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From YouTube: Fiat Gateways
Description
Fiat Gateways
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A
So
what
is
a
fiat
gateway
right?
So
fiat
gateway
is
something
you
use
when
you
need
to
turn
your
whatever
your
currency
is
dollars.
First,
you
say
that
you
need
to
turn
your
dollars
into
bitcoin
and
what
you
do
is
you
take
your
dollars
and
you
send
it
to
a
bank
right,
try
to
do
the
classic
bank.
Oh
gosh,
okay,
this
is
my
bank.
I'm
trying
to
do
those
big
pillars
that
they
do.
A
For
always,
representing
banks,
looks
more
like
a
hut,
a
bank
cut
okay,
so
you
send
your
dollars
to
so
through
the
bank,
and
so
then,
usually
you
have
a
company
right
and
they've
set
up
some
servers
through
the
you
know
and
they're
providing
a
service
to
be
able
to
connect
to
blockchains.
A
And
send
bitcoin
right,
just
as
one
example.
Bitcoin
is
one
example.
Ethereum
is
another,
could
be
ethereum
right,
so
bitcoin
or
ethereum.
What
happens
is
fiat
through
the
bank
through
a
banking
system
gets
sent
to
the
company?
A
That
then
will
take
their
bitcoin,
and
I
guess
in
this
diagram,
send
it
to
you
happy
bitcoin
holder.
Now
you
got
your
b
yeah
right,
bitcoin
or
ethereum.
I
try
to
draw
ethereum
logo
yeah,
okay,
so
my
chicken
scratch.
Okay,
all
right.
So
that's
the
situation
with
fiat
gateways
today.
Right!
That's,
that's!
That's!
Basically
what
happens
every
time
you're
you're
sending
your
money
through
the
banking
system,
a
company
gets
it
and
then
the
company
is
selling
you
the
bitcoin
back
and
it's
roughly
and
it
could
be
varying
levels
of
automation.
A
Pretty
much
all
the
time.
This
is
going
to
have
k
y
z
right,
so
the
company
is
going
to
determine
is
going
to
need
all
your
information
because
they
are
going
to
give
it
to
the
banks
and
maybe
some
third
parties
right
because
hey
it's
information,
it's
good
to
sell
yeah
got
a
guy
here.
Who
has
some
money?
They
want
to
know
about
that
some
guy
that
has
money
so,
of
course,
they're
gonna
sell
the
information.
A
So,
although
they
say
they
don't
anyways,
so
that's
fiat
today.
This
is
the
way
it
is
now
now.
Unfortunately,
the
problem
with
this,
like
it's
easy
to
see,
there's
a
problem.
It's
super
complicated.
It's
really
difficult
to
get
into
crypto,
because
you're
going
through
this
process,
you're
always
having
to
do
kyc
and,
of
course,
the
process
for
the
kyc
with
the
companies
usually
means
you're,
sending
them
like
your
your
your
driver's
license
or
your
passport
or
all
kinds
of
information
which,
as
I
said,
ends
up
in
third
party
hands.
A
So
it's
it's
not
good.
What
I
talked
about
before
regarding
digital
ids
and
things
like
that.
This
is
going
to
get
a
hundred
times
worse
and
by
a
hundred
times
worse
I
mean
that
you're
going
to
end
up
with
a
situation
where
these
companies
are
going
to
have
no
control
over
the
rules.
A
It's
all
going
to
be
made
by
the
government
right,
whatever
government,
you're
beholden
to
and
the
country
you
live
in,
are
going
to
set
these
rules
that
are
going
to
make
it
so
that
if
that
government
isn't
doing
so
well
with
their
with
your
currency,
then
they're
going
to
make
sure
that
this
process
gets
cut
off,
be
like
okay.
We
can't
have
any
more
of
our
people
going
into
cryptocurrency,
so
we're
just
gonna.
Stop
that
right
and
because
of
digital
ids
and
cbdc's
it'll
be
very
easy.
A
So
this
will
be
an
unfortunate
thing
for
cryptocurrencies.
This
is
a
problem
for
fiat
gateways,
because
yeah
gateway
providers
are
gonna
about
to
like
be
in
a
world
of
hurt
for
all
kinds
of
regulations.
A
So
what
are
you
gonna?
Do
you
know
what?
What?
What
does
this
mean
for
crypto
in
general,
because
it
sounds
like
the
ability
for
people
to
get
a
hold
of
cryptocurrencies
is
gonna,
get
much
more
difficult,
a
few
systems
will
emerge
and
one
of
them
is
going
to
be
for
freedom
and
the
other
one
is
going
to
be
for
order,
and
this
freedom
system
needs
a
way
so
that
people
can
transact
with
each
other.
There
needs
to
be
a
way
that
we
can
close
the
loop.
The
term
closed.
A
Loop
means
that
if
you
got
cryptocurrency
and
someone
else
accepts
the
cryptocurrency
and
they're
able
to
use
it
for
something
else,
and
that's
a
closed-loop
system,
it's
not
needing
to
take
the
cryptocurrency
turning
it
into
you
know,
dollars
and
then
taking
those
dollars
and
then
using
it
somewhere
else.
Like
that's,
not
closed
loop,
that's
where
you're
just
you
need
to
convert,
and
you
need
to
use
that
via
gateway.
A
A
A
That's
the
system
I'm
talking
about
in
terms
of
like
fiat
and
everything
else,
that's
going
to
continue,
there's
just
no
fighting
it
there's
not
much.
We
can
do
about
it,
but
if
there's
an
alternative
where
we
can
easily
be
able
to
transact
with
one
another
and
have
a
way
so
that
when
you
go
to
transact
all
these
barriers
for
crypto
don't
exist
where
it's
really
peer-to-peer
right,
where
we
are
able
to
simply
be
able
to
use
our
own
personal
devices.
A
Where,
let's
say
I
have
my
crypto
in
my
phone
and
you
have
your
phone,
I
should
be
able
to
you.
We
should
be
able
to
use
that
together.
In
order
for
me
to
be
able
to
transfer
my
value
to
you,
whatever
that
value
might
be,
it
could
be
bitcoin,
it
could
be
ethereum,
it
could
be
your
place,
so
basically
so
we'd
be
able
to
transact
one
another.
A
This
is.
This
is
almost
like
the
last
the
last
mile
issue,
where
this
problem
is
that
every
time
people
use
crypto
they're,
always
instead
going
into
the
system
first
and
then
getting
stuck
with
all
the
rules
there
and
if
they
want
to
go
back
here,
it's
like
nope
they're
not
going
to
let
you
or
they
go
there.
They
don't
like
that
you're
coming
into
here,
and
then
they
go
nope
I'll.
Let
you
have
your
bank
either.
A
A
I
mean
it
sounds
simple
enough
and
you
think
why
don't
people
do
this,
but
what
we
want
to
do
is
basically
have
it
so
that
when
you're
using
pure
plays
with
your
phone
right
and
you're
engaging
with
other
people
in
a
per
like
in
person-
or
you
want
to
be
able
to
send
money
to
somebody-
or
in
this
case
crypto
to
somebody,
it
should
be
a
process
that
is
doesn't
require
them
to
sign
up
for
anything.
A
So
when
the
person
comes
on
board,
they
can
then
be
able
to
fulfill
the
transaction
require
they
can.
They
can
be
able
to
sorry
confirm
the
transaction
and
then
they'll
be
able
to
go
on
about
the
other
things
with
in
incorporating
the
details
of
who
they
are
so
that
they
can
go
on
and
you
know
be
able
to
transact
with
others
rather
than
having
these
guys
tell
them
what
they
can
and
can't
do.
A
So
I'm
not
going
into
a
lot
of
details
about
it,
just
because
it's
very
early
stage-
and
we
we
know,
though,
that
this
this
will
be
a
very
important
element
towards
creating
the
opportunity
for
people
to
be
able
to
connect
and
be
able
to
use
crypto,
because
the
problem
right
now
is
that
by
design
everybody
in
crypto
wants
those
fiat
gateways
like
they
they're.
They
almost
insist
on
it
as
though
it's
something
that
is
like
a
necessity.
A
But
as
long
as
you
keep
on
tethering
to
that
system,
that
system
doesn't
want
crypto,
it's
almost
like
getting
into
an
abusive
relationship.
Why
would
you
get
into
an
abusive
relationship
with
someone
who
hates
you?
Okay,
they
just
they
literally
don't
want
you
to
live
and
we
are
connected
to
them,
and
so
all
they
got
to
do
is
just
like
put
the
axe
down
and
boom.
A
Pier
plays
we're
taking
a
different
approach.
Rather
than
over
complicating
this
situation.
We
are
going
to
focus
rather
than
creating
those
bridges
into
the
financial
system.
A
We
are
going
to
create
bridges
between
people
so
that
they
can
close
the
loop
and
they
can
actually
create
start
utilizing
cryptocurrencies
in
ways
that
everybody
talks
about,
but
the
problem
is
that
nobody
has
been
able
to
effectively
make
it
so
that
there's
a
way
for
people
to
connect
and
be
able
to
want
to
transact
with
one
another.
In
that
way,
which
is
strange.