Bittrex will soon accept US dollar deposits
Earlier this month, Bittrex CEO Bill Shihara said on UnikrnRadio that Bittrex will soon begin accepting USD fiat deposits. This is definitely a game changer, and could make life easier for those of us on Steemit. Currently, only Coinbase and Gemini allow someone to begin trading crypto by depositing USD from a bank account. Yet both exchanges offer very limited options when it comes to trading out of USD.
Shihara was interviewed on UnikrnRadio (Dash Radio) by Kingsley Edwards and Rahul Sood; you can access that interview here. He's worked in security engineering for BlackBerry and Amazon and co-founded the Bittrex exchange in 2014. One thing that set Bittrex apart was that its developers weren't anonymous. They posted their names, their resumes, and their backgrounds in security and software development, which gave people a level of confidence in the platform.
Asked how Bittrex might make trading cryptocurrency easier, Shihara said this:
"Crypto, I think, fails for the average person when you're talking about public/private key pairs. I don't think that makes any sense. And so I get super excited when I see consumer-facing solutions, whether it's a blockchain project or it's a wallet project or anything like that where it makes it easier for people to adopt digital currency.
"There's a couple of things we're doing in that space... We will be doing US dollar trading. This won't be open to everybody, but we will have US dollar trading available for the majority of our customers."
Shihara said there will be a separate enhanced due diligence process to upgrade your account to trade US dollars. Contact Bittrex support for more information on that. No word on exactly when this new development will happen.
Thats great news. Kraken already lets you drop euro or dollars straight in or out and it makes trading so much easier.
For me the awkwardness of entering was always a huge drawback to new people entering the markets. This should really help especially if others follow suit.
Many thanks for such a useful news it will really be useful for many people
Hi there!
Making crypto market more accessible can only be seen as good news for its future both short and long term.
Cheers!
wow that's fantastic. conversely, does this mean we can pull USD out of bittrex as well? it'd be nice to be able to transfer Steem or SBD to bittrex, convert to USD and then pull it directly out. Goodbye BTC & Coinbase, et al fees!! :D
I don't know... An every day something changes. I guess Bittrex finds it useful. I think it is better to convert there , then to invent ways how to withdraw in FIAT.
Sounds like exciting and promising news. One of the things that always makes cryptocurrencies seem like "online monopoly money" is that is seems real and yet the barriers to entry and exit are pretty steep. Of course, there will probably be some legalese involved with such plans; presented, no doubt, as ways to protect consumers from their own greed — like taking out a 3rd mortgage on the house to trade shady tokens.
Bright Blessings!