Exchanges Expanding Altcoin Fiat Trading = No Need for Bitcoin!

in busy •  23 days ago

Bittrex introduced USD trading yesterday after years of supporting BTC/altcoin trading without having a fiat option available as seen at https://support.bittrex.com/hc/en-us/articles/360004397871-Bittrex-Announces-Introduction-of-US-Dollar-Fiat-Trading.

For years now the only reason I have used Bitcoin was to trade altcoins like Steem to BTC and BTC/USD. Newer exchanges and the highest volume from https://coinmarketcap.com/exchanges/volume/24-hour/ are continuing to increase direct trades among every cryptocurrency with fiat currencies like USD which eliminates the need to use Bitcoin.

With Bitcoin not being practical for mass adoption with high transaction fees, long confirmation times, complicated address, and no returning anything just for holding, I think we are seeing the beginning of the end for Bitcoin as altcoins like Steem gain users and offer technology ready for mass adoption while now being accessable directly from fiat instead of needing to trade in BTC.

As more of the big Bitcoin holders see the trend downward in use and holding of Bitcoin, some massive BTC sells both for altcoins and for fiat are likely to keep taking the price down over time especially as the big holders wait for price spikes to sell.

Meanwhile, as exchanges like Bittrex eventually ad Steem/USD we are in a great position to see more investors for Steem as buying it becomes as easy as making a fiat deposit on one exchange and then transferring from that exchange to Steem. By contrast, over the history of Steem so far very few exchanges have had fiat trading up until 2018. By the end of 2018, we are likely to see many more as exchanges aim to cut the middleman BTC out of their trading fees and onboard users to every cryptocurrency easily with fiat.

Therefore I see no long term potential for holding Bitcoin which is why I do not have any. I appreciate you reading this and hope it was helpful!

Love,

Jerry Banfield

Exchanging Expanding Altcoin Fiat Trading = No Need for Bitcoin!.jpg

Shared on:

Let's stay together?

Our Most Important Votes on Steem are for Witness!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

"offering US dollar (fiat) trading for corporate customers and plans to expand these services overtime to include all qualified customers."

Most people don't fit in the "corporate customer" category, so they won't have access and "qualified customers" likely means has a 500k$ crypto account on Bittrex... so nothing really changes for the average dude.

·

Not today maybe although soon it will and in a year or two we will probably take trading Steem with USD for granted!

·
·

I hope you are right about the STEEM trading for USD part. But BTC is not doomed to die in the next 5 years, at least that is what my TA suggests... Even a crash to 2400 should bring new alltime-highs in the years to come.

I personally dont think BTC is competing as a speculative asset only. Its a hedge against most of the conventional assets out there. Many institutes will start giving interest on BTC deposit which will make it productive asset as well. But yeah the market overall needs to dissociate from price movement of btc. That is healthy

At this point i think Jerry has some valid concerns. Bitcoin although not controlled by anyone "technically", the code being ran, it is controlled by the developers who stole the idea of what satoshi imagined it should be. Global p2p money. Bitcoin lost this ability when the large adoption rate came and then the giant fee hike. I've heard of people who spent 2000usd on a bitcoin transaction fee. I don't think that investor will come back to bitcoin for any reason when steem has no transaction fees. Bitcoin has no ROI really now a days after investment, no steempower, no curation, no author rewards, now forks are dead really. Yea. That is going to be a bit of a hard sell. Especially with the forks falling off and not respawning. No real reason to hold bitcoin that i can see.

·

Thanks for you and most welcome sir

·

Thanks for you..

·

Thanks sir..

I appreciate the information. I personally love that option to be able to used fiat directly in trading with crypto though I’m not sure how long we will have that option.

Do not conflate utility token with global money.

Steem has little to zero privacy features so it's tokens are hardly fungible.

Unit of account : Steem has a BTC, KRW and an unused ETH pair, how many pair does Bitcoin have?

Immutability / Censorship resistance : How much harder do you think it is to convince 20 people on Steem to change the ledger vs Bitcoin?

How easy do you think it is to deposit USD directly on Huobi? Binance? Bittrex? Bithumb? Blocktrades?

Hint, it's impossible, If anything they are trading for USDT

How easy do you think it is to turn your USD cash into USDT?

Only Kraken allows it (0.01% of the USDT market)

·

Cough what platform is USDT running on? ;)
Hint: Omni aka Bitcoin

This is taking decentralization to the next level, I loved that you called BTC a middleman!

What a massive success in trading with bittrex for usd support

Though Bitcoin has higher fee and slow transaction speed, we cannot absolute hate or create hate toward bitcoin. Because " because of bitcoin steem and steemit are here." not only that bitcoin is not centralize and doesn't have any CEO to handle it as their head. Nobody used to trust steem without bitcoin. Let's ot forget history. Or don't hate bitcoin just because of bittrex added steem/USD option. At current situation we must need fiat, we must need bitcoin and steem too.
Thank you verymuch.

Sooner or later this will happen.
Coins which perform as a platform will replace Bitcoin
Like ETH, EOS and Steem

Bitcoin has its own place. No other crypto asset has that. The anonymity of founder.

Exchanges could have offered fiat trading ages ago and the fact that they are doing so now does not signal the end of btc. Most of the general public have only heard of btc and it will be difficult to over turn that brand recognition and first mover advantage!

·

You have a good point, I tend to agree.

Wow.... Fantastic, thank you so much jerry for this great news and useful post.
Good luck my dear friend.

Richard Heart made a similar comment on Bitcoin losing its appeal once fiat pairs are introduced. I watched it on a recent "Ivan on Tech" episode.

Quite an unpopular belief though. However, I agree with the philosophy that Bitcoin needs to evolve or become extinct.

I love it trading Bitcoin for sharing your blog post

Exactly. The latest development at bittrex is the latest in the wave of exchanges that enable pairing with fiat. I guess that's a good development for cryptoverse because inexplicable volatility of Bitcoin is really annoying. Thank you.

@eurogee

Same as you @jerrybanfield ! Truly I hold no bitcoin. Other alts have several other functionalities than just acting as currency like Bitcoin, so I don't see much long term value for it, since its slower and can make much less txs before being unstable.

The only reason I believe bitcoin will continue rising is because it was the first one that started the crypto world.

Regards, @gold84

Well i love the write up and i truly believe its time Bitcoin upgrades or goes besides there are still other crypto currencies in the market

Please follow me @emekaubasinachi and upvote my soon to land posts. Thanks

·

I can also give you a flag-don't ask for upvotes

Nice work sir, I love your post

It is great news I used to change dogecoin into dollar, thanks for sharing with us.

This is great news - BTC is really impractical if it is used only as a middlecoin. I hope this trend that you described really continues also on platforms like Binance ;)

oh my, God does your leaving bitcoin mean you will soon leave STEEMIT?

When I first started cashing out SBD to MXN (Mexicana Peso) I used BTC as a middle man, then I found out that ETH was faster and cheaper.

I hope that the wallet that I use supports direct exchanges between Steem and MXN in the future.

This great news. I have a small amount of LTC that I have been sitting on hoping it would move back up to where it was at the end of last year. It would be nice to be able to directly move that into something else.

Hello Jerry, I have been a very crazy follower of your content and I have been following you since the time you were making Facebook ads course for us. I have learnt a lot from you.
Lately on I have not been getting the return of my efforts, its a bit frustrating. I put out todays post and I humbly request you to have a look and if you think its worth sharing with your follower, then please do resteem it with your followers. Thanking you in advance as always.
https://busy.org/@talhajaved8/accepting-a-new-challenge-in-life-sniper-elite-3-in-under-40-hours

First of all thank you very much for the latest information about Bitcoin and I appreciate your concern. It'll help me to make decisions.

“Think outside Bitcoin” my slogan 😎

Hi Jerry. I find your views interesting. I do think keeping your eye on Bitcoin is crucial as it is still a massive indicator of the market. That is why we do Daily Bitcoin Technical Analysis summaries on #steemit. We just posted today's ANALYSTS DAILY SUMMARY.
You will find all the BTC TA info you need summarized in one glance on #steemit. Go check it out. Hope you'll enjoy the condensed and easy way it's presented.

I am a car designer. Please visit my page too

What you say is really real @jerrybanfield ....
I am very surprised by your notice of this ....
OMG.....

This is a very important step for the advancement of STEEM as currency and all the altcoins, and at the same time that we removed the dependence on the BTC, for years it was already unfeasible to pay such high fees and exaggerated time of confirmation, it is the best news that I have listened in years.

·

I bought all my STEEM for LiteCoin. There have already been alternatives.

Congratulations @jerrybanfield!
Your post was mentioned in the Steemit Hit Parade in the following category:

  • Upvotes - Ranked 4 with 1089 upvotes

Thanks for the BTC FUD, Jerry.

Great News !!! A big help to us traders