I got this idea. Considering the high costs of converting fuse to us dollars, How can we create a bulk conversion service where smaller transactions are bulked up together with other transactions for conversion of fuse to us dollars? Like a bulk processing service.
I think it will be very beneficial and could position fuse as one of the the reserve currency of the fuse network for conversions to us dollars. Something like this is very much needed.
And lastly i suggest this so users have a more affordable way of doing fiat conversions. I would not mind doing this even if i have to convert fuse or other fuse network tokens into fuse so to use the feature. And it makes it worth the possible wait until enough transactions are gathered to be able to do this conversion in bulk.
interesting idea, but the system you are referencing:
is about combining multiple BTC transactions into one to help save CB $$ which i assume is passed down to CB users, in the form of lower transactional fees for BTC trades.
The on-ramp system currently used by Fuse Network is Ramp. I personally have used Ramp to inject fiat to Fuse via the Cash-app, but i do not know if you can do the process in reverse.
When you are dealing with ppl individual bank accounts and such, i personally do not see the benefit of transactional ‘roll-ups’ outweigh the risks of potential problems, or if it is even possible.
I would propose that Fuse network should look into other cheaper methods of fiat on/off ramping. such as paypal, venmo,square, and such.
Currently living in the US, i am subject to a ‘international fee’ from Ramp, costing close to $70 US each time i want to add the max of $1000+ in fiat via the cash app.
Looking at this real fast, if they are legit, then they are awesome, 350paymentmethods. If Fuse_Network could look into something like this, to integrate with the cash app, on/off/ramp would be unlimited. on-boarding noncrypto users would start happening at an almost alarming rate. Fiat <> Crypto is still lacking in my opinion across the entire crypto space. Fuse needs to become the one stop network for defi on-ramp off-ramp services
Great discussion and suggestions @oliver18754@SupportivePengu - I think the most plausible solution to lower the conversion fees between fiat<>crypto on Fuse right now is as you guys mention, by integrating more on/off-ramp options.
I’ve just mentioned this in the other thread Debit Card on Fuse.Cash that the team is actively looking into ways of making these conversions more cost-effective with more on/off-ramp service integrations, so any suggestions or recommendations of your favorite providers and aggregators is beneficial.