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As someone who sends wires frequently for work... way to complicated and unnecessarily so as compared to moving cryptocurrency. I would MUCH rather enter an add
by howmayiannoyyou 6y ago
As someone who sends wires frequently for work... way to complicated and unnecessarily so as compared to moving cryptocurrency. I would MUCH rather enter an address and memo field (Eg. XLM-Stellar) to move USD -> EUR then go through the IBAN/SWIFT, etc. headache; let alone the fees.
- Robotbeat 6y agoI’m skeptical of Bitcoin as-is for any purpose (except Venezuelan digital gold) and cryptocurrencies generally as a “store of value”, but I can see the value cryptocurrencies could provide by offering some method of getting around the unnecessarily bad transaction systems we have in place today at least in the US.
- cft 6y agoThe Venezuelan digital gold may come here sooner than many think.
- lxgr 6y agoYou don‘t need cryptocurrencies for that. Many people in this thread have already mentioned SEPA – bulk retail payments have been a solved problem in Europe for years, and instant settlement is currently being rolled out.
- hshshs2 6y agobitcoin is way better than us banks until you want to get you money out of bitcoin, then it’s worse
- kuschku 6y agoIsn't a SEPA transfer exactly that? Enter an address, confirm via 2FA, and it arrives at the destination in 2 minutes?
- lxgr 6y agoPretty much, but the time frame is either seconds (if both banks support SEPA Instant) or the next business day.
- vmception 6y agoAs someone that listened to people harp about SEPA for a decade. I am not impressed by it. The actual user experience of SEPA is 2-5 business days just like America's oh so antiquated ACH system. There are some very specific edge cases where SEPA instant exist, and that edge case may work for a large number of people that live in that walled garden. That garden seems to be same country to same country transfers, where both banks have SEPA instant. But to make it seem like the Eurozone or SEPA participant network has this solved has been very disengenious.
- CaptainZapp 6y agoMaybe have a word with your bank then? I frequently sent money to foreign countries and never experienced taking it longer than one day. Oh, and it's free too.
- subsaharancoder 6y agoMake one mistake with that address and your crypto is gone!! at least with IBAN/SWIFT the funds can be returned to the original account.
- pitaj 6y agoOne mistake like putting in the entirely incorrect address? It's impossible to initiate a transfer with an invalid address, as they have checksums.
- UShouldBWorking 6y agoThe fear and hate for Bitcoin is getting weird. So they are saying you might accedently paste in another address that belongs to someone else but you don't know who? I'm pretty sure the people worried about Bitcoin have never used Bitcoin
- viraptor 6y agoOne mistake may mean copy-pasting wrong address. Or putting an extra "0" at the end of amount. This happens. Both are (most of the time) reversible in standard banking.
- aynyc 6y agoHeh, unless you accidentally sent to hedge funds, /s.
- xur17 6y agoMy understanding was that wire transfers weren't very reversible.
- viraptor 6y agoThey often are and it depends how quickly you react. This is a good description https://laws101.com/can-you-reverse-a-wire-transfer/ https://laws101.com/can-you-reverse-a-wire-transfer/