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You'd be surprised at the complexity involved moving 1-5MM USD across borders, even those without capital controls. And there is definitely a limit on global th
by andrewjl 6y ago
You'd be surprised at the complexity involved moving 1-5MM USD across borders, even those without capital controls. And there is definitely a limit on global throughput of dollar movement, which is roughly the slowest processing rate of all the bank compliance divisions involved in the transfer. For complex cross-border transfers there may be more than 2 banks involved.
Greater amounts still would attract even more scrutiny due to AML and KYC regulations in most jurisdictions.
If you're dealing with capital controls, which many large economies now have, the complexity is exponentially higher. You're also assuming that telecommunications networks, physical infrastructure, particularly power, are in good working order when you want to do the transfer. That may be the case 99.99% of the time, but the edge case should also be a consideration.
- lmohseni 6y ago>You're also assuming that telecommunications networks, physical infrastructure, particularly power, are in good working order the same is true of bitcoin, right? I mean gold will continue to be gold in the absence of power, but will bitcoin even exist? The most damning critique of bitcoin is that it requires power to be free and infinite.
- andrewjl 6y agoNot necessarily if you are in possession of your own keys. Which admittedly most people today are not. A hardware wallet can be physically transported in the same way gold can.
- lreeves 6y agoThe TSA will seize your phone if you don't hand over passwords and passcodes in many cases, you're saying you think it'd be a good idea to cross the US border with any amount of bitcoin on a hardware wallet? That's... optimistic.
- andrewjl 6y agoYou don't need a hardware wallet if you use the mnemonic phrase feature.[1] https://en.bitcoinwiki.org/wiki/Mnemonic_phrase https://en.bitcoinwiki.org/wiki/Mnemonic_phrase