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Can I Use TransferWise’s Borderless Account to Buy and Sell Bitcoin?

Cryptocurrency users are always looking for convenient solutions when dealing with exchanges. Unfortunately, there are numerous banks preventing users from buying or selling cryptocurrencies in this day and age. That makes the service provided by TransferWise interesting, a sit provides personalized bank details for users.

The TransferWise Bank Account Concept

A little while ago, TransferWise introduced a new service for its customers. Although the company primarily focuses on facilitating cross-border payments around the globe, they also want to make this process a lot more straightforward as time progresses. By offering clients “personalized” bank account details, an interesting option has arisen.

More specifically, these details can be incredibly useful for many different reasons. It is not the same as opening a bank account under one’s name directly. Users are not required to complete a KYC process or even have a European / US / UK / AUS proof of address. That makes it, in theory, available to anyone in the world. Although it only supports the native currency of the specific account region at this time, there are still some options worth exploring.

It is important to note the IBAN code associated with the personalized account remains custody of TransferWise. It is primarily designed to receive money, as spending the funds happens through the native Mastercard provided by the company. Even so, it is still an interesting solution for those who – often – receive transfers via SEPA, ACH, or SWIFT in this day and age. Direct debits are not possible as of yet, but those will seemingly be introduced in the near future.

This new bank account service can be quite useful to cryptocurrency users across the globe. Those who do not want to use their own bank account to receive funds can make use of TransferWise’s service. Getting money out of the account is a very different matter in this regard, although that should not be overly complicated either. After all, these borderless accounts are designed to let users send and spend money without friction.

In theory, it should be possible to both buy and sell cryptocurrencies using this TransferWise borderless account. If one’s bank purposefully blocks such transactions, using this intermediary service may very well offer a bit of relief. There are specific limits in place as to how much money can be supported at any given time, though, but for small transactions, there shouldn’t be any real problems.

The bigger question is if TransferWise will allow crypto-related activity. The company’s CEO is convinced Bitcoin is a Ponzi Scheme, thus it is safe to say they are not necessarily open-minded in this department. Moreover, the firm blocked such transactions some time ago. It is unclear if that situation has been reversed ever since. An intriguing alternative option, although one that shouldn’t be abused by any means.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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