How To Convert Crypto Currency

There will come a moment when, after leaving the "poker table," the chips we have won or left need to be converted to traditional money - if we want to use it more widely. However, bitcoin conversion is not such an easy task. Some customer frustrations, fears and worries, abuses, and scams can be traced back to a lack of regulation. We've gathered what the crypto world could learn from traditional banks to increase confidence in cryptocurrencies.

All you have to do is have 3-4 bitcoins, and the rate will be $ 50,000 / BTC. If you want to withdraw this from a bitcoin machine (e.g., with a limit of HUF 300,000), you will need approx. For five months, the vending machine should be "milked" every day of the week.

LocalBitcoins? Good idea, but who will show you 40 million in cash to buy your bitcoin? Bank account transfer? Super! It will certainly not be conspicuous to drop such an amount between daily items. And the receipts and certificates will be acceptable for taxation if you finally give your head for surcharge someday.

Of course, you can say that you will "atomize" the benefits. Yes, it is possible, only then can you find reliable people! Those who will stand their ground in the event of a likely NAV "questioning" and will not make conflicting statements.

And then we didn't even talk about gentlemanly mischiefs like the dangers of ICOing. Because no one likes it when they run out of money and then they can't turn to whom.

The reality is that in the old banking world, users feel safe, transactions are usually simple, fast, and the expected result - most likely - happens. In contrast, cryptocurrencies are not uniform, have different fee structures, apply financial limits (allocations, deposits), and do not review their reports and data to users.

Lessons from traditional banks:

(1) simplicity

It is not used for the widespread use of cryptocurrencies when the average user has to open an account on 2-3 crypto exchanges to switch and trade.

Also, imagine that you can't transfer your money from your savings account at your local bank to your current account there. Instead, you are forced to withdraw your money from your savings account, pay a fee for it, and then re-deposit the cash - for a price.

(2) Scalability

Current cryptocurrencies lack scalability, high-volume, institutional-level trading. They also limit the number of transactions (up to a few tens of thousands). Furthermore, it is also characteristic that these exchanges do not have sufficient liquidity to switch in large volumes in both directions.

Yet, as Frédéric Montagne, CEO of one of the stock exchanges ( Legolas Exchange ), said recently:

Reports, reporting obligations

Accurate, cryptocurrencies provide some level of certification and reporting, but these are by no means sufficient. Traditional banks offer their customers several certificates, statements, and reports to make their lives easier.

In contrast, deficiencies in cryptocurrencies (e.g., incomplete post-transaction income statements or lack of reporting for taxation) can be a significant challenge for clients.

Timely warnings about possible stock market disruptions (e.g., maintenance), foreclosures, insolvency, and advice to inexperienced clients would increase stability - and provide customers with convenience.

So, the crypto world still has a lot to learn from the traditional banking world.