Although in most countries of the world the practical use of cryptocurrency for non-investment purposes is difficult due to the lack of a legislative base, it is possible to convert them into real money, goods, and services.
There are several ways you can buy, sell or exchange cryptocurrency. You can do this via currency exchange or cryptocurrency exchange markets. You may exchange funds for different currencies and transfer them to bank cards and electronic purses.
Vladislav Kuznetsov, CEO of Streamity project, says that it is necessary to take into account several nuances when exchanging cryptocurrency for fiat money. There is no fixed rate for cryptocurrency, so the price will vary depending on the chosen platform. When exchange bitcoins to fiat money on stock markets which activities have not been determined by law, the payment is received at the bank account or electronic wallet specified by the buyer; on large foreign exchanges, payment is transferred to a bank account, but it is impossible to exchange cryptocurrency for fiat money. You also need to keep in mind that exchangers and exchange markets charge a commission. Depending on the service, it can vary from 2 to 10%. Some unscrupulous services place commission in the cost of cryptocurrency, you need to pay attention to it!
When choosing an exchange service, you should be careful. The exchange rate at a price below the market average is one of the signs that the service is unreliable. In addition to Coinmarketcap, you can check rates on the sites of major cryptocurrency exchanges (Poloniex, Bitfinex, Coinbase) or aggregators (CoinGesco, Coinspot). Even if you constantly use the same exchange, double-check the URL in the address bar of the browser – scammers could create a clone of a reliable exchanger site. When using an unfamiliar service, check the reviews on several sites, the presence or absence of a site in the blacklist of exchangers. Such lists could be found on popular forums, for example MMGP and Bits Media. You should also pay attention to the the domain and the dates of reviews on the site. “We often run into resources whose domain age is a few weeks, while the reviews are left from 2013-2016. It is an obvious fraud,” warns the CEO of Streamity project , Vladislav Kuznetsov.
Another way to convert cryptocurrency into fiat money is to sell it yourself. To find potential buyers on the Internet, there are special sites, such as the site LocalBitcoins.com. In this situation, a person does not have a guarantee that the buyer or seller will not deceive him. Somebody must take the first step – transfer the bitcoins or pay real money – and thus take the risk that the counterparty will not fulfill its obligations. The cost of Bitcoin on the service is usually overstated and it is not always possible to buy cryptocurrency at an adequate rate.
We see a serious problem of exchanging cryptocurrency for fiat money, especially now when 90% of exchanges have stopped working with fiat money altogether, says CEO of Streamity Vladislav Kuznetsov: “That is why we believe that the StreamDesk service will be in high demand. StreamDesk is a decentralized P2P platform for cryptocurrency to fiat money exchange and vice versa, based on smart contract. The connection of a smart contract with the API of payment systems allows 100% guarantee of the transaction, this process is fully automatic, and thanks to the transfer of fiat money directly between users – we can work officially in most jurisdictions! The service commissions are transparent, and the rates are tied to several large exchanges (Poloniex, Bitfinex, Coinbase, Bittrex) and cannot be overstated by users. “
“Streamity” announced the launch of pre-ICO on January 22, 2018. Financing the startup will help ‘Streamity’ realize the idea and quickly enter the international market.