One of the most popular cryptocurrency exchanges, Bittrex, plans to become the most versatile altcoin trader.
Cryptocurrency trading platforms typically only allow the conversion of USD into bitcoin before it can then be traded for an altcoin (a cryptocurrency other than bitcoin). In order to purchase the initial bitcoin, it is necessary to use deposit wallets like Coinbase to link a fiat bank account. Bittrex’s goal is to eliminate this lengthy and expensive process.
According to CEO Bill Shihara, Bittrex wants to expand to as many crypto markets as they can, thus enlarging the trading capabilities and access to the US dollar to all its users.
Starting with a select few altcoins, the cryptocurrency exchange will slowly work with banks to test their system’s processing power.
Bittrex has over 200 altcoins on its site currently that use bitcoin trading as well as ether and tether to swap for other cryptocurrencies. The addition of altcoin trading has the potential to make a big change in the cryptocurrency world especially once other trading currencies follow suit.
Change bitcoin price influence
The bitcoin price controls the price of almost every altcoin. This is mainly due to the fact that altcoins must be purchased using bitcoin through cryptocurrency exchanges or coin wallets. This makes bitcoin the gold standard for how other altcoin prices fluctuate. It also manipulates the fees associated with deposits, trades, and withdraws. By allowing direct transfer of fiat to altcoin, bitcoin loses its authority.
Level the crypto market
If bitcoin loses it power as the leader and commander of the crypto market, then it will become more stable. Altcoins can exist on their own and thrive based on their blockchain technology and practicality in the real world. This would make investment options less of a risk and more of lucrative business venture.
Trading made easy for beginners
By eliminating an extra step and allowing people to buy and trade altcoins without first buying bitcoin, more people will be able to participate. The process can be complicated and demands multiple platform sign ups, deposits, transfer addresses, and cryptocurrency calculators for conversions. If someone wants to buy ripple, tron, dash, or another altcoin using Bittrex, they will be able to do so with one deposit of USD.
Alter people’s point of view
Cryptocurrency news tends to focus on bitcoin price ups and downs and often tries to scare people into withdraw or avoidance. Once the crypto market is leveled, decentralized from bitcoin, and accessible for anyone, the fear will subside. This will do just what Bittrex hopes to accomplish: expand cryptocurrency to a wider audience and offer all altcoins a chance to thrive.