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Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the

Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.

88840-8855 5y ago
I disagree. my grandma, my mum, my gf and most of my friends understand the concepts and processes of personal banking. crypto is complex and unforgiving and not very userfriendly for that reason. i doubt that they would ever be able to use it in a safe way. Finally, normal people want service. I got scammed online while purchasing a leather good. My bank helped me to charge my money back. Paypal does that, too, here. Alone this feature makes cryptos a nightmare for regular users.
- trixie_ 5y ago
  No reason your family still can’t use banks. If the banks use stable coins to send and clear transfers then win win. In terms of getting money back from scams even today it’s best practice to use a credit card for that.
chrisrogers 5y ago
ACH replaced real clearing houses. Some banks have implemented rapid low-fee transactions, but not all. It's not unreasonable to assume that banks will widely implement an ACH replacement that makes this advantage of cryptocurrency exchange irrelevant.
- trixie_ 5y ago
  What about sending money between services that aren’t even banks? Crypto removes the need to have money transfers go through any intermediaries. Which saves time and hassle.
speedgoose 5y ago
What do you mean? For international transfers, I just write the account number and it's done for a small fee. It's also reversible. For national payments I can use the account number, the phone number, or simply the name of the person using an app (vipps). Everyone has it,also elderly people, and it's actually instant and verified transactions for real.
- trixie_ 5y ago
  That’s great for you. Where I am I’m waiting for days for money to get into my account and days for money to leave my account. I’m also limited to how much I can send at once. What I’m saying is that crypto has this problem solved right now for the entire world.
  - speedgoose 5y ago
    Perhaps the entire world, but far from the entire population.
graeme 5y ago
Are you american? You have a pretty garbage bank transfer system. Europe’s transfer usability matches or beat’s cryptos for transfers within the system. I’m Canadian. I just tried transferring my free Coinbase crypto to another wallet to withdraw and the process was slower than had I done a transfer between my two bank accounts. And much more fraught!
- ur-whale 5y ago
  > I just tried transferring my free Coinbase That's not a wallet to wallet crypto transfer. That's a Coinbase transfer. Coinbase is awful as are the majority of other onramps.
  - graeme 5y ago
    Ok walk me through these wallet to wallet transfers and how they’re easier than bank transfers outside of the US. Like in Canada or Europe. In 10 seconds I can my friend’s account and they can use that money to pay online with debit, instantly. Or, spend an extra $100 on their credit card, instantly, knowing their checking account has the room to pay it on bill date. Tell me how a wallet transfer beats that.
    - trixie_ 5y ago
      Venmo, PayPal, etc.. but these are closed ecosystems. It is difficult to transfer money between services or even to/from yourself without a bank intermediary. Especially for larger amounts of money things take a lot longer.
- trixie_ 5y ago
  Crypto is a system that works national/international doesn’t matter. Transfer money in minutes. No banks have to be involved, not because banks are bad it’s just an unnecessary step.
boublepop 5y ago
What do you mean? I regularly transfer money to people from my phone using my net bank, and more often still just using mobile payments. The money is instantly in their accounts and it takes a couple of seconds to type out details. Compare that to crypto, where buying a cup of coffee takes 3 days, and even failed the last time I tried, where I ended up having to borrow credit from a local. The Cafe only “took crypto” but since transferring such a pain, they actually had a piece of paper with credit/debt notes that people would settle once a month. How is that shit-fest in any way preferable?
- trixie_ 5y ago
  I’m talking about transferring tens of thousands of dollars. Takes days with a bank, minutes with crypto. Also between services I need to transfer through the bank, I can’t go directly from service to service.
onion2k 5y ago
Those "pain in the ass" parts are there for reasons like consumer protection and anti-money laundering. If you don't like them that's OK, but suggesting no one should have them seems a little presumptuous.
- trixie_ 5y ago
  No it’s a pain in the ass because the technology is antiquated.
  - Jensson 5y ago
    No, it is exactly as that guy said. Those transactions are illegal, you can't transfer money across borders without notifying authorities in most countries, and I am pretty sure you aren't notifying them when you do. If bitcoin ever becomes popular as a currency rather than just investment scheme then governments will come down hard on this and all transactions will get banned or made as inconvenient as bank transfers.
    - trixie_ 5y ago
      Have you been asleep because people are absolutely using crypto to move money internationally and legitimately. Governments, exchanges and banks have been working together to update the rules so that reporting is done correctly, that’s why we have things like KYC. Unless there’s a law that says ‘money must be transferred through banks’, please let me know
      - Jensson 5y ago
        So do you tell your exchange the identity of everyone you send bitcoins to and receive bitcoins from? If not you are committing a crime and can face huge fines and jail time, since your exchange don't know who the user is of every bitcoin wallet. And if you do tell them that then I don't see the point of bitcoins, as then it becomes even more centralized and controlled than bank transactions, and you can still face fines and jail time if they think you gave them the wrong information about the person you sent stuff to.
Ekaros 5y ago
As European I feel SEPA is better and more secure than crypto. I still have to ask for account number, but after that I just log in to my bank insert number, name, date, amount and message. Press accept, then accept any outstanding payments. With crypto I need to keep care of my keys and the address of receiver might change lot more. Where as bank account number is static for years...
- trixie_ 5y ago
  First with crypto you don’t need to go through a bank at all. You can hold and send your own money wherever. Crypto is also 100% international. If we wanted to send each other money right now, crypto would be the best way to do it.
hiyer 5y ago
I assume you live in the US, which may be quite primitive in this department. In India, and also many parts of Africa, all you need to transfer money from one account to another is to know their phone number. And the transfer is instantaneous.
- trixie_ 5y ago
  Yes America has many services like that. I’m talking about moving large amounts of money between accounts held at various businesses.

Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.

88840-8855 5y ago

I disagree. my grandma, my mum, my gf and most of my friends understand the concepts and processes of personal banking. crypto is complex and unforgiving and not very userfriendly for that reason. i doubt that they would ever be able to use it in a safe way. Finally, normal people want service. I got scammed online while purchasing a leather good. My bank helped me to charge my money back. Paypal does that, too, here. Alone this feature makes cryptos a nightmare for regular users.

trixie_ 5y ago
No reason your family still can’t use banks. If the banks use stable coins to send and clear transfers then win win. In terms of getting money back from scams even today it’s best practice to use a credit card for that.

chrisrogers 5y ago

ACH replaced real clearing houses. Some banks have implemented rapid low-fee transactions, but not all. It's not unreasonable to assume that banks will widely implement an ACH replacement that makes this advantage of cryptocurrency exchange irrelevant.

trixie_ 5y ago
What about sending money between services that aren’t even banks? Crypto removes the need to have money transfers go through any intermediaries. Which saves time and hassle.

speedgoose 5y ago

What do you mean? For international transfers, I just write the account number and it's done for a small fee. It's also reversible. For national payments I can use the account number, the phone number, or simply the name of the person using an app (vipps). Everyone has it,also elderly people, and it's actually instant and verified transactions for real.

trixie_ 5y ago
That’s great for you. Where I am I’m waiting for days for money to get into my account and days for money to leave my account. I’m also limited to how much I can send at once. What I’m saying is that crypto has this problem solved right now for the entire world.
- speedgoose 5y ago
  Perhaps the entire world, but far from the entire population.

graeme 5y ago

Are you american? You have a pretty garbage bank transfer system. Europe’s transfer usability matches or beat’s cryptos for transfers within the system. I’m Canadian. I just tried transferring my free Coinbase crypto to another wallet to withdraw and the process was slower than had I done a transfer between my two bank accounts. And much more fraught!

ur-whale 5y ago
> I just tried transferring my free Coinbase That's not a wallet to wallet crypto transfer. That's a Coinbase transfer. Coinbase is awful as are the majority of other onramps.
- graeme 5y ago
  Ok walk me through these wallet to wallet transfers and how they’re easier than bank transfers outside of the US. Like in Canada or Europe. In 10 seconds I can my friend’s account and they can use that money to pay online with debit, instantly. Or, spend an extra $100 on their credit card, instantly, knowing their checking account has the room to pay it on bill date. Tell me how a wallet transfer beats that.
  - trixie_ 5y ago
    Venmo, PayPal, etc.. but these are closed ecosystems. It is difficult to transfer money between services or even to/from yourself without a bank intermediary. Especially for larger amounts of money things take a lot longer.
trixie_ 5y ago
Crypto is a system that works national/international doesn’t matter. Transfer money in minutes. No banks have to be involved, not because banks are bad it’s just an unnecessary step.

boublepop 5y ago

What do you mean? I regularly transfer money to people from my phone using my net bank, and more often still just using mobile payments. The money is instantly in their accounts and it takes a couple of seconds to type out details. Compare that to crypto, where buying a cup of coffee takes 3 days, and even failed the last time I tried, where I ended up having to borrow credit from a local. The Cafe only “took crypto” but since transferring such a pain, they actually had a piece of paper with credit/debt notes that people would settle once a month. How is that shit-fest in any way preferable?

trixie_ 5y ago
I’m talking about transferring tens of thousands of dollars. Takes days with a bank, minutes with crypto. Also between services I need to transfer through the bank, I can’t go directly from service to service.

onion2k 5y ago

Those "pain in the ass" parts are there for reasons like consumer protection and anti-money laundering. If you don't like them that's OK, but suggesting no one should have them seems a little presumptuous.

trixie_ 5y ago
No it’s a pain in the ass because the technology is antiquated.
- Jensson 5y ago
  No, it is exactly as that guy said. Those transactions are illegal, you can't transfer money across borders without notifying authorities in most countries, and I am pretty sure you aren't notifying them when you do. If bitcoin ever becomes popular as a currency rather than just investment scheme then governments will come down hard on this and all transactions will get banned or made as inconvenient as bank transfers.
  - trixie_ 5y ago
    Have you been asleep because people are absolutely using crypto to move money internationally and legitimately. Governments, exchanges and banks have been working together to update the rules so that reporting is done correctly, that’s why we have things like KYC. Unless there’s a law that says ‘money must be transferred through banks’, please let me know
    - Jensson 5y ago
      So do you tell your exchange the identity of everyone you send bitcoins to and receive bitcoins from? If not you are committing a crime and can face huge fines and jail time, since your exchange don't know who the user is of every bitcoin wallet. And if you do tell them that then I don't see the point of bitcoins, as then it becomes even more centralized and controlled than bank transactions, and you can still face fines and jail time if they think you gave them the wrong information about the person you sent stuff to.

Ekaros 5y ago

As European I feel SEPA is better and more secure than crypto. I still have to ask for account number, but after that I just log in to my bank insert number, name, date, amount and message. Press accept, then accept any outstanding payments. With crypto I need to keep care of my keys and the address of receiver might change lot more. Where as bank account number is static for years...

trixie_ 5y ago
First with crypto you don’t need to go through a bank at all. You can hold and send your own money wherever. Crypto is also 100% international. If we wanted to send each other money right now, crypto would be the best way to do it.

hiyer 5y ago

I assume you live in the US, which may be quite primitive in this department. In India, and also many parts of Africa, all you need to transfer money from one account to another is to know their phone number. And the transfer is instantaneous.

trixie_ 5y ago
Yes America has many services like that. I’m talking about moving large amounts of money between accounts held at various businesses.