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Because one of the espoused values of Bitcoin is the ease of transferring it across international borders.
by zajd 10y ago
Because one of the espoused values of Bitcoin is the ease of transferring it across international borders.
- deleted 10y ago[deleted]
- kozak 10y agoWhere "it" is Bitcoin and not USD.
- dlp211 10y agoBut bitcoin needs to be transformed back into a currency at some point to use it. There is no point in a wire transfer if the person at the other end isn't going to use it. Yes, some retailers accept bitcoin, most don't.
- mywittyname 10y agoEven those that do price in their local currency.
- hx87 10y agoLooks like Bitcoin still hasn't achieved unit-of-account status yet, even among those who use it as a medium of exchange.
- isfield 10y agoI always felt the dream with BTC was to trade without the need to convert back. That BTC be a competing but decentralized currency - in its own right.
- SilasX 10y agoThen what about comparison to the cost of getting dollars into a country whose government is very hostile to them, like Venezuela?
- runeks 10y agoBut the goal is to transfer USD across international borders...
- aianus 10y agoUsually you need something other than USD on the other side of an international border. In which case, USD to BTC to XYZ is very likely to be cheaper than a wire transfer. I've been doing it myself for years. You have to use limit orders on cheap exchanges (not brokers!) and sometimes wait for the spread to close but you can usually get it within 25 basis points of spot.