For me, the biggest problem i see is dependence to bitcoin, ethereum in therms of price.
Two major exchanges let us trade to BTC or ETH.
If those two are falling, Ada price is falling too.
We can’t buy more of Ada’s on low price right now (low to fiat) is because price of coins that we are purchasing to buy ada is falling.
Cardano please, PLEASE meke some moves to allow us to trade to fiat.
This is crucial if You want stable price that is not affected by major coins ups and downs.
I think this is the biggest problem right now in terms of ADA value.
Please comment, like this post and spread this so peolpe from Cardano can read it and think about it.
I agree with your statement sna. Its a little unnerving to acquire btc or eth with the purpose of aquiring more Ada, and losing money along the way with fees and market correction. Unfortunately its our only avenue right now, so hopefully things will stabilize for a few days and/or the fiat option becomes available sooner rather than
later.
Hello,
I do think that the current state of Cardano is indeed too dependent on BTC and ETH axis too.
But we are at a very early point in the project.
There is still lot to come. This project is being around for at least two years by now. And it has a long roadmap.
This project doesnt seem to be the classic altcoin flip price we are used to see in the market.
What steps are needed for ADA to be exchanged by fiat?
It would be amazing to set this up via a payment provider but the chargeback risk is huge. As a provider you wouldn’t be able to hold the ADA until the chargeback risk expires (could be 6 months) from the user so you would have to assume the risk of losing the funds for the ADA you just released and the risk of the chargeback fines. To even get to that stage it would require a serious amount of work to pass this by a reputable gateway and to find a decent merchant account.
I have been looking at related ideas myself on how to get around this, so far there isn’t a simple solution.
All alts follow this pattern, my strategy is just to buy when it dips and not worry about it otherwise. If you panic sell you will lose money, this is a long term project.