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RE: Future of cryptocurrency
The solution here is, if you really need to, to cash out privately. Through the use of simple personal exchange, for example via http://localbitcoins.com .
The solution here is, if you really need to, to cash out privately. Through the use of simple personal exchange, for example via http://localbitcoins.com .
That is awesome! How does the process work? Meaning, how is the process completed simultaneously so that neither takes much risk seeing as how neither know each other?
As I understand it whenever a purchase is set up, the actual coins are being held and once payment is processed and proven the coins will automatically be released
Ideally, you can meet "face to face" and do the exchange in person.
However, please do check out the local bitcoins site I linked... I am not affiliated with it in any way, other than as a user. They have implemented an automated escrow mechanism that minimizes the risk to buyer and seller. They deduct a very modest fee, as I recall (it has been a while since I used their service.) The sellers and buyers tend to have some rather hefty "markups," but even there you will find some competition...
As more and more people "buy in" to crypto, I expect that informal exchanges will increase. I think that would be something I would like to see near term with Steemit, informal Steem/fiat exchanges serving the needs of the Steemit community. I know that some of that has already happened, and as the community grows, it should become more widely practiced...