Topic: Cash is King? I don't think so. - page 3. (Read 2936 times)

wow, op, you suck at money

Ok, coinbase charges a huge 1% fee (that's big in the currency transaction world. Trading between USD/EUR for instance, costs you a few pips at most). That's on top of the bid-ask spread . So if you're sending 10K, that's $100 for their fee alone. And I don't think you can instant buy that much.

I don't understand this. The current exchange rate for RUR vs USD is 1 USD = 35.67 RUR.

Then why the selling rate is given as 1 USD = 45 RUR? That's daylight robbery!

Coinbase has instant buys.  As soon as I click buy, I get Bitcoin.

Transferring to another wallet address takes a few minutes, maybe an hour or so.

Depending on how the other person wants to convert BTC to fiat and their institution, it could take minutes, hours, or days tops.

It doesn't take weeks, not sure if you've ever done a Bitcoin transaction before.

I did a wire transfer once. Wired like 25K, the charge was $25 and took < 1 hour.

Bitcoin isn't fee free.

You have to convert $$ into bitcoin, send bitcoin, then the receiver has to convert bitcoin into $$.

That process can take weeks.

Did a wire transfer from one bank to another bank a few months back, the charge was like $80 or something and took 3-5 days.

Nope, don't share your sentiment. 

Wires here have both a cost and waiting time. Check payments require 3 days clearing. Cash withdrawals and cash deposits are the fastest method right now, but require physical presence.

But I was bored, so ... (btw it's not my money, I'm just the escrow.)

very nicely said

Now make a youtube video on it 

You can wire transfer people money much easier then that.

You can even do it for free if you have certain business bank accounts (100K+ min balance ofc)

Cool experiment!

You sent a friend 21 thousand dollars? And want friend to send it right back?

Bitcoin = trust indeed! 

Last April 1, 2014 I decided to compare cash to bitcoin. I did not post that day, because people might think it's a joke, but this is serious.

Fiat / Cash:

1. I went to a bank.
2. The drive was about 20 minutes going there.
3. Paid toll and gas too.
4. Had to write a check to myself to withdraw the cash.
5. Bank had to count the money.

Proof of the money in pictures:



That's 10 stacks of one thousand Philippine Peso bills.



That's the buying rate of that particular bank at that day for the USD, so if you want to know the dollar value of the cash I had it was 21,555.55 USD.

6. Stuffed it all in an envelope.
7. Went to the car.
8. Drove to another bank, that took about 15 minutes.
9. Lined up and waited for an available teller. Waited about 30 minutes. Standing. In line.
10. Filled up a cash deposit slip.
11. Waited for the teller to validate the transaction. This means she had to unpack the envelope and look at each individual bill to make sure the money is not counterfeit. This took another 20 minutes.
12. Got the validated deposit slip, transaction is confirmed.

Total time: About 2 hours.
Transaction fee: Gas, Toll, and my rate for 2 hours. Bank also requires a minimum maintaining balance, but let's not count that.


Okay, now, to send my friend in another country 21,555.55 USD worth of bitcoins:

1. Turn on computer. Wait 1 minute.
2. Launch bitcoin-qt. Wait 1 minute.
3. Click "Send". Type details. 1 minute.
4. Enter 64 character alpha numeric special character password to authorize transaction. From memory. 30 seconds.
5. Broadcast. 2 seconds later, 50% of the network knows about it. 10 seconds later, everyone knows about it.
6. Wait for some miner to pick it up and stuff it in his next block. 10 minutes.



Okay, now, my friend, please send back my money. Thanks!

*transaction details have been altered to protect my friend's identity.