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

Pix has already started, but Bitcoin and cryptomoeda investors have not gained anything new for now: deposits remain slow and withdrawal fees high

Pix, the Brazilian Central Bank’s instant payment system, was officially launched for all Brazilians on Monday (16).

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 feature intends to allow investors in Bitcoin and cryptomoedas to make deposits in reais to trade cryptoactives at any time of the day or night and, the best, ‚withdrawing‘ 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 thesis, can receive and send a Pix, not all have enabled these features for the user.

In companies that have already enabled the deposits function, the Pix in these companies is not happening as promised either, that is, in real time.

The Cointelegraph made some tests with the new Central Bank system, sending a Pix to other banks and sent to companies that trade cryptomoeda.

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, this did not occur.

In the tests, we sent values 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 making the values available on the panel for Bitcoin negotiation took place more quickly than the previous process, via TED or DOC, confirmation still took more than 10 minutes.

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

The process, with Pix, could be faster and cheaper. However, in practice the function is still not working, i.e. users can only use Pix for deposits and not for withdrawals.

Thus, the user who wants 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 so far, has not meant real gains for BTC investors in Brazil.