In big news announced today by Bittrex, they will begin offering fiat pairs on several coins as soon as Thursday.
The official release by Bloomberg can be seen here:
This is very big news as only a handful of exchanges in the world offer fiat pairs on cryptocurrencies, with only a couple being in the US.
Bittrex is based in Washington state and currently has more than 3 million accounts and close to 200 coins listed on its exchange.
Some specifics:
The coins to have fiat pairs initially will be bitcoin, tether, and trueusd.
That may not sound like a lot but they have plans to expand.
The exact quote can be seen here:
"Bittrex is launching fiat trading on Thursday for Bitcoin, Tether and TrueUSD. The service will initially be available only to corporate customers in Washington, California, New York and Montana for regulatory reasons, but the firm said it plans to expand the offering to retail investors eventually."
Only 3 coins will have fiat pairs initially, and those pairs will only be available to select corporate accounts in only 4 states due to regulatory reasons, but there are plans to include the offering to retail investors eventually.
(Source: https://www.cryptoglobe.com/latest/2018/05/Bittrex-Set-to-Add-USDBTC-Pairing/)
This is very big news for several reasons:
For one, Bittrex now becomes one of the few exchanges in the world to offer fiat pairs, which is a very big deal by itself.
They become one of only a couple US based exchanges to have fiat pairs, which is a very big deal as US dollar trading is still one of the largest markets.
Secondly, Bittrex currently has 3 million customer accounts, meaning that if those accounts start becoming more active due to fiat pairs, we could see a huge surge in trading activity.
Thirdly, this is a huge boost of confidence for the entire space. It says that banks are willing to work with crypto exchanges and likely signals that more exchanges are likely to get fiat pairs in the coming months as well.
Finally, this will eventually eliminate a step for users wanting to go from fiat to altcoins, which will make the process cheaper, easier, and more fun for crypto users.
Good news for steem?
It doesn't mean much intitially, but it could possibly be very good news in the medium term.
I can't tell you how many times I have had someone ask me how they can buy some steem with dollars, and then when I described to them the process, their eyes glazed over and they lost interest.
One of the best ways currently is to open a Coinbase account, send dollars to Coinbase, use those to buy bitcoin, open a Bittrex account, send that bitcoin to Bittrex where they then can exchange the bitcoin for steem. Then if they want to put it in their steem wallet they send it from Bittrex to Steemit.
A daunting process for anyone new to crypto!
Eventually getting USD pairs available to retail on Bittrex will eliminate the need for Coinbase altogether, which will only help the steem buying process.
Until we get a way to actually buy steem with fiat dollars, this is the next best thing!
Stay informed my friends.
Image Source:
https://www.scambitcoin.com/bittrex/
Follow me: @jrcornel
Come on Bittrex! I want my STEEM 👍💰👍
This is great news. A direct fiat trading pairs are essential for Steem and other good alts. I have been waiting for this a long time. This will help crypto adoption a lot!
Yep, I completely agree!
I'm trading in bittrex for very long time thia is one of the best places to trade now
It is a very good exchange, I agree. The volume has really fallen off on it over the past year or so, but still very good.
Its the main one i use and have had several issues over past year. Wish they had more coins, like eos for example. Geesh.
EOS hasn't officially launched their blockchain yet. I believe it launches June 2nd. I would bet Bittrex adds it shortly after. :)
Everyone making money.. And I am simply sitting here
What do you mean?
Sir thank you so much for sharing the procedure of how can we purchase steem by usd, I was badly in search of that and you wrote it simply here. Thank you, Sir @jrcornel
Sound of relief, glad to.hear this good news :)
Thank you for sharing.
Thanks for the information. The future seems exciting to see the new developments
thank you for the info from you, I want to follow the trail that share, let me be successful @jrcornel
Thanks for explaining how to convert USD and STEEM xd. I wanted to ask you what are your thoughts on EOS for Steemit?
I am not sure. Ultimately EOS will be a competitor on some level. Not sure if that will bring out the best in both or crush one. My guess is that both can survive and thrive in certain niches. Also, as long as people are making money on steemit it's not going away.
Great news. Lets see crypto rise now. This correction feels like it has been going on for a long time
It has been. More or less for 5 months. The most recent one lasting about a month.
If bittrex gets usd trading pair, then binance won't be too far behind.
Any exchange that has steem on it and has USD trading pairs is ok in my book!
You always got good shit. Ty Resteemed
Great news... but Montana???
Haha yes that seemed interesting to me as well. They must have lax regulations up there in regards to who can invest in what.
Very good news... Now curious about how can we cash in some money to bittrex? only credit cards? bank transfers?
Good question, do you have an account there?