Cryptocurrency payments have become a very important aspect of life in the 21st century. The digital assets are currently intertwined in both the online and the offline industry and businesses. There are many companies that prefer to pay their employees strictly using cryptocurrencies. However, not all digital assets are a cup of tea.
Some end up frustrating the people due to the high volatility, transfer and exchange fees. In this article I will share the experience I have had on one of the rapidly growing cryptocurrency exchanges, Remitano. This case study involves receiving payments from Binance in Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP).
It is important to understand what is Remitano to form the foundation of the case study. This is a peer-to-peer exchange platform for cryptocurrencies based in Seychelles. The platform provides users with a simplified way to buy, sell, receive and send Bitcoin, Ethereum, Tether (USDT), Bitcoin Cash, Litecoin and Ripple (XRP). Remitano also has an online base-wallet where users store their coins as they wait for a better price to offload their coins.
Remitano allows users to receive money in their local currency when selling their coins. On the other hand, users in different countries use their local currency to buy coins on the platform. Different payment methods have been made possible on the platform ranging from bank transfer, bank cash deposit as well as mobile money. The exchange charges a 1 percent fee to the taker while the maker is not charged.
As a news reporter in the cryptocurrency world, I have been forced to receive payment using crypto. The news companies prefer to pay in digital assets because they also receive payment from advertisers and other stake holders in digital assets. Therefore, for several months now, I have been receiving my payment on Remitano. I chose this exchange because of the flexibility in terms of the various payment methods made available. Remitano also offers wallet escrow services that ensure that trading is secure and reliable.
Interestingly, I found that certain cryptocurrencies offer better experiences when dealing with Remitano and Binance exchanges. Bitcoin (BTC), for instance is very volatile and unpredictable. You can receive funds in BTC and in the next hour they are worth a lot less in USD or a lot more. The fluctuation favors the holder when cryptocurrency prices are surging. I know you are thinking but that is how the crypto market is. Take for example, I received BTC when it was trading roughly around $7,400 at the beginning of September. The market took a hit and Bitcoin lost over $1,000 in less than 24 hours. This means if I sell the BTC, I will be recording massive losses. For people employed like me, this means losing the value of my hours in a massive way.
Remitano as a peer-to-peer trading platform allows buyers and sellers to adjust their own prices in order to gain more. However, if you raise your price too high as a seller no one buys your coins. The opposite happens for buyers, if you lower the price too much, you are short changing yourself and will end up in big losses.
When Bitcoin failed to work for me, I moved to Ethereum (ETH). However, the situation plummeted from not bad to worse. I lost a lot when dealing with Ether, the volatility is just too high.
The third largest cryptocurrency by market capitalization was recently supported on Remitano alongside Litecoin (LTC). XRP has been a working solution for me when receiving payment from Binance to Remitano. The fluctuation rate is at an acceptable level, which means that the value of the coins remains relatively the same until you get a buyer.
This is my experience on Remitano, I understand you might have a different story. Please feel free to comment below and help other users of the exchange. What do you like about Remitano? How has Remitano disappointed you?