Bitcoin Exchanges already accept PIX but deposits are still slow and withdrawal fees high, nothing new

Pix has already started but Bitcoin and cryptomaniac investors have gained nothing new for now: deposits remain slow and withdrawal fees high

Bitcoin Exchanges already accept PIX but deposits are still slow and withdrawal fees high, nothing newNOTES

Pix, the Brazilian Central Bank’s instant payment system, was officially launched for all Brazilians in this second 16th.

Announced as a „revolution in the financial market in Brazil“ Pix promises transactions in real time, 24 hours a day and the best, with no fees for individuals.

This way the functionality could allow investors in Bitcoin and cryptomoedas to make deposits in real to trade crypto at any time of the day or night and, best, ‚withdraw‘ the money from exchanges at any time as well.

However, on this first day, Pix transactions on BTC exchanges are not being confirmed „in real time“, nor are they available for withdrawals.

Although all Bitcoin and Cryptomoedas companies in Brazil have bank accounts and, in theory, can receive and send a Pix, not all have enabled these features for the user.

However, the companies that have already enabled the function are also not happening as promised by the Pix, i.e. in real time.

The Cointelegraph did some tests with the new Central Bank system, sending a Pix to other banks and sending it to companies that trade cryptomotes.

In the case of sending from one bank to another the transaction took place in real time, now in the case of sending to Bitcoin companies it did not.

In the tests we sent amounts from a current account of Banco do Brasil to the companies Mercado Bitcoin and Novadax.

Nothing really new
Although the process of confirming the deposit and availability on the Bitcoin trading panel took place more quickly than the previous process, via TED or DOC, confirmation still took more than 10 minutes.

In addition the Cointelegraph tried to do the „reverse“ process i.e. using Pix to withdraw the values in Real from the user and transfer them to the client’s bank account.

The process, with Pix, could be faster and cheaper, however it is not available yet, i.e. users can only use Pix for deposits and not for withdrawals.

Thus, the user who wishes to withdraw the amounts in Reais from his bank account is still limited to TED and DOC operations and therefore business hours.

Also, the fees for withdrawals have not changed and are still the same.

Thus, for the time being, although Pix has facilitated the deposit process at Bitcoin companies and cryptomoedas it is not yet being „fully utilized“ and, at least for the time being, has not meant any real gain for BTC investors in Brazil who have neither faster deposits nor cheaper withdrawals.