Why are altcoin exchanged for btc and not for dollar - page 2.

cryptocrocs

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Quote from: Yle725 on April 24, 2018, 05:58:47 PM

Why are altcoin exchanged for btc and not for dollar?
having tons of altcoin is just like having bitcoin. If bitcoin grows, they grow. If bitcoin falls, they fall.

Isn't this pointless? Why not buying and selling alts for dollar?

Because dollar doesnt fluctuate,bitcoin and altcoins does,that is why you shouldnt be using any of these fiat currencies as they are controlled by the banks/governments.Cryptocurrencies are decentralized and it is the future currencies of our generation which is why those adopted these currencies are going to be wealthy in the future.

omonuyak

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Quote from: Yle725 on April 24, 2018, 05:58:47 PM

Why are altcoin exchanged for btc and not for dollar?
having tons of altcoin is just like having bitcoin. If bitcoin grows, they grow. If bitcoin falls, they fall.

Isn't this pointless? Why not buying and selling alts for dollar?

Who tell you that altcoins are not bought for dollars. It seeing you have not been trade on coinbase and some other big exchange? Just the like eur and gpb move in direct proposion to usd is the same thing we are witnessing now because we are still new here and the market of altcoins is going to be behaving like that of bitcoin because the whole structure of blockchain technology and cryptocurrencies are build on bitcoin and that is the reason why altcoins seen not to be exchange directly with dollars.

damberg

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Quote from: Yle725 on April 24, 2018, 05:58:47 PM

Why are altcoin exchanged for btc and not for dollar?
having tons of altcoin is just like having bitcoin. If bitcoin grows, they grow. If bitcoin falls, they fall.

Isn't this pointless? Why not buying and selling alts for dollar?

To answer your first question - exchanging altcoin to btc (and vice versa) is easier for exchnages to process because they don't need to deal with fiat money. "Having tons of altcoin is just like having bitcoin," it is not exact. Crypto market as general shows positive correlation to Bitcoin, but single coins tend to behave differently (pumps before forks, dumps after news etc.).

jtbcoins

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There are coins and tokens that can trade for dollars. Just look for a right exchange. Not all of the altcoins can, but there are altcoins that can. Bancor (BNT) actually can be trade for a dollars.

Emperor of Man

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Quote from: Yle725 on April 24, 2018, 05:58:47 PM

Why are altcoin exchanged for btc and not for dollar?
having tons of altcoin is just like having bitcoin. If bitcoin grows, they grow. If bitcoin falls, they fall.

Isn't this pointless? Why not buying and selling alts for dollar?

This is an interesting subject, and I think that one of the biggest problems in the cryptocurrency world is the fact that every crypto is so much dependent to daddy bitcoin!

Although some exchanges offer fiat pairs for alts too, but it's very limited and mostly for major alts.

I wish for a day when alts are not so dependent to bitcoin, but since it's the way it has always been, I dunno how would that happen.

ChainWorld

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This is avery good question never thought of that but i think most traders like to trade altcoins with btc, eth etc,also there are some popular altcoins that trade against currencies.

Slugmonkey

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Bitcoin is like for altcoins as usd is for other currencies. It is most popular and stable and people have most faith in it. Same goes for bitcoin most value in circulation, most widely known, and most stable because of US economy. And another reason is that most of the coins are not trustworthy therefore exchanges don't pay heed to them. This does cause extra wastage of fees and effort.

Ka4Rt4

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because we know that bitcoin is the king of all coins and its throne is higher than others and its popularity is very famous, so if altcoin is exchanged with bitcoin then it is very useful and it can be advantageous for us to know the price of bitcoin now is slowly starting to increase.

thanhdatdat23

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It's not dollar, it's tether

And i think that's because BTC is the most trusted coin in the market, people use BTC and ETH to participate in ICO so when the coin is listed on exchanges, they have to follow BTC/ETH pair

max6575

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CaterpillarRave

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According to my knowledge. altcoin is usually traded with btc or ete pairs because these two coin numbers are the # 1. altcoin relies on the price of bitcoin and ETH to determine its price. So I think the reason is like that

Jaycee99

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Well lets say like USD the dollers it is the known, the main currency of paper money and to curios it is not possible because altcoin it is e-currency that is use by android or apple cellphones and the all known paper money the US dollar is just used in paying bills and paying groceries. Even other payment methods in paying bills(payed in dollar or paper money) can be payed by a electronic devises like cellphones.

In short:

1. It is because US is different
2. Bitcoin is a cryptocuurency

Just think about that can be possible in the future but really for BTC (main exchange) it is the king like in paper money it is US Dollars king (main exchange).

Naman1111

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The reason is Bitcoin is the sound money. Sound money is something which is limited in supply and easily transferrable so thus its better than USD. The goal of every trader is to max bitcoin . The reason is it’s the most safe cryptocurrency bcz of the network effect that it produces. Thus, the trader uses altcoin to increase their positions and convert them into BTC and live like a king thereafter.

Haley craft

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So that's the rules of the cryptocurrency market.
People usually use BTC as a unit of account, not dollars.

Altcoindealer

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I asked me this question alot. And i think i know the answer. I think its quite to heavy for a exchange to have a bank account where you can transfer money on, and also a fiat currency system which will be available to handle all the trades. Because all those trades would be just digital, and handle all the digital fiat money transaction would be not safe enough. When you sending the cryptocurrencies, you always receive it on a adress. So i think in future we can not await usd pairs.

pawanjain

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We all know the Bitcoin is the first cryptocurrency. It has developed a lot and it's price has also increased tremendously over the years. Most of the crypto traders use BTC which is the reason why BTC is used as a pair for the Altcoins. It also depends on the exchanges whether they want to use BTC or USD as a pair to altcoin. There aer many exchanges which have USD pair markets and other Altcoins like ETH and BCH are also used as pairs. The point that altcoins' price is related to BTC is true but then if the price will during BTC's depreciation then it will also increase when BTC goes high.

bitcoinmasterlord

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Quote from: SeXy on April 25, 2018, 02:51:09 AM

Because from a technical point of view, it is not profitable for exchanges to provide an exchange for the dollar of many cheap altcoins

Nope why they compromise with there fee, now how they will take a fee for every trade like that for ALT to USD also they will collect some fee that's it. but updating this feature is difficult for exchanging sites that's why no exchanges are allowing. I think very soon some new exchanges may implement this feature.

danherbias07

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Well you have an option of Ethereum now. They can also be exchanged to USD since it became mainstream.

I do think that should stay that way for a better bitcoin also.
We should go to that conversion for bitcoin to be more improved. Popularity, bitcoin is the more known and it will be the key player for all the crypto currencies to be known at the whole world.

defoman

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Quote from: Yle725 on April 24, 2018, 05:58:47 PM

Why are altcoin exchanged for btc and not for dollar?
having tons of altcoin is just like having bitcoin. If bitcoin grows, they grow. If bitcoin falls, they fall.

Isn't this pointless? Why not buying and selling alts for dollar?

Because the cryptocurrency was created so that ordinary people could fully control their funds and not depend on the banking system and the state. As the dollar is the basic unit of exchange for fiat money, Bitcoin is the main unit of exchange for altcoins. The point of cryptocurrency is not that it can be bought for fiat, but that you can use it as a means of payment anywhere in the world and you do not need to convert it to another currency.

shahani

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Cryptcurrency has a form of business rules even if cryptocurrency is decentralized, and bitcoin is likely the king of all cryptocurrencies, so meaning all coins are under bitcoin most especially the altcoin. And every final transactions by the lower groups of coins like altcoin are passed through the approval of bitcoin, because you cannot change directly your altcoins into dollar but instead you change it into bitcoin and finally bitcoin into dollar.

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