2013-08-25 [Video] Why Bitcoin is a Better Way to do Intl. Money Transfers

TraderTimm

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Quote from: ArticMine on August 27, 2013, 07:39:34 PM

Quote from: TraderTimm on August 27, 2013, 07:02:44 PM

Er, what?

How does wire even come close to being competitive with bitcoin fees that are fractions of the original amount? Does not compute.

Try selling or buying 1,000,000 USD or 100,000,000 USD worth of Btcoin without moving the market.

Your example was of transferring money, not trading between currencies. So, please explain how wire is competitive?

p2pbucks

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Evolution is the only way to survive

wrote a article inspired by this
http://p2pbucks.com/?p=6881
When do big amount transfers bank wire is much more easy than BTC now .
But things might change when BTC price hits 1000 USD Grin

ArticMine

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Monero Core Team

Quote from: TraderTimm on August 27, 2013, 07:02:44 PM

Er, what?

How does wire even come close to being competitive with bitcoin fees that are fractions of the original amount? Does not compute.

Try selling or buying 1,000,000 USD or 100,000,000 USD worth of Btcoin without moving the market.

TraderTimm

legendary

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Er, what?

How does wire even come close to being competitive with bitcoin fees that are fractions of the original amount? Does not compute.

ArticMine

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Monero Core Team

It really depends on the amount and I would consider 1000 USD to be close to the cutoff point between Wire Transfer and Bitcoin. The key here is that for the most part the Wire transfer fees are fixed while for Bitcoin liquidity can start to be an issue as the amount increases. Above 1000 USD Wire transfer starts to be come competitive with Bitcoin and becomes really competitive with Bitcoin over 10000 USD. As for Paypal it starts to get competitive with Wire Transfer below 1000 USD and may be competitive with Bitcoin in some cases for small amounts.

Where Bitcoin really wins is below 1000 USD and especially below 100 USD where either the recipient or the sender cannot get a PayPal account. This is the case for most migrant worker remittances to family members. This is typically from a "rich" country in North America, Europe, parts of Asia. the Middle East etc., to a "poor" country in Africa, Central and South America, parts of Asia etc. By the way this is a multi billion dollar business.

A good example is someone sending 70 CAD from Canada to Kenya. I actually witnessed this one here in Canada, while waiting to pick up some Bitcoin related correspondence, at the local Post Office.

p2pbucks

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Evolution is the only way to survive

Coinbase has a btc2usd withdrawal limits .
when you use bitcoin for big money transfers there will be problems

David-M

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Quote

Nice video. I guess the only thing you missed in the comparison was the fee charged by the Bitcoin exchange to withdraw your fiat. But yes, very clear winner as you say.

Thanks.
If you do a 1% bitpay or coinbase USD fee, that covers cost to move to your bank

David

ANX_Service

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Hi David,

Nice video. I guess the only thing you missed in the comparison was the fee charged by the Bitcoin exchange to withdraw your fiat. But yes, very clear winner as you say.

Cheers,

ANX.HK

David-M

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Tired of paying ridiculous fees to transfer funds internationally?
This video explains why Bitcoin is a better way!
http://youtu.be/dhh_4NXaYZw

Thanks!

David

Topic: 2013-08-25 [Video] Why Bitcoin is a Better Way to do Intl. Money Transfers (Read 930 times)