Virtual Currency Exchange Operator To Accept US Dollars
For big shot investors including Leonardo González Dellán, getting their hand on cryptocurrencies is an easy feat. For individuals who want to try their hand with digital currency trading, the process might be a little bit complicated unless there is an exchange operator that will directly accept cash in exchange for cryptocurrency coins. This is now made possible by a cryptocurrency exchange company based in Seattle, Bittrex.
They now accept payment of American dollars for investors wishing to purchase digital currencies. Before this announcement, the only coins that can be purchased with US dollars are those that are under the trading platform Coinbase. The problem is that it only covers a small part of the entire amount of cryptocurrency available in the market, around 1500 digital coins to be exact.
In order for investors to purchase coins more than that number, they are required to convert USD to bitcoin. This is now a process they can skip, thanks to Bittrex. Bill Shihara is the founder and CEO who shared that the main aim of the platform is to be able to reach as many markets through the use ofBittrex. It is also their goal to be able to cater to customers that wish to purchase digital coins using their US dollar as a form of trade.
With the launch of Bittrex, there is a big possibility that the market might encounter a big change. Before, majority of the cryptocurrencies can only be purchased when bitcoin is used as an exchange. This is because bitcoin is considered to be the standard value that links all other currencies. Shihara said that the introduction of Bittrex could change this setup as other currencies can now move away from bitcoin as investors will have a direct access.
As of writing, there are almost 200 various cryptocurrencies that can be exchanged on the Bittrex platform. The CEO expressed that the options are still limited because they are still on the stress-testing phase. This will give investors including Leonardo González Dellán a change to test their system before they roll out more digital coins to be available for exchange.