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You have obviously never tried to move money on the public blockchain. Bitcoin is actually slower and more expensive than it used to be. Need to send a wire? L
by shapefrog 5y ago
You have obviously never tried to move money on the public blockchain. Bitcoin is actually slower and more expensive than it used to be.
Need to send a wire? Locally (within the same currency) I can send 24/7 with an average time to hit the other persons bank account of around 5 seconds - cost is $0. No blockchain involved just old fashioned brick and mortar banks.
Perhaps you need to change banks.
- Tenoke 5y agoI live in Germany, and even local transfers (between different banks) are not guaranteed to come fast - sometimes it's quick, sometimes it's next working day. So what's true for you is not true everywhere even in the Western world.
- tribaal 5y agoYes, certainly some countries need to modernize their banking infrastructure. But you can do that without a blockchain for a tiny fraction of the energy cost, transaction time, and transaction fee (if there's a fee at all). Example: twint.ch Instant transfer, no fees, ubiquous (you can pay you train ticket/parking/groceries etc... with it as well as transfer money to anyone). No blockchain.
- kensai 5y agoThere are in Instant Money transfers in Germany if the banks in transaction support it.
- anthony_barker 5y agoLike he said it seems to depend. Last week sending Revolut to N26 was instant. N26 to Revolut took 3 days (weekend). There is no sepa rule that requires inst sepa if it is available.
- asah 5y agoCrazy limits though. Here in the US, the limit is so tight one friend with a swanky apt can't even pay rent without wire xfer.