The main reason I first started using bitcoin, other than fascination, is to transfer RMB to USD. I own property in the US, and make many payments in USD. I make most of my money in Chinese RMB. Forex in China is a pita. I have to take a Chinese friend to the bank, give them my cash, they convert it and send it to my US bank, and both banks collect their fees. With bitcoin I can buy btc online with alipay, and withdraw to my US account with coinbase. I still pay 1.5 to 2%, but it is getting closer to free forex.
Does anyone else here use btc for forex?
Topic: Bitcoin as a medium of currency exchange (Read 269 times)
Jump to: