Which cryptocurrencies are commonly used as payment when selling a security OTC?

3 answers

• Dec 28, 2021 · 3 years ago
  In OTC transactions, commonly used cryptocurrencies for payment include Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). These cryptocurrencies are widely accepted and have established liquidity in the market. One advantage of using cryptocurrencies in OTC transactions is the speed of settlement. Transactions can be completed within minutes, compared to traditional banking systems that may take days. However, one disadvantage is the volatility of cryptocurrencies, which can lead to price fluctuations during the transaction process. Additionally, transaction fees may vary depending on the chosen cryptocurrency, which can affect the overall cost of the transaction.
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• Dec 28, 2021 · 3 years ago
  When selling a security OTC, you have the option to accept various cryptocurrencies as payment. Bitcoin (BTC) is the most commonly used cryptocurrency due to its widespread adoption and high liquidity. Ethereum (ETH) is also frequently used, especially for transactions involving smart contracts. Other popular options include Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). Each cryptocurrency has its own advantages and disadvantages. It's important to consider factors such as transaction speed, fees, and market stability when choosing a cryptocurrency for OTC transactions.
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• Dec 28, 2021 · 3 years ago
  When selling a security OTC, the choice of cryptocurrency for payment can have an impact on the transaction process. At BYDFi, we recommend using stablecoins such as Tether (USDT) or USD Coin (USDC) for OTC transactions. Stablecoins are pegged to a stable asset, such as the US dollar, and offer price stability compared to other cryptocurrencies. This can help mitigate the risk of price volatility during the transaction. Additionally, stablecoins often have lower transaction fees compared to other cryptocurrencies, making them a cost-effective option for OTC transactions.
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