One of the most frustrating aspects of trading altcoins is that few exchanges let you buy and sell altcoins using fiat currencies due to legal issues surrounding cryptocurrency. To acquire altcoins, most people have to use Bitcoin as a go-between.
On July 1, the popular altcoin exchange Cryptsy gave altcoin traders some much-needed relief. Cryptsy USD markets opened for Bitcoin and four major altcoins: Dogecoin, Darkcoin, Feathercoin, and Litecoin. This is great news for the altcoin community as a whole, but altcoin communities not added to the Cryptsy USD markets will have to continue to buy their coin via Bitcoin.
To deposit or withdraw USD, traders will have to verify their identity and residency by providing sufficient legal documentation. This process can take several days, so make sure you are proactive about submitting your documents if you are looking to trade USD on Cryptsy.