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Personally, and by no means am I a bitcoin-enthusiast, there's a lot of value to be had by something that allows relatively frictionless international money tra
by wgerard 8y ago
Personally, and by no means am I a bitcoin-enthusiast, there's a lot of value to be had by something that allows relatively frictionless international money transfer. I realize that's not necessarily a feature of blockchains, though it is a feature of cryptocurrencies (for now, at least).
We had a friend who lives in a commonwealth country working for us as a contractor, and figuring out how to pay them was a pretty big PITA. I was really close to just paying them in bitcoin, because it was that much of a hassle.
Ultimately I was too afraid of any potential tax/legal implications to follow through on that, and we ended up just using TransferWise instead. Still, it was that much of a pain.
- throwbacktictac 8y agoTranferwise makes me cringe. I fell for the hype. I failed to do research and fell into the same tarpit that even a cursory glance would have revealed. They withdrew my funds. Promised a transfer date by the following date. Three days pass and the suddenly lock me out of my account and asked for a bunch of documents to complete the transfer.
- wgerard 8y agoI can say from the sender side, it was fairly straight-forward and great to use. Sorry to hear about it being a pain from the recipient side.
- Symbiote 8y agoFor most people making normal-person-sized transactions, TransferWise is fine, and doesn't need lots of documentation. For example, paying rent on a holiday home, or sending money to a son or daughter studying abroad. Larger sums, or transfers involving Americans, are more likely to need the additional identity checks. (Source: my usage, and feedback from people I've recommended the service to.)