It's Too Hard To Buy Crypto / Crypto Will Never Get Mass Adaption
It's Too Hard To Buy Crypto
I am a novice when it comes to buying / selling & trading crypto. I have done it in the past when purchasing some XRP. The process sucked then and it still sucks now. Exchanges ask for way too much information from us for wanting to buy something that is suppose to be anonymous. They force us to use 2FA, which is a great feature if you WANT to use it. Then we have to do lap dances to turn fiat into XX crypto to then trade for XXX crypto that we originally wanted. The whole process is one big fee trap.
The Process Is One Big Trap
From the forced use of 2FA to all the fees charged to us, its all a trap and it's designed this way on purpose. There is absolutely no reason for an exchange to force someone to use 2FA other then the hope of us being unable to use it at some point so we get our funds stuck on their exchange. Then we have the process and fees associated with turning fiat into crypto and then back again. Deposit Fiat ( Fee ) to buy X crypto ( Fee ) to change to XX crypto ( Fee ) and if we ever want to get fiat back again then we have to repeat the whole process, what a nuisance. Its not going to change anytime soon either as why would it. We all accept it and the exchanges are raking in funds for the fees. They would be silly to change a system that has them raking in funds hand over fist.
Crypto Will Never Get Mass Adaption
In its current state crypto will never get mass adaption. Its simply too inconvenient to purchase. The average Joe / Jane don't want to do lap dances to get the currency type they want. They simply want to say here is my fiat I want XXX crypto or vise versa. Until someone figures out a way to make that happen crypto will never be more then for niche group of people making and losing small fortunes.
Do you agree or disagree ?
Lets hear your opinions below.
Hi
This is a great idea to discus. I sometimes think that you really need an outside perspective to get a true assessment of how well your doing something. When I look at the stock market, I see a lot of people risking significant amounts of money to potentially get rich. There are barriers to becoming involved through the process of opening a brokerage account, which are not unlike the barriers here in crypto, but that is where there is a stark difference. Once you get your account established you buy everything with fiat, specifically your fiat. When you want to sell it, you sell it for your fiat. It’s that simple. You pay fees of course.
But with crypto you do have to exchange your fiat for bitcoin or litecoin or eth and then buy your altcoins. And you have to pay fees all along the way. It’s a process unfamiliar to most and unlike a brokerage where there is customer service here there is very little help. I feel like exchanges are just as intrusive about knowing who I am now as my stock broker, but most offer no help.
I also see that although these barriers exist, they are creating a need for businesses which help people by doing all these steps for them. This is good, but...
But in crypto giving someone your money so they can buy your crypto takes some bravery since possession is the law here. People disappear with your crypto, the exchanges delist your crypto and it vanishes, there are ways to lose your whole investment here that don’t exist in the stock market. These are barriers to mass adoption. But these are not just problems, they are opportunities. Those that create solutions shall be rewarded.
It’s a glass, it’s half full, let’s call it what it is. It’s neither bad or good, it just is.
That’s my two cents
I 100 % agree about the outside assessment and you make allot of valid points. Some that I have preached myself a time or two.
Giving so much info to an exchanges ( ID Ect. ) is a hurdle within itself. One of the appeals to the use of crypto is anonymity. Sending your ID and other info into an exchange to purchase some crypto goes against that idea. People in general are weary ( as they should be ) of sending such information to any company. They are even more weary of doing it to purchase something that is unregulated.
In Sweden you can buy crypto in 1 minute. With mobile payment. Without Registration up to 600usd a week. It is easy but people do not know how to use wallet...So That the next step.
But yes I agree with you.
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Hidden fees are much worse i have about 0.006 btc stuck on a faucet deposit (was trying to run a faucet just for fun)
Hidden fees do suck ....
It's a trap 😂 so true!
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The endless fees are but the uses for crypto are great.
Once its more easily attainable mass adaption will be much more closer to becoming reality.
Exactly bro
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Cryptocurrencies are here to stay, the Blockchain is here to stay, Steemit is here to stay just accept it, so Facebook, look out!
Get on the train before it's too late because you don't want to be the last one to get on. The train is leaving the station and if you're the last one getting on you're going to have a lot of trouble and you're going to beat yourself up metaphorically speaking.
Upvoted
Crypto is here to stay there is no doubt about that.
The sooner Facebook is replaced the better.
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I think I've mentioned this recently to you, but once your bank is set up with CoinBase or an Exchange, there's not much more to it than depositing fiat and swapping it for a coin.
What you choose to buy and when you choose to buy it is key though :D
Its still a big nuisance, the fiat we deposit rarely goes directly to buying the crypto we want. Too many trades are needed to reach the currency we intended on buying. Banks / Credit Cards are cracking down on crypto purchases and have been doing so for some time now.
2FA is a giant pain for some and shouldn't be mandatory. Coinbase seems to not have their shit together as I am already verified with them and made multiple purchases / transfers from their exchange but for some reason they decided to " reset " my account back to newbie status and I have to do the whole process over again. If they can't keep straight who is verified or not I am not sure if I want to link my bank account to them. But it is what it is .....
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I agree. I guess the hoops we jump through would be wirth it if it was anonymous, but its not. I completely dislike the wait periods for me to do it.
That's true, if the exchanges didn't require so much info then I would view the fees as the cover charge of being anonymous.
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