Like any other business, cryptocurrency exchanges need to grow to support other currencies in the financial industry. Bittrex’s recent strides show that the platform wants to offer USD trading for the everyday client soon, but there are a few exclusive users that have already had access. Based on recent reports, Bittrex plans to give other users access to the same service, though it is still relatively elite.
Generally, cryptocurrency exchanges have algorithms that allows consumers to cover their fiat currency into the crypto token of their choice. Bittrex primarily works with the US dollar, which was announced in May 2018. As stated above, the individuals able to trade with the US dollar is restricted right now, but there are alterations to that policy in the works.
About The Bittrex Platform
Some of the users that are active on the Bittrex platform have received emails, telling them that their status has been upgraded for USD trading. In these emails, the users were also asked about their interest in making deposits, withdrawals, and transactions involving USD.
Based on the progress that Bittrex is making, the ability for all users to participate in USD trading is not far behind. The way that investors react will dictate the price changes that crypto tokens experience. By giving consumers the freedom to use USD on the platform, it will not take long for crypto users to join.
Along with gauging interest in the various transactions with USD, the recipients of the email will also need to fill out a form that applies for that trading. If they do not fill out the request, they will not be able to reap benefits that they were specifically chosen for. Then, the user must get approval from Bittrex to make it possible.
Once the rest of the users are added, it will be interesting to see how Bittrex keeps up with the new traffic and new trading. While it is far from the biggest exchange, altcoin traders have gravitated to it, even though they only have USD trading pairs with Bitcoin, Ethereum, USDT, and TUSD.
All of these changes are great indications of what the cryptocurrency world has the potential to be. The steps are small at the moment, but it coincides with the market positions that other crypto tokens are taking on as well. With big strides like that of Bittrex and larger exchanges, more consumers can get involved with Bitcoin and altcoins as it becomes more user-friendly.