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I sold a website a while back and had a chance to be paid in either BTC or a wire transfer. I opted for a 50-50 split. The wire transfer involved going to the b
by puranjay 5y ago
I sold a website a while back and had a chance to be paid in either BTC or a wire transfer. I opted for a 50-50 split. The wire transfer involved going to the bank and filling out a form to fulfil some regulatory requirements. The transfer itself took 3 business days.
The BTC payment was credited to my account in 10 minutes.
- nly 5y agoYou've just deferred going to the bank and filling in that form to a later date. ...but now you're exposed to massive volatility, regulatory uncertainty, probably capital gains tax on the upside, the risk of having to work through yet another third-party (an exchange), and your tax affairs are likely more complicated
- puranjay 5y agoAll true. But it also shows how complicated and slow the traditional method can be, especially for international wire transfers. BTC might not be the final solution, but that doesn’t mean the problem doesn’t exist.