Topic: Usability of Bitcoin and other cryptocurrencies. - page 2. (Read 743 times)

I believe it can be done via digital bank which works also with cryptocurrencies and does not need to connect to exchange in order to translate BTC to USD or EUR for its client. The bank will do it by itself having assets in BTC as well as in other crypto assets. The procedure will take a couple of minutes.

Is this kind of linked by country of by banks? I mean does it work only if the bank is in that country or any banks as long as it is international?. I could live with some transaction cost as long as its can be fast as 15 minutes or even 30 minutes even. How about western union? Cause i think that could also be considered a bank even though its mostly for Overseas deliveries?

Yes, but it takes some time, if I am correct, it takes around 4 business days for US and 2 days for EU. Imagine you would be able to do it instantly and without any transaction costs

You can do that with Coinbase - your coinbase wallet is linked to your bank account, so you can move money back and forth quite easily. I believe they've enabled ethereum as well as bitcoin. Whether they add other cryptocurrencies depends very much on the demand for them.

Well, it seems like an interesting idea, but how would you calculate interest rates for BTC or ETH? I believe in traditional monetary economies interest rates depend on money supply and exchange rates between different currencies, but what about crypto...? The same question regarding loans - what kind of interest rates would you charge for a loan in BTC?

But what about traditional banking services for cryptocurrencies? Let's say you will have opportunity to get loans in BTC or ETH, or you will be able to deposit them earning an interest? Or, for example, if you have an application where you have access to both your wallets in BTC and ETH and additionally you have an access to your bank account and you can translate funds back and forth without any problems?

Bitcoin does use third parties to transfer coins whether it is an online wallet or an offline wallet. When you use something like blockchain.info or an electrum wallet, you are trusting that website to not run off with your money or that software to not be malicious.

Also, you are the first in the forum that I have seen that says the transaction fees aren't very high. I've heard of stories where the transaction fee goes way beyond $4 for sure.

no there is nothing complicated about using bitcoin. it may be complicated for many of the altcoins since they don't have decent wallets, no services such as Coinbase for example, ...
but for bitcoin it is all easy and they want it is user friendly too. if you get to technical (which is not at all required for end users) then it becomes complicated.

no, the transaction fees of bitcoin are low. you can transfer $10,000,000 in the safest way possible in an instant and only pay $4 (worse case scenario) or pay $0.05 in most cases.

for ethereum yes, because it is not a currency. it is a token that you have invested in and you will have to sell it to get fiat in order to do anything with it.
but with bitcoin it is a currency, you can use it as such if the other party accepts it. so there is no need for any complications here either. you just point, click and pay.

something like that will have additional costs (fees) not less fees.
it is not possible to trust a third party like that.
and also we are using bitcoin because we want the option of not needing any third parties which means such businesses won't be so popular.

well, services like Coinbase do exist and people use them. but they are only newcomers or those who want to purchase or trade bitcoin and a couple of altcoins that they offer. not someone who wants to use bitcoin.

Dear Community,

I would like to address and discuss a couple of questions to you.
Do you agree that usability of Bitcoin and other cryptocurrencies in real monetary world is quite complicated and is associated with high transaction costs? I mean if you have Bitcoins or Ethereum in order to cash out with fiat currencies you have to go through complicated procedures and in some countries it is not allowed in general (if you receive money to your IBAN from some kind of unregulated Bitcoin exchange, the money will be frozen).

I believe that community lacks some kind of important infrastructure element (like a bank) which would provide full set of traditional products and services to cryptocurrency holders - the institution that would serve the needs of the community and would reduce complexities and transaction costs. What do you think about this? If such element would exist, what else functions do you think it should do and how else it could help the cryptocurrency community?

Our team is working on interesting project and your ideas would be highly appreciated and might be taken into account.

Thank you for your ideas and willingness to share your opinion.