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The weak spot of Cryptos is in the exchanges. Getting your money in or out of crypto is a reall hassle, and a risky undertaking. I still had some money at Exmo,
by TeeWEE 9y ago
The weak spot of Cryptos is in the exchanges. Getting your money in or out of crypto is a reall hassle, and a risky undertaking. I still had some money at Exmo, moved them to Ether to send them to Kraken (and in my own wallet eventually). However the ethereum transaction is still in "Verifying status". Normally I always keep my cryptos in cold storages, but you cant want you want to exchange them for cash.
I also tried to get my Euros out of Exmo, but verification is already taking more than a week. My trust is gone in them. And thats the whole point. Exchanges are still based on trust, thats not what decentralized cryptos are about. It only works if everybody works on the blockchain only.
- gst 9y agoFor crypto-crypto exchanges you can use trustless atomic swaps. For crypto-fiat just use a reputable exchange that operates in your local jurisdiction.