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RE: After The FTX Collapse DEXs Are On The Rises | Data On PancakeSwap

in LeoFinance • 2 years ago

P2P is always an option, especially when people know each other or know how to find each other.

The final sticking point is still how to convert cryptocurrency into "cash" in a way lets us maintain our privacy. Centralize exchanges can be tied to bank accounts, and both require KYC. How can we achieve the same thing with a DEX?

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2 years ago in LeoFinance by
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     2 years ago  

    Best solution is to get businesses to accept Dash, XMR, ZCash etc. There's always P2P trades for to buy cash. Gift cards could be useful. But probably not all that great for privacy. I'm hoping for adoption to get better. !LUV

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       2 years ago  

      As long as we still have to deal with fiat currencies, the endgame is to cash out to fiat. Turning cryptocurrency into dollars/euros/yen/naira/pesos. etc. is still something most people will want to do. As always, P2P is an option here, it's just not an ideal option given the processes involved.

      While both are difficult, it's easier to buy cryptocurrency with cash than it is to cash out to local currency. We're getting there, but we're not there yet.

      There no KYC when we do ForEx on a personal individual basis. We just walk into a bureau, hand over one currency, and get back another (less any fees, of course). No KYC, no fuss, no nonsense. This is how the on-ramp and off-ramp need to work between cash and cryptocurrency.

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