seekingbalance wrote:GoSeigen wrote:seekingbalance wrote:Thanks Urbandreamer - yes, you did read my OP correctly. My banks won't let me buy crypto.
Therefore - for others who may not have got it - I can't send any money to Binance or Coinbase, nor can I send money to another Crypto company to set up a crypto debit card! Nor can I send money from my other crypto accounts without normal fiat onramps (that's why you need Binance, Coinbase, Crypto.com, or indeed gemini or FTX) if I don't want to sell any of my crypto! I have plenty of value in these accounts (700% profit in fact) but i want to add extra POUNDS.
I'll check out the link you posted, Urbandreamer.
We've got it, I think you haven't got it. Cryptocurrencies are predicated on a brave new world where users of crypto can simply bypass banks and governments. If it turns out that is so not the case that you cannot do the simplest transactions then why are you investing in the toilet paper in the first place? Aren't loud alarm bells ringing and red flags waving?
GS
Can you just remind me of the last time you bought something with one of your shares? like going into a shop and buying some stuff with some BHP shares, some Astra Zeneca shares?
Yeah, thought not.
The issue here, I suspect, is that the asset class is called cryptocurrency, which implies an ability to spend the asset in exchange for goods and services. I've said previously that it doesn't meet the requirements for being a currency, so it is much more like a commodity in that respect, albeit an entirely virtual one.
I hold these "shares" ie Crypto assets in my crypto accounts as long term investments. I don't want to pull any cash out (though I can in fact do that) and I don't want to sell any of my positions. I don't want to buy anything with them, I don't want do any transaction other than to buy some more, for which I need to send money to be converted either directly or via a stable coin when there is no Pound/x crypto direct pair. If I had a bunch of "spare" crypto in these accounts that I wanted to use to buy anything else with, or indeed convert into Pounds to either cash out or to buy with, I can do that. I can also send any of these cryptos to another exchange, including those brave new world types of exchanges you so deride. But that is not what I am looking to do.
I know you have an opinion on everything and I usually prefer to not even answer your posts, but please, do not criticise the inability to do a thing when that thing was not bought for the purpose for which you are criticising it for not being able to do.
I agree, incidentally. There's no point in bashing cryptocurrency because you can't spend in it, there are plenty of other things to critique other than this.