I’m posting here from a place of frustration, but also genuine curiosity. So forgive my ignorance on this topic if I post something that’s been discussed many times, or that makes no sense. But, I must ask:
Would it be at all possible for Cardano to invest the resources necessary to create a marketplace for purchasing ADA with fiat (and fiat with ADA), to eliminate the need to go through other 3rd party venues?
I ask because the way I’ve bought ADA to date is to buy LTC on Coinbase, transfer that to Binance, transfer the LTC to BTC, and transfer the BTC to ADA, before moving that to my wallet, or various wallets. And in past days that worked fine, albeit a bit of a hassle … until it stopped working. Yesterday I placed a purchase order for LTC, only to be told, “Pending – your LTC will arrive in 7 days.” Now, as the price of LTC crashes, and adjusts, I’m sitting waiting for my purchase, when all I wanted initially was to boost my position in ADA. On top of all of this … Coinbase has taken the funds, and simply failed to deliver the LTC in a timely fashion.
How much of an undertaking would it be to create a marketplace, where a person like myself could buy ADA via USD, and transfer directly from that source to my wallet, while avoiding sites like coinbase, and exchanges like binance, entirely? Is it possible? Is that not what the beloved ATM’s people speak of would be for?
AFAIK BTC, ETH and LTC are the only cryptos you can buy with a credit card, thanks to Coinbase.
If you want to buy any other Altcoin, you can buy ETH, transfer it to another exchange and get your coins there. It’s probably the most secure way to do it, since the fees are reasonable, the transaction time low and the currency pretty stable.
The reason for that is debatable. Usually the explanation is that smaller exchanges have a higher risk of fraud when they would offer credit card payments. That is because with the usual credit card provider, you can open a refund request if your goods didn’t get delivered and get your money back if the seller can’t prove that he has sent the good. With cryptos there is no way to prove that.
Coinbase takes this risk because they are so big that some refund requests can’t destroy them. They also offer a smaller collection of coins.
A solution to the risk of chargeback is to lock the currenc you bought in your wallet for a week or however long. Then people could buy whatever coin they want with theyr creditcard, without the hassle that it is now, and the seller would be safe.
Thanks for everybody who threw in their two cents. Like I said, I didn’t/don’t know how practical it would be for them to have a hand in creating a better way to purchase it, but I figured if they can create their own wallet, perhaps it isn’t out of the realm of possibility. And in doing so, by making the experience more straightforward, they would boost ease of use, and reduce frustration of going through other venues. Relying on sites like coinbase isn’t a pleasant experience.
My money is still sitting with coinbase as they collect interest on my funds and, likely, figure out where the hell they’re going to get the BTC/LTC they owe me by next Tuesday. Meanwhile the price of ADA rises, and the price of BTC/LTC drops (which I did expect at the time I bought – I wouldn’t have bought LTC at $360 if I knew I’d get it a week later)
Oh well. Here’s to hoping the price of ADA stabilizes below $.20 before I get my BTC/LTC so I have time to buy more ADA. It’s a strange position to be in, being confident in ADA to the point where I hope the price doesn’t go up (despite having a small position in it already) long enough so I can buy more, fully believing that regardless of how soon it goes up, it will eventually go up.
The best way to get ADA on the public stage is to make it more accessible. Getting the coin listed on coinbase would be a huge step. They already have such a better wallet solution compared to some of the coins above them and it is very user friendly.
Just like online stores making it so you can buy stuff from your phone the more accessible something is the more adopted it will be.
Personally I would like it to not go to mainstream yet as I’m still building my 100K coin stockpile.
I have the exact same frustrations. That being said, it’s almost a strength as it keeps the barrier to enter high and only those who truly believe in the project would care enough to fight through this currency exchange hell.
I remember some exchanges shutting down the ETH to fiat pairs shortly after the ETH launch. I believe that was because there wasn’t much liquidity at the time, everyone was trading in BTC/ETH.
I never quite understood why exchanges just don’t offer an easy buy/sell option for all CCs. Coincheck in Japan added an easy BTC buy/sell button which is just one click. Maybe if people started demanding the feature someone would add it.
Yes, very weird why Cardano went to so much trouble to create a great product then make it so difficult to acquire… scratching my head trying to figure out why they don’t just add a “BUY ADA” button on their site??! Tons of people would buy it.
…also, my intention is to convince my clients to buy my stuff from my via ADA - but how am I going to convince them when they have to first be crypto-acrobats in order just to get a few ADA coins?
But yes, in a way it is good that it is currently still tough to get it > this will keep the price down for a while…
Took two weeks of research to make the decision to buy Cardano. Installed Daedalus and wasn’t overwhelmed with the initial sync process. It was a signal, however, and let’s face it, in transaction commerce speed is essential.
Since then I’ve learned that connecting several times per day greatly reduces the update sync time. But the time would be a killer if one was having to make rapid buy/sell decisions.
And that’s a block chain issue Cardano, and others, have to conquer. Face it; the quick money today is in speculative appreciation. But, if the hype is to be believed, that ain’t the long-term value in block chain / crypto.
Moving to the process of actually purchasing some Cardano, it is clear having to use exchanges is a royal pain in the ass, and an additional time delay.
Thinking it through, right now Cardano is no different than any online seller. So, in my thinking, being able to buy Cardano easily is critical. If it isn’t there are plenty of other cryptos available.
What makes up these numbers from coinmarketcap.com?:
Volume (24h)
$340,575,000 USD
19,592 BTC
Has to be speculative purchasers of Cardano; not stocking-stuffers purchased on eBay or Alibaba.
So, making it easy to purchase, what happens to Cardano’s position on coinmarketcap.com?
And does that drive larger adoption of Cardano in B2B and B2C transactions?
also purchased btc from quadrigacx.com then flipped to bittrex for ada. They accept etransfers however I think it is only for canadians. otherwise wire transfers or bank drafts.
Coinbase has stated that they will add other Alt coins in 2018.
How great would it be if anyone could buy ADA on coinbase?! Everyone and their grandmother would be buying ADA. Low price of entry, and once they understand more about the project ADA will take off, both in adoption and most certainly price.
