4 Problems with Crypto Exchanges
You Should Know About
Everyone understands by now the investment potential of Bitcoin. Bitcoin is already worth more than Warren Buffet, Coca-Cola, Boeing and New Zealand’s GDP. If you bought £50 of Bitcoin back in 2010 at £0.05 a coin you would be the proud owner of £10,000,000.
In 2017 we’ve witnessed the Bitcoin rise from £1,000 to £19,000 – an 1800% increase and there is no end in sight. Now the bitcoin has dropped to a level below £10,000/coin and new opportunities for buying the coin are present. So where does the Bitcoin stop? Billionaires, top level CEOs and wall-street strategists predict that the Bitcoin will increase to levels between a conservative £50,000/Coin to a high of £1,000,000/Coin by the end of 2020.
1) Access Problems
For many months now, several main exchanges don’t accept new sign ups, facing an unprecedented wave of demand for crypto. Those who eventually manage to sign up may in many cases wait between 2 weeks and a month before they can access their Bitcoins or Ethereums.
2) Complicated Sign-Up
The sign up process can be very exhausting in many exchange platforms. If you have questions and don’t know why you haven’t been approved, your credit card has been rejected or your documents have failed to load – you cannot reach anyone in support to help you.
With this being said, there are many problems for everyday
people who wish to buy bitcoins and cryptocurrency:
3) You Need Crypto To Buy Crypto
It’s the old chicken or egg problem. Many exchanges don’t offer the possibility of changing real money (fiat) into crypto. This presents a big problem for many potential crypto buyers who can’t enter the market having no crypto of their own.
4) High Entry Price
The average entry price into crypto exchanges can range from £1,000 up to £5,000. For many crypto lovers this can be too much, and many have to resort to loans or withdrawing savings to profit from crypto.
Crypto buying and trading should be simple and effortless.
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