Why can't we buy altcoins with fiat currency?


#1

This question may sound silly but I am really really curious why we can’t buy Alt coins with fiat currency. Does anyone know why? Is there any real reason or they just made that way just because?


#2

the support isn’t there yet. Bitcoin has been around for the longest, being the first and most important blockchain so it has the network effect of infrastructure built up from people adopting it for usage since 2008. other alts are too new, so nobody accepts them yet, and the infrastructure to accept them doesn’t exist yet.


#3

i think you may be able to buy ethereum with fiat, and monero has a local bitcoins style p2p exchange that runs on fiat…


#4

All the coins that are on the Korean exchanges (Bithumb, Coinone, Korbit etc) whether they are alt or bitcoin can be bought in fiat currency. Actually, the fiat is the only option to buy them. They have Monero, QTUM, Dash, Zcash, Bitcoin Cash and so on that are considered as altcoins here.

So most of my Korean friends (except for those who’s using foreign exchange markets such as Binance and Bittrex) don’t even know the concept of Satoshi.

I do get that Bitcoin is the king and it must have the most effective infrastructure but when it comes to buying and selling coins, I still don’t know why everything has to be tied with Bitcoin. Is there any technical reason?


#5

Because we mainly only have coinbase for fiat exchange and coinbase seems to be extremely lazy and 1 dimensional.


#6

Because this whole Bittrex concept seems to me that you need to buy Amazon or Apple stocks to buy some small companies stocks. Not sure if that makes sense…


#7

Yes, maybe that’s why. hmmm.


#8

Yes, Bittrex has some massive shortcomings as well. They hardly even show valuations in fiat for most coins. I asked them a few questions about their site when I was new and they told me that they had plans to accept credit cards, ACH transfers and to display the prices of all coins in relation to USDT at some point.

Not really sure when that will come. If Bittrex would step up their game, they could cut Coinbase out.


#9

I see. Hmmm. there might be some negotiation between Bittrex and Coinbase then. Keeping their own territories.


#10

I think also, imho, in the “background”, a lot of the financial institutions are aware of the danger of massive capital flight from fiat to crypto.

This is an enormous problem for fiats internationally. I think they realize this, collectively. Controlling means and “bottling-necking” fiat capital flight is on every serious banker’s mind from Seattle to Singapore…my 2 satoshis anyway…


#11

I don’t think there is any negotiation. I think Coinbase wants to keep its site extremely simple as to avoid any regulatory concerns and Bittrex somehow doesn’t have the resources to do massive upgrades.


#12

I mean, if you could hedge your fiat a little more quickly with a basket of cryptos, would you not? I would, and I think we’re not alone in that…The writing’s, kind of, “on the wall”, no?


#13

was looking for an answer to this yesterday…having to buy btc or eth to purchase something else is a process thats twice as long as it needs to be


#14

Ethereum and litecoin are available for sale on coinbase. These are alt coins


#15

Wikipedia describes altcoins as any cryptocurrency other than bitcoin.
You can buy eth and LTC with fiat.


#16

it’s all depend on the exchange.
Kraken accept altcoin and fiat exchange
xrp
rep
eos
etc
xmr
str
gno
dash

with different currency
usd
eur
cad
jpy
gpb


#17

Interesting, I generally use alt coin to describe any coin that’s not well known, low market cap or risky. I never really considered ETH, LTC or anything on the top 10 list alt coins. I wonder if this definition has been changing in usage because I don’t really hear streamers calling well known, large market cap coins alt coins.


#18

Yeah I’m sure that people give different meanings to different words, the same way that holding up two fingers (middle finger and index finger) with the back of the hand to a person, means “fuck off”, but many Americans think it means peace, while in fact peace is if you do the same gesture but with the hand flipped.

This is what bitcoin wikipedia says: Altcoins are cryptocurrencies other than Bitcoin.

https://en.bitcoin.it/wiki/Altcoin


#19

TL;DR: it’s all dependent on volume.

It is a choice by the exchange handling the transaction, nothing more.

So the question then becomes, why do exchanges not include transactions from Fiat to various alt coins?
Well, it’s a matter of volume. The reason people choose one exchange or another is largely due to expectation of: liquidity (or a high volume of trades occurring regularly), and price stability, as well as other things.
If an alt coin gets traded in a variety of currencies, then the liquidity in any one of those is reduced; this is not in the interest of the exchange.
Some alt coins have a high enough volume to remain liquid in multiple currencies. For example, GDAX which is largely used in western countries is able to provide to those users in their respective currencies.
Bittrex, which is used by people all over the world, and which allows for the exchange of many different alt coins struggles with the issue of trading directly to Fiat. The reason why, is first off: which Fiat? People from all over the world want it to be in yen, or USD, or euros. But nonetheless, on many high-volume alt coins bittrex still provides Fiat transactions: NEO LTC ETH as well as others.
As alt coins become more and more popular, there will be more room to trade in a variety of different currencies and on a variety of different exchanges. It’s all dependent on volume.


#20

I think a lot of it has to do with the fact that there has to be some kind of regulation to deal with the currency of a government.