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> So, if you want to transact in large amounts (tens of thousands to millions of dollars) across borders, it's hard to beat Bitcoin. No, it's actually very eas
by hocuspocus 6y ago
> So, if you want to transact in large amounts (tens of thousands to millions of dollars) across borders, it's hard to beat Bitcoin.
No, it's actually very easy. Moving 100k across borders with a SWIFT transfer would cost me $20-30 (and I'm a nobody, someone doing that a lot would switch to a business account and pay maybe half of that). And if you time it well (i.e. during office hours for the emitting, intermediary and receiving banks) it shouldn't take more than a couple hours.
And that's using USD. Switch to Euro as your medium and now it's costing you literally nothing or a few cents.
- doyoureallytnot 6y ago> it shouldn't take more than a couple hours That's simply not true. It takes days for most banks to "settle their books", before which any money they've transferred hasn't really gone anywhere. For day-to-day expenses for us common folk that's not really a concern but for big sums of money the recipient will want a little more certainty of the transaction having completed. This can take weeks with some banks too. (Source: I work for a major bank)
- chrisco255 6y agoThis is another good point. Even for day-to-day transactions, VISA is not instant. The only thing that's instant is the authorization that you can spend X amount of money. But the actual transfer of funds from customer account to merchant account takes days. Whereas, again, with Bitcoin or crypto, it's minutes to settle.
- hocuspocus 6y agoWell your employer sucks then. It certainly doesn't take my banks days to receive a Swift transfer.
- chrisco255 6y agoOk, you try sending $50K or $500K to Argentina or Russia or China and let me know how quick your transaction goes through.