What is the process behind the conversion of cryptocurrencies to Fiat?

MisterKT

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Activity: 56

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Quote from: tsaroz on September 12, 2017, 03:52:21 PM

Quote from: MisterKT on September 12, 2017, 03:17:29 PM

Quote from: bitart on September 12, 2017, 02:55:37 PM

Quote from: MisterKT on September 12, 2017, 02:41:51 PM

Quote from: franky1 on September 12, 2017, 02:38:24 PM

you hand bitcoin to the service.

the service privately sells the bitcoin for fiat on exchanges to refill its fiat reserves,

the fiat reserves the service have are used to topup/charge/load the debit cards

but all the customer see's is that they hand over bitcoin and get credited fiat on their card

Allright, do you know any company that provides this kind of service? What are the fees?
Thanks

If you are from the EU, you can check XAPO as well, they have a bitcoin debit card directly linked to your bitcoin wallet, so they do the exchange on the fly when you use your card, you don't need to top up your card every time. Their support is always overloaded, you can check about them in the bitcointalk forum as well, they have their own thread. https://bitcointalksearch.org/topic/to-contact-xapo-support-please-use-our-faqs-httpssupportxapocom-902526

Thanks all for the response, but let me make myself clear: i acknowledge the existence of those platforms that provide the exchange on the fly service through their card.
My question is: Is there any way to implement this myself, to be independant from those platforms?

Bitcoin is a digital assets with value. You either exchange it personally with someone for fiat, buy a product or service with bitcoins or trust a platform to send you cash for bitcoins (Cash directly to your bank account with some fees.).

Thanks!
Can anyone describe me what is the workflow behind a fiat-cryptocurrency exchange?
From a legal point of view, my bank transfer money to the app (let's say TenX): how does TenX change my fiat into Crypto? Do they have a real bank account ?

saiscoin

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Activity: 66

Merit: 10

The Alt Whisperer

My friend changes it to BTC and then puts it in coinbase and takes it out through there.

tsaroz

legendary

Activity: 3164

Merit: 1069

Quote from: MisterKT on September 12, 2017, 03:17:29 PM

Quote from: bitart on September 12, 2017, 02:55:37 PM

Quote from: MisterKT on September 12, 2017, 02:41:51 PM

Quote from: franky1 on September 12, 2017, 02:38:24 PM

you hand bitcoin to the service.

the service privately sells the bitcoin for fiat on exchanges to refill its fiat reserves,

the fiat reserves the service have are used to topup/charge/load the debit cards

but all the customer see's is that they hand over bitcoin and get credited fiat on their card

Allright, do you know any company that provides this kind of service? What are the fees?
Thanks

If you are from the EU, you can check XAPO as well, they have a bitcoin debit card directly linked to your bitcoin wallet, so they do the exchange on the fly when you use your card, you don't need to top up your card every time. Their support is always overloaded, you can check about them in the bitcointalk forum as well, they have their own thread. https://bitcointalksearch.org/topic/to-contact-xapo-support-please-use-our-faqs-httpssupportxapocom-902526

Thanks all for the response, but let me make myself clear: i acknowledge the existence of those platforms that provide the exchange on the fly service through their card.
My question is: Is there any way to implement this myself, to be independant from those platforms?

Bitcoin is a digital assets with value. You either exchange it personally with someone for fiat, buy a product or service with bitcoins or trust a platform to send you cash for bitcoins (Cash directly to your bank account with some fees.).

MisterKT

newbie

Activity: 56

Merit: 0

Quote from: bitart on September 12, 2017, 02:55:37 PM

Quote from: MisterKT on September 12, 2017, 02:41:51 PM

Quote from: franky1 on September 12, 2017, 02:38:24 PM

you hand bitcoin to the service.

the service privately sells the bitcoin for fiat on exchanges to refill its fiat reserves,

the fiat reserves the service have are used to topup/charge/load the debit cards

but all the customer see's is that they hand over bitcoin and get credited fiat on their card

Allright, do you know any company that provides this kind of service? What are the fees?
Thanks

If you are from the EU, you can check XAPO as well, they have a bitcoin debit card directly linked to your bitcoin wallet, so they do the exchange on the fly when you use your card, you don't need to top up your card every time. Their support is always overloaded, you can check about them in the bitcointalk forum as well, they have their own thread. https://bitcointalksearch.org/topic/to-contact-xapo-support-please-use-our-faqs-httpssupportxapocom-902526

Thanks all for the response, but let me make myself clear: i acknowledge the existence of those platforms that provide the exchange on the fly service through their card.
My question is: Is there any way to implement this myself, to be independant from those platforms?

bitart

hero member

Activity: 1442

Merit: 629

Vires in Numeris

Quote from: MisterKT on September 12, 2017, 02:41:51 PM

Quote from: franky1 on September 12, 2017, 02:38:24 PM

you hand bitcoin to the service.

the service privately sells the bitcoin for fiat on exchanges to refill its fiat reserves,

the fiat reserves the service have are used to topup/charge/load the debit cards

but all the customer see's is that they hand over bitcoin and get credited fiat on their card

Allright, do you know any company that provides this kind of service? What are the fees?
Thanks

If you are from the EU, you can check XAPO as well, they have a bitcoin debit card directly linked to your bitcoin wallet, so they do the exchange on the fly when you use your card, you don't need to top up your card every time. Their support is always overloaded, you can check about them in the bitcointalk forum as well, they have their own thread. https://bitcointalksearch.org/topic/to-contact-xapo-support-please-use-our-faqs-httpssupportxapocom-902526

BTCdoaA

hero member

Activity: 910

Merit: 500

Quote from: MisterKT on September 12, 2017, 02:41:51 PM

Quote from: franky1 on September 12, 2017, 02:38:24 PM

you hand bitcoin to the service.

the service privately sells the bitcoin for fiat on exchanges to refill its fiat reserves,

the fiat reserves the service have are used to topup/charge/load the debit cards

but all the customer see's is that they hand over bitcoin and get credited fiat on their card

Allright, do you know any company that provides this kind of service? What are the fees?
Thanks

There are some specialize company provide this service long time ago example: spectrocoin.com/en/account.html

MisterKT

newbie

Activity: 56

Merit: 0

Quote from: franky1 on September 12, 2017, 02:38:24 PM

you hand bitcoin to the service.

the service privately sells the bitcoin for fiat on exchanges to refill its fiat reserves,

the fiat reserves the service have are used to topup/charge/load the debit cards

but all the customer see's is that they hand over bitcoin and get credited fiat on their card

Allright, do you know any company that provides this kind of service? What are the fees?
Thanks

franky1

legendary

Activity: 4424

Merit: 4794

you hand bitcoin to the service.

the service privately sells the bitcoin for fiat on exchanges to refill its fiat reserves,

the fiat reserves the service have are used to topup/charge/load the debit cards

but all the customer see's is that they hand over bitcoin and get credited fiat on their card

MisterKT

newbie

Activity: 56

Merit: 0

Hello all,
I read the white papers of projects offering the cryptocurrencies card, such as TenX, TokenCard or Uquid.
Could anyone explain me how the conversion from cryptocurrency to fiat is made when the card holder pay the merchant?

Thanks in advance for your response

Topic: What is the process behind the conversion of cryptocurrencies to Fiat? (Read 290 times)