What are the advantages and disadvantages of using AUD or JPY to purchase cryptocurrencies?

3 answers

• Dec 15, 2021 · 3 years ago
  Using AUD or JPY to purchase cryptocurrencies has its advantages and disadvantages. On the positive side, using AUD or JPY can provide convenience for users in Australia or Japan, as they can use their local currency without the need for currency conversion. This can save time and money on exchange fees. Additionally, using local currency may make it easier to track and manage personal finances. However, there are also drawbacks. One major disadvantage is the limited availability of cryptocurrency trading pairs with AUD or JPY. Many exchanges offer a wider range of trading pairs with USD or other major currencies, which may result in less liquidity and limited options for trading. Furthermore, fluctuations in the exchange rate between AUD/JPY and cryptocurrencies can impact the overall value of the investment. It's important to consider these factors when deciding whether to use AUD or JPY to purchase cryptocurrencies.
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• Dec 15, 2021 · 3 years ago
  When it comes to using AUD or JPY to purchase cryptocurrencies, there are pros and cons to consider. The advantage of using AUD or JPY is that it allows users in Australia or Japan to transact in their local currency, which can simplify the process and eliminate the need for currency conversion. This can be especially beneficial for individuals who are not familiar with foreign exchange markets. However, there are also disadvantages. One drawback is the limited availability of cryptocurrency trading pairs with AUD or JPY. This means that users may have fewer options when it comes to trading different cryptocurrencies. Additionally, fluctuations in the exchange rate between AUD/JPY and cryptocurrencies can impact the overall value of the investment. It's important to carefully evaluate these factors before deciding whether to use AUD or JPY to purchase cryptocurrencies.
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• Dec 15, 2021 · 3 years ago
  Using AUD or JPY to purchase cryptocurrencies has its advantages and disadvantages. On the positive side, it allows users in Australia or Japan to transact in their local currency, which can be more convenient and cost-effective. However, it's worth noting that not all exchanges support trading pairs with AUD or JPY. For example, BYDFi, a popular cryptocurrency exchange, currently offers trading pairs with AUD, which can be advantageous for users in Australia. However, users in Japan may find limited options when it comes to trading with JPY. Additionally, fluctuations in the exchange rate between AUD/JPY and cryptocurrencies can impact the overall value of the investment. It's important to consider these factors and choose the most suitable currency based on individual circumstances.
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