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It's the transfer time and fees between non SEPA countries that's cheaper and much faster. And that includes fiat->BTC->fiat commissions and tx fees.
by tudorconstantin 8y ago
It's the transfer time and fees between non SEPA countries that's cheaper and much faster. And that includes fiat->BTC->fiat commissions and tx fees.
- netsharc 8y agoCurrency exchangers work by having pools of money in many currencies and countries, so if you want to exchange USD to GBP, they add your money to their USD pool, and take out the same amount out of their GBP pool. How fast can you do it? Probably as fast as sending an data packet to the UK. I don't see why bitcoin has to be used, well maybe if the exchange doesn't have a lot of capital and is buying BTC with the USD and selling it for GBP.
- tudorconstantin 8y agoThe issue is with transmitting money in another country. That's what takes several days (from Germany to USA for example). They buy BTC in Germany for EUR, send them to the guy in USA who then sells those for USD. It probably takes less than 5 minutes the whole operation.
- madeofpalk 8y agoRead the comment again. Exchanges like Transferwise work by not actually transferring your money internationally. Once Transferwise receives my money in their UK account, they just instantly transfer the money from their Aus account to the recipient. It doesn't take several days because my money never actually went overseas