Speed and cost.
I posted this earlier in another thread but will repeat it here.
When making withdrawals from my trading account the funds were sent by wire transfer [swift] which would take anything from 4 to 7 days to reach my bank account and it would cost me anything from $25 to $50 depending on amounts etc...
My broker has however started accepting bitcoin for both deposits and withdrawals. I now do all my withdrawals in bitcoin. If I do a withdrawal before around 3 in the afternoon I can receive and convert it and have it deposited to my local bank account in under 24 hours for a cost which is nothing compared to what I paid before.
So I'm now able to cut almost 6 days off this whole process just by making use of Bitcoin, that is almost a whole week less.
I usually make one withdrawal a week and my savings through using bitcoin is on average $26 per withdrawal so using bitcoin also saves me roughly $1,300 per year just in fees.
There are other areas where bitcoin has also saved me some money and time but the above it the most important one for me or at least the one that had the biggest impact on my daily life.
Topic: So Whats the Difference when you use BTC? - page 5. (Read 3389 times)
One difference is the easiness of international transfers. I can pay someone in Russia or China without much problem. Such a bank transfer would be more complicated and have expensive fees.
Futhermore, you can do microtransfers of cents or fractions of a cent. Again, if I want to send a small 2 cents to someone in China by way of a bank, the fee would be much higher than the amount sent. With bitcoin it is possible to send it without a high fee, and will arrive at destination faster.
Futhermore, you can do microtransfers of cents or fractions of a cent. Again, if I want to send a small 2 cents to someone in China by way of a bank, the fee would be much higher than the amount sent. With bitcoin it is possible to send it without a high fee, and will arrive at destination faster.
It depends where you live and what you want to do with the money.
Generally it can be used as an investment, bitcoin value tends to increase, but you may also use it to circumvent restrictions on the usual monetary system.
Generally it can be used as an investment, bitcoin value tends to increase, but you may also use it to circumvent restrictions on the usual monetary system.
One big thing I can think of is that every time you use a credit/debit card, a transaction fee goes to a big bank/payment processor. With btc, it goes to a miner.
Other than that, how does it benefit you to use btc? I mean you need fiat to get btc, and then usually need to take fiat out. So where is the net benefit besides the fees being lost by the big banks/payment companies?
Other than that, how does it benefit you to use btc? I mean you need fiat to get btc, and then usually need to take fiat out. So where is the net benefit besides the fees being lost by the big banks/payment companies?
I guess being annonymus is just another thing aswell , some people don't want to reveal their real informations and they have the right for that and there is low fees & fast transactions , other people simply see it as investement for long term and don't really care about the features as long as they make money from it .
One big thing I can think of is that every time you use a credit/debit card, a transaction fee goes to a big bank/payment processor. With btc, it goes to a miner.
Other than that, how does it benefit you to use btc? I mean you need fiat to get btc, and then usually need to take fiat out. So where is the net benefit besides the fees being lost by the big banks/payment companies?
Other than that, how does it benefit you to use btc? I mean you need fiat to get btc, and then usually need to take fiat out. So where is the net benefit besides the fees being lost by the big banks/payment companies?
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