FIAT currencies on DEX | Bitcointalksearch.org

Cappex

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Quote from: zasad@ on March 27, 2021, 04:55:15 PM

Quote from: Cappex on March 25, 2021, 04:40:13 PM

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

See this data
https://usdonethereum.com/
decentralized exchanges won't work with fiat.
These exchanges use tokens (stablecoins) from other projects to provide liquidity.
Many projects wanted to make a secure stablecoin. The main categories of stablecoins can be found here
https://bitcointalksearch.org/topic/--5280287

I will wait for a link to your project

hello, I invite you to watch this video so as to have clear ideas about what is coming with Nimiq OASIS, the project is supported by the German bank TEN31Bank and OASIS is live in beta and through a smart contract you can send Fiat currency and receive crypto directly in your wallet... this opens up endless possibilities and certainly facilitates mass adoption.
https://www.youtube.com/watch?v=ab8-bcsg0K8

Gozie51

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Quote from: Cappex on March 25, 2021, 04:40:13 PM

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

To look at it from another different view although you are yet to respond to what users have commented. Are you like looking at fiat/stable coin. Stable coin are pegged using fiat value, I don't know if this can also work in dex but I'm just thinking what could be in your mind. Grin

paxmao

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Quote from: Cappex on March 25, 2021, 04:40:13 PM

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

I am afraid that this would have to deal with a gigantic bright red tape from governments across the world, and particularly of the most influential one - USA. Exchanging fiat on a DEX would firstly require to have digital fiat chains which as of now are only being considered and not very well liked..

For now, DEX for fiat are out of question. At most, it could be stablecoins, which are not the same at all in terms of risk.

santiPOGI

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In my own little of understanding, Most of the DEX platform their listed coins mostly are of course altcoins or crypto.
While centralized exchange platform they are more focus into fiat currency if I am not mistaken while DEX is the opposite
of centralized. In short, centralized are based regulatory while DEX is not.

goaldigger

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Quote from: yurez on March 28, 2021, 06:50:14 AM

FIAT currencies on DEX are incompatible things in my opinion. Most likely there will be some kind of additional aggregator-provider between such a DEX exchange, but it will already look like an ordinary centralized exchange.

Not unless DEX will innovate something that allows this things, but right now this is not possible to happen and there's a lot of barriers for DEX to accept fiat currency because they are decentralized. Cryptocurrency is here to give financial access to those who are not able to open account with the banks, but there's always a limitation especially between fiat money and cryptocurrency. we already have CEX who works with the government, that's already enough for us to use fiat currency to buy crypto.

aryana42

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Quote from: FairUser on March 28, 2021, 05:51:51 AM

Is it necessary and useful in this space, if so I am sure many people have already done it. For some reason it's unnecessary and moreover we need fiat or crypto, I think people won't take time to join this space to trade them, the general nature is to seek profit in The market and fiat are only a very small part.

Basically Fiat and Crypto are both needed because some people want to buy crypto coins by using some fiat through their own accounts, but for Dex I don't think it's necessary because in Dex there are already a lot of coins and tokens that can be used and can also be exchanged via another exchange if someone needs Fiat.

criket

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looks like this idea wouldn't be the better one to apply to DEX. it is too risky for DEX users to deal directly with DEX, especially if they have to link our accounts directly to DEX., to be honest, this is very risky for a scammer.
The question is, what regulations and networks can they use to regulate such transactions?

Coyster

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Quote from: CryptopreneurBrainboss on March 28, 2021, 05:36:20 AM

Don't rely on exchanges not to sell us out, we all know how badly exchange are licking the government ass just to get want they want.

That's the more reason why the feature OP is postulating isn't even advisable, centralized exchanges even though it is user-friendly also has its own disadvantages on the basis of privacy (users must submit KYC documents), as users information can be handed over to the government at their request. Thhat act in itself counters decentralization, but it is what it is, and that's why they are called 'centralized' exchanges, controlled by a third party, thus users should not store their coins in web wallet of a centralized exchanges as "if it's not your keys, it's not your coins". Having said that, dex users wouldn't want dex exchanges to have any form of centralized feature which OP's suggestion would create.

MCobian

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It is very unlikely that it will happen to see fiat on the DEX, because fiat is definitely listed on the centralized exchanges. Because if DEX want to have
fiat on their platform, they need a KYC procedure and a license from the government, which DEX is a decentralized platform and doesn't support
the procedures required by fiat. Because after all DEX is the opposite of fiat, it would not be possible to see fiat on DEX.

yurez

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FIAT currencies on DEX are incompatible things in my opinion. Most likely there will be some kind of additional aggregator-provider between such a DEX exchange, but it will already look like an ordinary centralized exchange.

Ziskinberg

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We have tried, but centralized exchange is more famous than decentralized as it can be regulated unlike DEX.

Binance DEX is not a success, because people does not believe its really a DEX due to lots of country restriction in using the site.
For a DEX to be called as a legit DEX, there should be no KYC or any restriction.

OcTradism

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Quote from: Cappex on March 25, 2021, 04:40:13 PM

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.

I don't use Binance P2P for my trades to fiat. I do it on another platform as I don't want to bind all my documents and my trades on one exchange. Even they are Binance, I don't it.

Swap causes more expensive fee and to have lower fee and bigger income after your finished trades, choose offers manually and make your trades. Swap is when you need something quick with acceptance of expensive fee.

Quote

Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

Fiat currencies will bring more legal things for exchange and users. We use cryptocurrency because we don't want to rely on central banks and their fiat. The suggestion eliminate the independence and freedom from crypto.

FairUser

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Is it necessary and useful in this space, if so I am sure many people have already done it. For some reason it's unnecessary and moreover we need fiat or crypto, I think people won't take time to join this space to trade them, the general nature is to seek profit in The market and fiat are only a very small part.

CryptopreneurBrainboss

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Fiat swapping on decentralized exchange will require load's of paper works and licensing and I don't think crypto exchanges will like to go down that road. We are all familiar with the crypto to centralized currency relationship.

Exactly and even though there was a chance we'll likely see such development in the future, it'll mean the decentralized exchange isn't totally decentralized because there's no way both technology can interact without having to tokenized the fiats like we have with all the current stablecoin in the market.

Fiat can't be on dex without it having some centralized features, which will put anybody interacting with that exchange at risk of exposure to government official as the exchange would have to comply to all their regulations before getting the licence to operate such service.

Don't rely on exchanges not to sell us out, we all know how badly exchange are licking the government ass just to get want they want.

Johnyz

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Quote from: ryzaadit on March 26, 2021, 06:09:27 PM

Is not really to have another FIAT because we already have a FIAT based ($), Just change your other FIAT to USD. In every popular chain we already have FIAT from various chain :
- ETH : Tether (USDT)
- TRX : Tether (USDT)
- BSC : BUSD

See, not really to do another FIAT backup by real asset again because we already have the pair using $ and people more often with that.

Those are working with CEX and I don’t think Fiat money will work on DEC where you don’t know what you’re dealing for on that platform. We don’t need any complications with fiat currency anymore, we already have CEX doing it and followed all the regulations from the government so we can easily used our bank cards to buy cryptocurrency, the risk on DEX is that your money can be tagged as illegal, that’s way more scary for me.

zasad@

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Quote from: Cappex on March 25, 2021, 04:40:13 PM

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

See this data
https://usdonethereum.com/
decentralized exchanges won't work with fiat.
These exchanges use tokens (stablecoins) from other projects to provide liquidity.
Many projects wanted to make a secure stablecoin. The main categories of stablecoins can be found here
https://bitcointalksearch.org/topic/--5280287

I will wait for a link to your project

Cappex

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Activity: 571

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Quote from: ryzaadit on March 26, 2021, 06:09:27 PM

Is not really to have another FIAT because we already have a FIAT based ($), Just change your other FIAT to USD. In every popular chain we already have FIAT from various chain :
- ETH : Tether (USDT)
- TRX : Tether (USDT)
- BSC : BUSD

See, not really to do another FIAT backup by real asset again because we already have the pair using $ and people more often with that.

certainly that there are stablecoins but these are simply not accessible by everyone, I am talking about massadoption and not a tax haven for whales or people of wall street...

Quote from: pakhitheboss on March 26, 2021, 11:34:46 PM

Quote from: Cappex on March 25, 2021, 04:40:13 PM

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

I donot think this will happen, if it does happen then it will become a paradise for scammers. I would still go to a centralized exchange if I want to convert my cryptos into fiat because of the safety and security. A DEX would be able to provide that because they do not have any mechanism to verify a user.

I believe that this will not be the case, the German bank TEN31 has already given support to this technology and in fact it is possible to buy cryptocurrencies from your bank account with an instant SEPA transfer ... I would not be surprised to see this huge step towards a greater ease of access to the entire sector.

pakhitheboss

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Quote from: Cappex on March 25, 2021, 04:40:13 PM

After seeing exchanges become banks, I believe that the next step of decentralized exchanges (DEX) such as Uniswap or even the same Binance or a more recent Orion Protocol is to introduce atomic swaps Fiat/Crypto.
Besides trading I think we could see the dollar or euro etc... being used to provide liquidity for example.

This would also allow greater accessibility to the entire cryptospace.

I know of a project that works on this but before I reveal it I would like to have your neutral views on this.

I donot think this will happen, if it does happen then it will become a paradise for scammers. I would still go to a centralized exchange if I want to convert my cryptos into fiat because of the safety and security. A DEX would be able to provide that because they do not have any mechanism to verify a user.

ryzaadit

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Is not really to have another FIAT because we already have a FIAT based ($), Just change your other FIAT to USD. In every popular chain we already have FIAT from various chain :
- ETH : Tether (USDT)
- TRX : Tether (USDT)
- BSC : BUSD

See, not really to do another FIAT backup by real asset again because we already have the pair using $ and people more often with that.

Cappex

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Activity: 571

Merit: 11

if we think of an increase in demand for cryptocurrencies in recent years, we cannot fail to consider the ease and accessibility that this will have to achieve to satisfy all users.

Users who want to buy cryptocurrencies will do so with regular money so the KYC will not be a problem, different is the issue related to the custody of cryptocurrencies.

Currently, to buy cryptocurrencies with fiat currencies you have to carry out the KYC procedure in a platform (coinbase, binance, etc.) and send them your money in exchange for the custody of your cryptocurrencies.

What I intend for Fiat and Dex currencies is the removal of (coinbase, binance etc.. and their KYC procedure) and with a Sepa transfer from your current account to make an atomic swap (with the support of the new generation banks) Fiat/Crypto... I got to try it, the beta version of Nimiq Oasis is live.
I think there could seriously be the possibility of a greater diffusion of this technology: https://www.nimiq.com/oasis/explainer/

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