We’ve all heard the expression “don’t put all your eggs in one basket”, and anyone with even a modicum of financial understanding knows that this is doubly true for investing. Cryptocurrencies are no exception. In fact, it may be truer for crypto than any other asset class. But let’s face it — the whole process of crypto diversification is just a pain. Let’s examine all the steps involved:Buy your BTC/ETH from Coinbase/GDAX with fiat Send your BTC/ETH to your MetaMask wallet, since you’re smart and don’t want to keep your hard-earned money on a centralized exchange Discover a cool new altcoin Research which exchanges list that altcoin Create an account on this new exchange, a process which could take several days to get approved, and may involve sending photos of yourself and your passport to comply with AML/KYC regulations Send your BTC/ETH to this exchange (paying transaction fees along the way) Sell the BTC/ETH for the altcoin you want (more transaction fees) Withdraw that new altcoin to your MetaMask wallet (even MORE fees!)
That’s EIGHT steps just to get the altcoin you wanted. Plus, with centralized exchanges, if you already have some altcoins you want to swap for a different one, you’ll need to exchange them BACK to BTC, ETH or USDT first. (Oh, and we almost forgot — each of those trades is taxable, depending on the country you live in.)
Given how tedious and complicated this whole process is, it’s no wonder that so many people just throw their hands up in frustration and decide this crypto stuff isn’t for them.
I mean, it’s 2018. Everything else is user-friendly and intuitive, so why, nearly 10 years after the launch of Bitcoin, is dealing with cryptocurrencies still such a ridiculous hassle?We decided that just wasn’t acceptable, and that’s why we developed Faast, the simplest, most effortless way to build a diversified cryptocurrency...