the only logical reason I can think of is, maybe it's because of some law that would make them liable if they sell something and get paid with real money. Seriously, it's very annoying to some extent because come to think of it, if not that some beginners were able to mine their first cryptocurrency and started trading, how in the world are people supposed to own the digital currency? Now, with mining being very difficult and not as easy as it's promised, with also limiting buying with cryptocurrency as well, it's making investment in the cryptocurrency harder for new people. It's only the few cryptocurrency exchange site that accept fiat currency that gives people to join the band wagon and move over to the exchange market that don't accept fiat currency. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1692 Share on other sites More sharing options...
Kakashi2020 Posted July 8, 2018 Share Posted July 8, 2018 10 hours ago, Martinsx said: Seriously, it's very annoying to some extent because come to think of it, if not that some beginners were able to mine their first cryptocurrency and started trading, how in the world are people supposed to own the digital currency? Now, with mining being very difficult and not as easy as it's promised, with also limiting buying with cryptocurrency as well, it's making investment in the cryptocurrency harder for new people. It's only the few cryptocurrency exchange site that accept fiat currency that gives people to join the band wagon and move over to the exchange market that don't accept fiat currency. When you think about it, it really has no sense right? And it doesn't even feel right. In my opinion it might have something to do with legitimacy issues and by not accepting fiat money, these cryptomarkets has a loophole in operating their businesses. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1703 Share on other sites More sharing options...
Martinsx Posted July 9, 2018 Author Share Posted July 9, 2018 12 hours ago, Kakashi2020 said: When you think about it, it really has no sense right? And it doesn't even feel right. In my opinion it might have something to do with legitimacy issues and by not accepting fiat money, these cryptomarkets has a loophole in operating their businesses. It doesn't seem right, I must admit to that because should one fail to be able to mine a certain amount of cryptocurrency, it makes it invariably impossible for such individuals to participate in the investment of digital currency. I think the issue of government refusal to accept the coins is somehow related to the cryptocurrency not being allow to deal on with fiat currency. So, each currency is on its own, with fiat currency on its lane and cryptocurrency on its own lane. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1706 Share on other sites More sharing options...
Kakashi2020 Posted July 9, 2018 Share Posted July 9, 2018 I too believe that it's a legitimacy issue and that most governments are shunning away or keeping a distance to avoid legitimacy of said cryptocurrencies. I guess they have a valid reason in doing it to, in my opinion it's to protect the citizens as well as the economy. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1707 Share on other sites More sharing options...
Steve5 Posted July 9, 2018 Share Posted July 9, 2018 1 hour ago, Kakashi2020 said: I too believe that it's a legitimacy issue and that most governments are shunning away or keeping a distance to avoid legitimacy of said cryptocurrencies. I guess they have a valid reason in doing it to, in my opinion it's to protect the citizens as well as the economy. Me too. It has me wondering why these things happen. As always, the government might know more than we do. It's up to us to find our own answers regarding these issues. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1715 Share on other sites More sharing options...
Henrywrites Posted July 9, 2018 Share Posted July 9, 2018 First of all, getting to understand that those cryptocurrency exchange sites ain't made for using fiat currency is one thing that you should know. The reason that they focus on coin such as Bitcoin is to promote it's use by those that wants to be part of the crypto world. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1720 Share on other sites More sharing options...
Kakashi2020 Posted July 10, 2018 Share Posted July 10, 2018 18 hours ago, Henrywrites said: First of all, getting to understand that those cryptocurrency exchange sites ain't made for using fiat currency is one thing that you should know. The reason that they focus on coin such as Bitcoin is to promote it's use by those that wants to be part of the crypto world. But why are they not accepting money if one wants to invest and buy some cryptocurrencies from them? I can't see the sense in that. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1734 Share on other sites More sharing options...
Henrywrites Posted July 10, 2018 Share Posted July 10, 2018 6 hours ago, Kakashi2020 said: But why are they not accepting money if one wants to invest and buy some cryptocurrencies from them? I can't see the sense in that. The thing is that they want the use of cryptocurrencies to be rampant and this is the major aim that they have. When you want to get into the exchange platform such as coinbase, you need to come in with buying coins from other people. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1742 Share on other sites More sharing options...
EfficientNinja Posted July 11, 2018 Share Posted July 11, 2018 I see this as a very big inconvenience too. I hope this will change in the future and they'll have some options to convert to traditional currencies. It is a hassle to top up funds when you want to trade cryptocurrency through these sites. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1749 Share on other sites More sharing options...
Martinsx Posted July 11, 2018 Author Share Posted July 11, 2018 On 7/9/2018 at 11:51 AM, Kakashi2020 said: I too believe that it's a legitimacy issue and that most governments are shunning away or keeping a distance to avoid legitimacy of said cryptocurrencies. I guess they have a valid reason in doing it to, in my opinion it's to protect the citizens as well as the economy. There is a possibility in what you said being the reason why the government of most states are shunning away from getting involved with cryptocurrency. There have been some cases where these cryptocurrency have been used to dupe people and the government doesn't want to be tied to such occurrences. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1750 Share on other sites More sharing options...
Henrywrites Posted July 11, 2018 Share Posted July 11, 2018 13 hours ago, EfficientNinja said: I see this as a very big inconvenience too. I hope this will change in the future and they'll have some options to convert to traditional currencies. It is a hassle to top up funds when you want to trade cryptocurrency through these sites. In my opinion, things will only change when the government of many countries come to accept coins as a means of payment. The struggles of cryptocurrencies to exert that sort of authority in the market is something that is making some of the exchange sites to make use of them alone. Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-1761 Share on other sites More sharing options...
Kakashi2020 Posted October 27, 2018 Share Posted October 27, 2018 On 7/11/2018 at 2:43 AM, Henrywrites said: The thing is that they want the use of cryptocurrencies to be rampant and this is the major aim that they have. When you want to get into the exchange platform such as coinbase, you need to come in with buying coins from other people. What if I don't have cryptocurrencies, and I want to buy some using Fiat Currency, where would I go? Do I have to find a person that would sell me some cryptos using Fiat? Quote Link to comment https://slingbank.com/forums/topic/354-why-does-cryptocurrency-exchange-site-doesnt-accept-fiat-currency/#findComment-2219 Share on other sites More sharing options...
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