Direct Fiat to Crypto swap is the future of tokenization

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For all the negatives about central exchanges and their custodian method of holding user funds, they offer a critical tool in onboarding users that Dexes are yet to offer. Platforms like Binance, Bittrex and Kucoin, to name a few allow users to upload fiat and then buy Bitcoin, as well as other cryptocurrencies.

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I don't know of Any Decentralised exchange that offers fiat to crypto trading pair, and I honestly don't even know how that will be implemented. The closest to that is in airhawk-exchange where users transfers money to each other and then the coin goes the other way; it is crude but very effective.

I've found that many people struggle with buying crypto because of the difficulties of navigating exchanges. I general just redirect them to Luno, where they can buy at a slightly more expensive price.

In Nigeria, we have Binance and their subsidiary called Bundle doing the Lord's work. The problem with both of them is their strict KYC requirement and you'd be surprised to know that a large section of the populace don't have a valid means of identification.

I believe that the steps taken by corporations to simplify the onboarding process into crypto space have been generally productive. All I'm saying is that, we could do a bit more, particularly with Dexes.

I don't know how possible it is but throwing in direct fiat to crypto trading on Dexes would be awesome.




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Yeah I'm becoming a bit more wary of what crypto I am looking to buy now as in the UK, if you do that route you mentioned - sending fiat to exchange, then buying Bitcoin to trade with another token, it's a taxable event when you dispose of it. It will be great when you can just buy tokens outright with fiat without having to do the rest of it but if you keep on top of your finances then it's no big deal... Says the guy who has 3 years of exchange transactions to look back on haha!

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Everything is taxed out there 😄. So in a situation where you buy Hive by sending money straight from your bank account to mine and then you receive Hive on the blockchain, do you get taxed?

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Hmm that's an interesting one. I would probably only get taxed once I dispose of the hive and I made a gain of over £12,350, not just by buying it. I will have to check on the rest of the legalities on how to consider things as "airdrops" and what not. Bit of a minefield to get my head around! Maybe with a clearer head I'll understand it!

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So if your gain is less than 12350, say, 12000, you don't pay tax? 🤔

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As far as I can tell, that's right! I've seen articles that people only dispose up to the threshold for different assets so they don't pay tax (but you still have to declare, even if it's only £5 like in most of my cases 😂)

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There are plenty of hurdles to overcome, KYC being a big one, especially in developing countries. It can happen if there is enough will though, the technology is already in place. !tan

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Crypto is good for people living in developing countries. We get to participate in a "money league" that's way above our head. Hopefully, the process becomes easier

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