5 ms·

This is all great if the currency between the buying and business is the same (ie, USD to USD), but still does not fix transactions between entities of differen

by xyst 5y ago

This is all great if the currency between the buying and business is the same (ie, USD to USD), but still does not fix transactions between entities of different currency types. In my opinion, this is where cryptocurrency as a payment method for B2B, B2C will shine. No more dealing with foreign transaction fees and conversion fees. Plus the added benefit of not converting your money into an unstable currency (ie, Turkish Lira)

Robotbeat 5y ago
You could also just have a bank account with money denominated in USD or Euros or something.
- everfree 5y ago
  You can have a cryptocurrency wallet with money denominated in USD or Euros, too (asset-backed stablecoins).
  - Robotbeat 5y ago
    …which is the same thing as a bank account but not FDIC insured and now you have to pay cryptocurrency transaction fees.
    - everfree 5y ago
      But you don't have to pay bank fees, and you have access to global payment and smart contract networks. It's all trade offs.
jacquesm 5y ago
Crypto currencies are great for paying people whose names and banking details you don't necessarily know. I've used them to pretty good effect to date and the fact that they have all the drawbacks of cash and are used by criminals too doesn't diminish any of that.
- bogota 5y ago
  .. wait until you find out what cash is used for.
  - marsdepinski 5y ago
    Or precious metals
  - AussieWog93 5y ago
    Banh mi?
  - timbit42 5y ago
    Spreading cocaine dust?
  - p2p_astroturf 5y ago
    I use it for buying groceries.
kalleboo 5y ago
Doesn't using cryptocurrencies just mean you have even more conversion fees? In the current reality where nobody else uses cryptocurrencies, you're going to be converting at both ends to national currencies (if anything at least to pay tax) Even in a hypothetic crypto utopia, there's no chance that we'll get one single currency to rule them all, so you're going to have to convert every time you pay for something (every market is going to have it's own currency)
TMWNN 5y ago
>This is all great if the currency between the buying and business is the same (ie, USD to USD), but still does not fix transactions between entities of different currency types. When trying to send about $2000 from the US to Canada earlier this year, I found that the cheapest and fastest method was to do it via BTC (and within Coinbase, so free).
yyyk 5y ago
> transactions between entities of different currency types. Because crypto->USD doesn't have any conversion fee. Right. >Plus the added benefit of not converting your money into an unstable currency (ie, Turkish Lira) You mean, 'unstable' like Bitcoin, right?

by xyst 5y ago

Robotbeat 5y ago

You could also just have a bank account with money denominated in USD or Euros or something.

everfree 5y ago
You can have a cryptocurrency wallet with money denominated in USD or Euros, too (asset-backed stablecoins).
- Robotbeat 5y ago
  …which is the same thing as a bank account but not FDIC insured and now you have to pay cryptocurrency transaction fees.
  - everfree 5y ago
    But you don't have to pay bank fees, and you have access to global payment and smart contract networks. It's all trade offs.

jacquesm 5y ago

Crypto currencies are great for paying people whose names and banking details you don't necessarily know. I've used them to pretty good effect to date and the fact that they have all the drawbacks of cash and are used by criminals too doesn't diminish any of that.

bogota 5y ago
.. wait until you find out what cash is used for.
- marsdepinski 5y ago
  Or precious metals
- AussieWog93 5y ago
  Banh mi?
- timbit42 5y ago
  Spreading cocaine dust?
- p2p_astroturf 5y ago
  I use it for buying groceries.

kalleboo 5y ago

Doesn't using cryptocurrencies just mean you have even more conversion fees? In the current reality where nobody else uses cryptocurrencies, you're going to be converting at both ends to national currencies (if anything at least to pay tax) Even in a hypothetic crypto utopia, there's no chance that we'll get one single currency to rule them all, so you're going to have to convert every time you pay for something (every market is going to have it's own currency)

TMWNN 5y ago

>This is all great if the currency between the buying and business is the same (ie, USD to USD), but still does not fix transactions between entities of different currency types. When trying to send about $2000 from the US to Canada earlier this year, I found that the cheapest and fastest method was to do it via BTC (and within Coinbase, so free).

yyyk 5y ago

> transactions between entities of different currency types. Because crypto->USD doesn't have any conversion fee. Right. >Plus the added benefit of not converting your money into an unstable currency (ie, Turkish Lira) You mean, 'unstable' like Bitcoin, right?