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No if you have millions or billions basic wire transfers are instant and cheap. It is more interesting for if you have a few hundred or a few thousand dollars,
by u678u 6y ago
No if you have millions or billions basic wire transfers are instant and cheap. It is more interesting for if you have a few hundred or a few thousand dollars, where a $10-$50 fee is significant. Or you want to bypass regulations or bureaucracy eg send money to a friend in Argentina or Lebanon which have currency controls.
- whatshisface 6y agoBitcoin's use as a way of bypassing currency controls is one of the best arguments against it, because governments, already prone to suspicion towards anything that might upset their monetary policy, will have no quarter towards anything that upsets their laws.
- Alupis 6y agoThat, and folks like Elon Musk perpetrating blatant Pump 'n Dump Schemes[1]. Eventually it'll be regulated after a bunch of opportunistic "investors" get hosed - which ironically, will make the dump even worse. [1] https://www.valuethemarkets.com/2021/02/09/if-dogecoin-is-a-joke-why-is-elon-musk-pumping-this-meme-cryptocurrency/ https://www.valuethemarkets.com/2021/02/09/if-dogecoin-is-a-...
- cacarr 6y agoThe dump doesn't seem to have happened yet, though. DOGE has stabilized at about $.07, down from ~$.08.
- red_trumpet 6y agoThat's just not true. Every Bitcoin transaction is conserved in the blockchain, so a government can easily reconstruct the money flow.
- smartties 6y agoAnd the transactions made on the exchange ? and decentralized exchange ? Can they all be tracked and reconstructed ?
- faffe 6y agoBTC is not anonymous. In theory, it is possible to track all the transactions. That the main reason why others crypto like Monero or Dash had emerged
- heavyset_go 6y agoPretty sure exchanges need to follow KYC laws.
- ur-whale 6y ago> basic wire transfers are instant and cheap This is woefully incorrect. Wire transfers are neither instant nor cheap, depending on the source and destination country. If you wire from US to US, or EU to EU, they yeah, maybe. The moment you move large sums across borders, especially to /from countries that aren't in the US's "good guys" list (as dumb and childish as that sounds, this is typical language in USistan for politicians and media), things gets very tricky.
- heavyset_go 6y agoIt costs a few dollars to transfer money via Western Union, and the receiver can pick up the money almost instantly.
- anonisko 6y agohttps://twitter.com/JackMallers/status/1346867753253220356 https://twitter.com/JackMallers/status/1346867753253220356