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In controversial-but-legal industries (think adult entertainment, gambling, cannabis), it can be difficult to get traditional banking and payment processing ser
by wheresmycraisin 6y ago
In controversial-but-legal industries (think adult entertainment, gambling, cannabis), it can be difficult to get traditional banking and payment processing services that are taken for granted by more normal businesses. I've seen crypto used in this context for B2B transactions (paying for IT services).
Also, it's a decent option for international transfers. International wires are more expensive (even when compared to current BTC tx fees) and slow (2+ business days). And if either the sender or the recipients doesn't have a bank account are reduces to Western Union or similar, which is simple robbery. I don't know what SEPA Instant Transfer Credits are, but I suspect you need a bank account.
The original use case related to international transfers was remittances... ie, immigrants sending money home. In reality I suspects it's used much more often for getting money out of certain countries like China that have set limits on outgoing transfers.
- Maken 6y agoSEPA is a vommon framework for payments inside the EU (and associates) that means instant payments, retrievals and transfers in Euros. And yes, you need a bank account in one of the member countries, but by same logic you need a wallet to receive btc.
- anonymoushn 6y agoThe requirements for setting up a bitcoin wallet are met by a lot more people than the requirements for setting up an EU bank account.