Just for the fun of it, I decided to run a real life, real money test to compare the efficacies of a BTC Wallet based transaction versus my old world, USD Bank based wire transfer.
Within a matter of days of each other, I purchased two pieces of mining hardware from a reputable manufacturer in China with a solid Customer Service record. On June 19th, I bought one unit and used a USD Wire Transfer to make payment to the overseas Co. Then on June 21st, I purchased another unit, same machine, but used a BTC transfer from my wallet. After 25 days the final results are in.
USD Wire Transfer;
The cash was immediately deducted from my US bank based account on June 19th. It then went into "banking limbo" for 21 calendar days. On July the 10th, the Chinese intermediary bank acknowledged receipt of the funds I sent on June 19th. On July 15th the Chinese Co. acknowledged the receipt of the funds to their Co. account. On July 17th, my account and order were updated as " Paid pending shipment". After much nervousness, emailing, stopping in the bank and updating "transfer info" with the recipient company, almost 1 MONTH later the transaction was completed.
BTC Wallet Transfer;
Upon placing my order online, I received the BTC address to transfer my payment to. I entered it into my mobile phone, put in the exact amount of the purchase and hit "send" from my BTC wallet on my mobile app. ( of course I only keep enough on my mobile app to complete immediate transaction ). Literally within 10 minutes, my payment was received by the recipient Co., Confirmed as received and my pending order updated to " Paid pending shipment". 10 MINUTES!
While there is still work to do, I think it is highly unlikely that such an archaic,clumsy and inefficient banking system can survive the ensuing block chain onslaught.
Death to traditional banking!
Long Live The Block Chain!!!
Topic: Live test; BTC Transaction versus USD Wire Transfer - page 2. (Read 802 times)
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