Crypto On & Off-Ramp, How Is The Space Evolving?
Somewhere along our crypto journey the fundamentals of cryptocurrency were lost, and self-custody became less important with the focus solely on making money from the next hyped coins on their way to the moon.
2022's FTX implosion amongst other crypto projects that went down brought us back to earth, at least to some extent before we lost our sense of reasoning chasing the next hyped cryptocurrency again.
As a result, self-custody became a thing of sudden importance. From a broader perspective, how is the crypto space doing with self-custody developments?
We can't talk about self-custody without the on and off-ramp crypto, since that is the first step to owning a cryptocurrency wallet.
Embracing Crypto Self-Custody
Self-custody remains a major aspect of the cryptocurrency space worth practicing and embracing, we have been wired to put our money in the banks which is contrary to what cryptocurrency offers. This is a change in behavior that some of us are unwilling to embrace.
Thankfully for some of us on Hive, the system is built in a way that encourages self-custody, each user's Hive or HBD token resides in their respective wallets. There aren't many crypto platforms out there that offer this practice at the fundamental level in a decentralized manner.
What we have out there are cryptocurrency wallets on centralized platforms, commonly centralized exchanges. The question to ask ourselves when dealing with our cryptocurrencies on different platforms is; am I fully in control of my coins? that should help us determine our next course of action.
Crypto On & Off-Ramp
Getting in on crypto and out without the banks at present remains a challenge, establishing the means to on and off-ramp crypto will be a major win for cryptocurrency.
In May 2022, Brave announced a partnership with Ramp that enabled Brave Wallet users to buy crypto with fiat currency—or “on-ramp”—in Brave Wallet, the Web3 wallet natively-integrated into the Brave browser. Source
Brave's partnership with Ramp a non-custodial fiat-to-crypto infrastructure is a start to options for getting in and out of crypto but it doesn't serve the crypto world on a completely global scale.
I get turned off easily when crypto projects or Apps aren't available in certain regions.
I use Brave but to date, I do not understand why it goes through Uphold which requires KYC for payment of BAT token rewards for a browser that preaches privacy.
The Brave, Ramp partnership might be of use to some, but not to me. I gave it a try and it is not accessible in Benin as seen above and neither is Uphold.
It is, however, encouraging that attempts are being made to bypass the banks for crypto on and off-ramp but as far as I know there is not much out there that is available on a global scale regardless of where one resides in the world.
We owe it to ourselves to make Hive great
Image by @doze
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