First let me say that I am in this since ICO and I am fully commited to this absolute amazing project and the great work done by the team (and community).
I want to share a experience with you I had last week.
My cousin is experienced in stocks and 100% invested in those. Now he got interested in crypto and he knew I am in this space for a long time. So he asked me how to get into this and what he has to do to buy his first crypto (BTC and ETH).
I told him that there are a couple of exchanges he could use but I recommend nash for security reasons and because it is extremely easy to use for unexperienced users (that’s what I thought).
So he gave it a shot. He downloaded the app (he does 99% of his stuff on mobile, not on desktop). First he struggled a bit with the english language (not his best) so I told him to use the web app what is translated. He managed to pass KYC and wanted to buy now. Then he asked me, why am I not able to buy BTC now? So I told him he needs to buy USDC first and then trade it for BTC or ETH. What is USDC…? After I explained him the stable coin story he wanted to buy now but iOS app did not show him USDC as a possible coin to buy (he had to use it again instead of web, because he left home in the meantime).
I am still not sure why this was the case so I told him to use the web app as soon as he is back home again. Next thing I heard from him was, that it is still too complicated for him to manage all this.
So he googled and found bitpanda. He went there, created an account and were able to use their cash gateway for an instant buy of BTC and ETH. He were able to choose between so many on-ramps and not only to make a sepa for a coin he does not want to have and wait 4 days until sepa went through.
Not having said that the most important step is still missing then, trading USDC for BTC. I don’t want to think about what I may had to have explained to him how to trade BTC for USDC then using the trading contract and stuff…
So, this time nash lost against a cex which is way more easy to handle for a crypto beginner.
I know we are still pretty early in providing features but I thought this feedback and experience is welcome anyway.
I’m a big Nash fan, but I solely use Binance. Just easier here - I can send funds from my bank to Binance and arrives faster than I can refresh the browser tab. Lots of liquidity, easy to buy and withdraw to wallet. However, I’m rooting for the day Nash will be a thriving exchange! Go Nash!
It is unfortunate to have such experience but keep in mind Nash Cash will offer btc, eth and neo before EoY. After that Nash Cash will have another big update that will feature payment with credit cards and a new feature that is currently undisclosed.
But even before EoY when new coins are introduced to Nash Cash you should ask your friend to give Nash another chance since he would pay no fees (unlike other platforms) and his funds are always on the blockchain which means highest form of security and a non-custodial approach. Make sure he understands those benefits and I am sure he will give Nash another chance.
I have an update for you on this topic.
My cousin wrote me again. Happy that he bought ETH and BTC now via Bitpanda. But he was unhappy with the high fees he was charged (1.5%). I told him that he will have another fee sending his coins from Bitpanda to his own wallet.
Also he was not sure about using a Ledger or not for holding his coins.
I told him again about the benefits of nash, the non-custody, the secure wallet and the low fees.
So he is thinking now about giving nash a second chance. He is up to send his coins to his nash wallet and plans to buy a second batch of BTC and ETH via Nash.
This time it seems that nash won with arguments like:
Security benefits
Low trading fees
No withdrawal fees
All his coins in one secure wallet with access via app on his phone
Let’s see. When nash is able to make the first step for unexperienced users easier, there are so many other arguments to just use nash and nothing else!
