I believe we need to see an end to being forced to buy Bitcoins to purchase the other crypto currencies. I understand that things were even harder in years past, but surely we can get the numerous exchanges that now exist to allow people to buy the crypto currencies they want directly from fiat. I'd be thinking that it would be just a matter of changing the computer program to incorporate buying whatever crypto currency that you want? It's very obvious however that the exchanges all make commissions on each and every conversion, even those that say they have no conversion fees, of which in most likelihood, just incorporate the fee in the conversion rate.
What we need is for just one crypto currency exchange to start the ball rolling and I'm pretty sure that others would be forced to follow, especially as people get wind of this and jump at the opportunity. Someone please stand up and create such an exchange via an ICO, if the existing exchanges refuse to budge on this.
I don't know about others, but looking at the numbers and trying to work out exactly what I just purchased, after having to go through Ethereum or Bitcoin to buy, lets say, Dash coin, makes the mind boggle at times. It's bad enough when there is massive drops or rises happening in the price of Bitcoin and you have to jump in somewhere, all the while as the currency that you want is going in potentially the other direction in price. Just today I had to buy Ethereum to use as gas with Ethereum wallet to be able to send Basic Token (BAT) over to Bittrex, to then sell this to buy Bitcoins, which is required by my local exchange to finally purchase fiat dollars.
I'm not 100% convinced that I'm getting the exact rates when I'm bouncing around from my countries currency to USD, to Bittcoin and then to the crypto currency I'm after. On top of this you have different exchanges offering different rates for what they deem their currencies to be at the moment. Just one look at the Cryptowatch website will show you at a glance what the various exchanges are differently charging for the same crypto currency; I've even seen a $100 USD difference at times, let alone all the stories you hear from corrupt exchanges holding things back by or forward to, for their own advantage.
It's really confused me to look at CoinMarketCap and try to work out what actually has happened when Bitcoin has gone in one direction and immediately effected the coin I'm ultimately trying to work with. It even took me weeks to discover the true method of interpreting the percentage differences on coinmarketcap i.e. everything is given as a percentage of the change to Bittcoin; stuff that, give me the difference to fiat, as this is what I use in the real world. All hail and bow down to bittcoin.
This article comes at a time when Bitcoin has recently gone from its recent low of $1800 to today's figure of over $4000 USD. I have had to watch all the coins that I love suffer massively in the wake of what Bitcoin is doing. The fact that all of the exchanges I've looked at give the Bittcoin price and USD price, has taken me time to work out what this actually means; yet I still believe that it's effects are negative to the crypto currency market. Regardless if the exchange immediately alters the Bittcoin price to the USD price, if for example Bittcoin goes up, there was a long while that I did not understand how this was affecting my portfolio of crypto currencies. Not to mention when Bittcoin goes up hundreds of dollars, and you are left with that uncertainty of what this actually means to your crypto currency portfolio?.
You can't tell me that people aren't thinking that the value of their crypto's aren't going down in value when they see the Bittcoin price go crazy next to the crypto currency they are trading. I'll be trading on an exchange and watching the graphs etc and then suddenly see that things have changed. It does not take a brain surgeon to realize that Bitcoin is doing something again. It's a truly horrible thing to behold when Bitcoin goes up in price and your alternative crypto currencies graph has a sliding downward slope dripping in red, all the while as the dollar figures are flickering downward also. There are far too many crypto currency graphs that have the same downward facing slope due to movements of Bitcoin; slopes that are then permanently imprinted on the graphs history thereafter
As a result of all of this, I'm sure that there is a whole gamut of people who have jumped out of their alternative crypto's and gone solely into Bittcoin. The crypto currency market is hard enough as it is for most people. Why not just give the crypto currency a currency appropriate to where the exchange is located? Thus being in Euros or US dollars etc. This way, I think people will be less confused and Bitcoin or Ethereum can go and do whatever the hell it wants. Can anyone honestly tell me that most of the alt crypto coins have not suffered as Bittcoin has gone up and is forever going up and down and creating mayhem to the rest of the crypto's? I say unpeg Bitcoin and Ethereum from everything and let us simple folks just see the crypto in the currency we are used to dealing with. Perception is everything, especially when people are already trying to work out so many things with crypto currencies and have an abundance of stress already to deal with.
Someone please create a crypto currency exchange with the ability to directly purchase whatever crypto currency the public wants in way of fiat equivalents. Get rid of the Bittcoin or Ethereum price attached to other alt coins. Give me just USD or Euros etc any day. If I'm wrong, If I'm not seeing something here, lets have a discussion and help clarify this.