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RE: Why I Prefer the Bitshares DEX over Poloniex, Bittrex, etc.
Very clear and useful. Thank you.
I have never bought cryptos. I started my crypto journey by opening a Steemit account. Now I want to buy steem with usd, and I find myself in situations similar to the ones you describe.
I have been trying to do this through TradeQwik. This exchange is also a DEX. After reading your post, I´ll visit the BS site and see if it is easier for me there. I am not finding the TQ process straightforward.
Are Bitshares and TradeQwik related? I´d like to know your thoughts about TQ. Have you tried it?
I only discovered TQ yesterday, and it is still very much an exchange in alpha/beta so use at your own risk. I'll definitely be keeping an eye on how it develops.
You can load USD straight into the DEX, and otherwise you could buy USDT for USD through the Tether service. Then there is the 'traditional' option of buying BTC somewhere and transferring it onto the exchange of your choice.
Thank you. I will look into the Tether service, which is totally new to me. I am scared about doing my first purchase of BTC using a credit card (the traditional way), because I there is a lot of talk about delays with BTC. Perhaps buying USDT would solve this. USDT is also totally new to me.
It´s a complicated environment. Besides, I myself add complication to the process, because of privacy issues.
Tether as a concept is great, but there are two large problems to be aware of:
If their bank assets are permanently frozen or seized, then the value of the USDT will drop to zero very fast. If you do buy into the market through Tether, make sure to convert your USDT to something else as soon as is practical.
The Tether verification queue is colossal. I have been in their queue for over a month now, and at the current rate I will not be verified by the end of the year. In fact, my passport will expire before I reach the front of the queue, which means I get to start from scratch!
Regarding privacy, Tether is very invasive, as are all other direct cash methods I am aware of. This is a requirement to prevent fraud and money laundering. The only way to get onto the market that maintains most of your privacy is buying BTC.
I understand.
"The only way to get onto the market that maintains most of your privacy is buying BTC"
What about buying another crypto using a credit card? Such as Etherium? Perhaps this way the current delays with BTC could be avoided. If it were possible, whidh alternate crypto to BTC would be best, in your opinion?
I would guess buying ETH with your CC would also be relatively private, but have never looked into the platforms which offer that service.
You mean which alternate crypto would be best to buy in with? I would probably load USD straight onto the DEX through CCDEK and then store value in bitUSD. Unfortunately, they require you to verify your identity.
Being the problem the bridge between fiat and crypto, maybe the TQ concept becomes more interesting. I believe they first convert to VIVA, and use that as the main currency. And perhaps the first conversion to VIVA is done automatically, so to speak. You just send the currency to their bank account, and they deposit VIVA in you TQ account. This is just my speculation, I haven´t been able to do that yet. I´ll do a small transaction and see.