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I’m talking about withdrawal only. But it's not like a bank, I agree - a bank gives some protection to your money, because they have responsibilities.
by EugeneOZ 5y ago
I’m talking about withdrawal only.
But it's not like a bank, I agree - a bank gives some protection to your money, because they have responsibilities.
- anonymoushn 5y agoWithdrawal as in obtaining cash? Most payments don't use cash so it seems like a bit of a red herring.
- EugeneOZ 5y agoNo, just converting crypto coins into real currencies. I wrote it in the first comment.
- anonymoushn 5y agoAlright. This happens by default if I take no actions when I deposit USDC at FTX - the USDC is redeemed for dollars and added to my dollar balance. I can head over to the FTX OTC desk to trade my dollars for other fiat currencies at competitive rates provided by their HK banking partner. So the process of withdrawing to fiat takes a few seconds.
- EugeneOZ 5y agoIt's funny how you are trying to ignore my words about identity confirmation and KYC. For me, while this is required, the whole point of “crypto” is nullified. And this process is not fast. And I hate to share such information.
- anonymoushn 5y agoSorry about that. I guess I mean to say, it improves over banks in X dimension, while being no better than banks in Y dimension that you really care about. I've sort of become desensitized to this sort of thing after sending a hundred or so people my passport and TIN this year alone.
- throwaway554 5y agoWorked great in Greece, when people couldn't withdraw more than 60 euro from their bank accounts.