So if a Telecom company was to do the math with accepting ETN for payment they would see a huge savings in transaction costs compared to traditional methods such as credit cards, PayPal etc. Then they would find out the cost to turn their crypto back into fiat. At least in the US this fee is insane. There needs to be another option besides coinbase or crypto will not be adopted. It’s counteracting one of the greatest advantages of accepting the coin.
If you use Coinbase Pro, I think the fees are nominal/free (zero fee on trades and a minor fee on sending to your bank account if I recall…but that may be free as well). However, Coinbase is not the only platform to convert back to fiat and to your bank account. The US also has access to use Abra, but I don’t know the fees for that. I’ve never actually “cashed out” before. I see it is counter intuitive, like going from a Ferrari back to a standard commuter car…but I see your point.
Regardless, ETN is not on Coinbase, so it’s a moot point.
USD conversions are coming for Liquid and they already have EUR. Artis Turba already has ZAR conversions. Sistemkoin has TRY and USD conversions.
I don’t think any of the fees are real high for them. But I’ll be honest I didn’t do a lot of research on that.
I think long term ETN will figure out a way to go directly from Fiat to ETN and back via the app.
I was under the impression that it is something else the team is working on.
RE mentioned in one interview about coming up with another option for US residents to go between USD and ETN directly, not sure how yet. Maybe not using an exchange at all?
It’s true that companies big and small may not care about holding and utilizing a crypto, most may want to just instantly convert to some form of Fiat. The team is plenty aware of it, and has mentioned that in multiple interviews. Maybe it’s part of the remittance system?
There’s plenty more coming out this year that we don’t even know about yet.
That is a must have, and some ETN atm’s would be awesome. Yhat people could buy directly with fiat on atm.