If you had no reason to change btc to usd then this would not be an issue.
When more merchants start to accept bitcoin then you could simply use your bitcoin to purchase products that you would normally buy.
Topic: It costs a lot to transfer BTC>USD USD>BTC (Read 969 times)
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It's Money 2.0| It’s gold for nerds | It's Bitcoin
this is where people are wising up to the fact that if anyone wants a bitcoin loan to use for a FIAT transaction.. its most probably a scammer that wont repay.
https://bitcointalksearch.org/topic/m.966379
Loans are also for hardware.
Unless amazon accepts bitcoin.
http://www.amazon.com/Gridseed-Miner-Litecoin-Bitcoin-Mining/dp/B00J4XPKJU/ref=sr_1_1/185-9674102-9980330?s=electronics&ie=UTF8&qid=1399337509&sr=1-1&keywords=scrypt+asic
this is where people are wising up to the fact that if anyone wants a bitcoin loan to use for a FIAT transaction.. its most probably a scammer that wont repay.
the only time bitcoin loans work is for the loan recipient to only want bitcoin as a borrowed risk, which they use to trade on exchanges to make mega profit and repay the loan.. keeping the profit. anyone asking for bitcoin loans to repay hospital bills or household fiat items are usually nigerian princes
bitcoin should be used as an investment tool to get alot more bitcoin. not to be used for cashing out and sorting out FIAT debt. Fiat debt can be solved by asking family members, banks or other fiat handlers for a loan.
the only time bitcoin loans work is for the loan recipient to only want bitcoin as a borrowed risk, which they use to trade on exchanges to make mega profit and repay the loan.. keeping the profit. anyone asking for bitcoin loans to repay hospital bills or household fiat items are usually nigerian princes
bitcoin should be used as an investment tool to get alot more bitcoin. not to be used for cashing out and sorting out FIAT debt. Fiat debt can be solved by asking family members, banks or other fiat handlers for a loan.
If only there were some kind of digital money that was directly person to person and cut those fees down to almost nothing.
I know right, one that is almost instantaneous, quasi anonymous, 24/7, the list goes on
If only there were some kind of digital money that was directly person to person and cut those fees down to almost nothing.
Fees go to wrong place. That might be the biggest problem.
Over time it shouldn't be a problem. Especially as bitcoin should get adopted more and more.
Over time it shouldn't be a problem. Especially as bitcoin should get adopted more and more.
BTC->USD->EUR->AED->EUR->USD->BTC is way more expensive.
Damned Bitcoin and its high fees.
Damned Bitcoin and its high fees.
Most legit BTC loans would stay in BTC (i.e. to start a business)
To simply transfer BTC>USD & USD>BTC Coinbase isn't too bad for total fees (and no wire fees either)
To simply transfer BTC>USD & USD>BTC Coinbase isn't too bad for total fees (and no wire fees either)
Yeah, it costs an outrageous amount of money to send USD to someone. Bitcoin has a huge advantage.
I finally got around to calculating getting a loan & paying it back.
----------------------------------------------------------
Getting BTC loan converted to USD:
Lender: 10% for the loan.
Exchange: 1.5% wire transfer outgoing
Bank: wire transfer Incoming: $15
----------------------------------------------------------
----------------------------------------------------------
Paying back the loan, USD > BTC:
Bank wire transfer:
Exchange incoming wire transfer: Fee: 1%
----------------------------------------------------------
Outragous. I'm not sure but credit card company's are more lenient? Like what 5% fee?
----------------------------------------------------------
Getting BTC loan converted to USD:
Lender: 10% for the loan.
Exchange: 1.5% wire transfer outgoing
Bank: wire transfer Incoming: $15
----------------------------------------------------------
----------------------------------------------------------
Paying back the loan, USD > BTC:
Bank wire transfer:
Quote
$25 each domestic wire transfer; $45 each foreign wire transfer plus
exchange rate, taxes and corresponding fee(s). Beginning July 15,
2013, $30 each domestic wire transfer; $50 each foreign wire transfer
sent in foreign currency; $85 each foreign wire transfer sent in U.S.
dollars. Exchange rates, and other bank fees and taxes may apply.
exchange rate, taxes and corresponding fee(s). Beginning July 15,
2013, $30 each domestic wire transfer; $50 each foreign wire transfer
sent in foreign currency; $85 each foreign wire transfer sent in U.S.
dollars. Exchange rates, and other bank fees and taxes may apply.
Exchange incoming wire transfer: Fee: 1%
----------------------------------------------------------
Outragous. I'm not sure but credit card company's are more lenient? Like what 5% fee?
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