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You can redeem stable-coins like True USD or PAX to a US bank account after passing KYC, with 1 token=1 USD. You can redeem up to 60k/day on PAXOS for a $20 fla
by tootahe45 6y ago
You can redeem stable-coins like True USD or PAX to a US bank account after passing KYC, with 1 token=1 USD. You can redeem up to 60k/day on PAXOS for a $20 flat fee per redemption, on tier 1 KYC.
It also works the other way, so they are an on-ramp, just with a slightly higher fee. However i wouldn't 100% rely on these regulated stable coins as an off-ramp if the crypto market implodes and everybody runs for the exit.
- granzymes 6y agoRight. To a bank. After passing KYC. On an exchange like Coinbase. That's my point: Coinbase is well positioned to be the on and off ramp for crypto by being legitimate enough to interface with the US financial system.
- tootahe45 6y agoMy take is that needing on/offramps proves crypto (and coinbase) is nothing but a huge casino at this point. I've been involved for 7 years and i still can't spend my crpto directly or without some serious gymnastics involved. So tired of people saying the tech is new, 'we are early adopters', etc. I'm personally steering clear of coinbase if they go public.
- granzymes 6y ago> My take is that needing on/offramps proves crypto (and coinbase) is nothing but a huge casino at this point. Couldn't agree more.
- dannyw 6y agoYou can't spend crypto directly? I've been using a bitcoin debit card for years. I've also purchased thousands of dollars of stuff, from NameCheap renewals, Vultr hosting, to Amazon gift cards.
- tootahe45 6y ago> I've been using a bitcoin debit card for years. AKA being overcharged to spend fiat.