One-Stop Wallet, Please!
While it may not be prudent to keep all of your eggs in one basket, it would certainly be nice if you could buy all of your eggs from the same market regardless of which eggs you want. The same could be said about the numerous crypto currencies available today. There are new ones popping up what seems to be almost every day. The problem is that you need to have multiple crypto wallets and use multiple exchanges in order to acquire, trade or sell them.
In a recent conversation with one of my colleagues, we were discussing which wallets we each hold individually. Between the two of us I believe it is somewhere in the neighborhood of fifteen. My assets are not substantial however I do value what I have. I would not have an issue using one wallet to hold all five variations of crypto assets that I own. Currently that wallet does not exist on the open market.
Wallets and exchanges decide the crypto currency they will support on which blockchain. Some make the decision directly from the leadership position, while others actually seek input from its users. Unfortunately, no single entity supports all or even a majority of what is actively available in the marketplace. To take it a step further, some wallets allow you to purchase a specific coin but do not allow for trading or exchanging into other tokens on their platform.
Here’s a good example I encountered recently. I used fiat to purchase a popular crypto currency through one of my wallets. The process was simple and it allowed me to use my bank debit card to complete the purchase. After a slight run to the positive, I decided to sell that same asset. Although my purchase was in USD, the sale was made via Tether USDT and not converted back into USD. This wallet does not provide the ability to withdraw fiat. That said, I must send that same crypto to another wallet that accepts USDT on a specific platform and provides the ability to covert to USD and ultimately withdraw these dollars. A cumbersome process to say the least as well as each of these transactions taking their cut by charging a fee.
Hopefully, in the not-too-distant future, the Fabriik Exchange will solve many of these issues that are currently affecting investors such as myself. They plan to support all assets provided they are deemed safe. That will be a welcome sight for sore eyes. Having the ability to deposit, buy, trade, exchange, sell and withdraw assets from one platform will be just the solution that is needed in my opinion. To make this even more attractive, transactions will be done at a fraction of the cost and much faster due to it being built on the Bitcoin SV blockchain.
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