Quote:
Originally Posted by opendoor
Converting cash to cryptocurrency.
And they are about the only way that paying for everyday things with cryptocurrency is currently viable. Actually transferring it is too slow and few businesses want to take on the currency risk of accepting it. So they act as an intermediary where they pay the business with fiat currency and then deduct the equivalent in cryptocurrency from your holdings with them. For instance, here's how you spend Bitcoin at Whole Foods:
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so they are borrowing fiat against crypto transactions and charging a fee to facilitate it, so taking on a fair chunk of risk over the day or two it takes to sell off the crypto to pay for the debt, I'm guessing the fees are huge then?