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$5-$20 for any amount is comparable or much less than almost any international transaction fee. If you're other option is transferring money out of the authorit
by idontwantthis 5y ago
$5-$20 for any amount is comparable or much less than almost any international transaction fee. If you're other option is transferring money out of the authoritarian country into your destination then this could be very attractive.
- lalaland1125 5y agoKeep in mind that this purely the onchain transaction fee. You are also going to paying exchange fees each way and those fees are likely to be quite large in authoritarian countries (as any illegal activity is generally more expensive).
- sildur 5y agoAlso, in countries with fake exchange values (like Argentina or Venezuela) you get 1/3 of the currency for your dollars, while with bitcoin you get the full value.
- Closi 5y agoI mean my bank (Monzo) charges $0.40 for a small international transfer, and $3.20 for one that is $1000, so depending on the transaction size in most scenarios for me personally bitcoins fees would be WAY higher and will presumably only grow more if Bitcoin gains further adoption. The problem is that the Bitcoin fee is also payable on all domestic transfers too, which of course are free in traditional banking.
- ipaddr 5y agoIf your account is frozen for whatever political reason your bank can't help you. Bitcoin fees can be 15 cents. I think it is a dollar now. Plus the 10,000 or 100,000 limit you would have could prevent you.
- Closi 5y agoYeah but the question was about transaction fees so why are we now talking about freezing accounts?