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> I also would way rather make large purchases with crypto (e.g. down payment on a house) For a purchase that large, I would rather make it in person. With a c
by brandonmenc 5y ago
> I also would way rather make large purchases with crypto (e.g. down payment on a house)
For a purchase that large, I would rather make it in person. With a check. Which is way more secure than crypto or a wire transfer.
- showerst 5y agoNot trying to be facetious — who lets you make a down payment with a check? I’ve worked with title companies (though only in 2 US states) and never seen a closing that wasn’t wire based.
- worik 5y agoMe. I have
- shagie 5y agoAll the transactions for my previous house (buying and selling) were done by passing pieces of paper between persons. Bad checks have other ways of being dealt with through legal means. There's no reason to doubt the check held (and handed over) isn't good.
- breischl 5y agoWith a _personal check_? Nobody I'm aware of, having done a good 10+ transactions myself. But everybody is happy with a _cashier's check_. Admittedly you have to go physically get those, which kinda sucks. Or wire the money to the title company instead, which I personally prefer over carrying around a piece of paper worth $75k (or whatever).
- diveanon 5y agoI haven’t even seen a check in decades. It’s incredible to me that you think a piece of paper and human contact is secure.
- zepto 5y agoIt’s incredible that you think it isn’t.
- mNovak 5y agoI never understood how a personal check could be secure. You can literally have them printed for you over the internet, and deposited via image. I just can't understand where the security comes from, it feels like a liability just having them.
- zepto 5y agoThey aren’t cryptographically secure, obviously. The security comes from the capacity of the banks to hold or reverse them, and the capacity of the legal system to jail people for check fraud.
- peoplefromibiza 5y agothat's by law in Italy Both parties have to be present in person and sign the documents in front of a notary that also collect copies of the checks emitted directly by the bank at the moment and write down their id number on the deeds
- arcticbull 5y agoChecks are converted to ACH payments.
- brandonmenc 5y agoTrue, but handing over a check in person ensures you “got the payment in” at a specific time if you’re trying to beat another buyer. But I guess you can do a wire transfer in person.
- arcticbull 5y agoThere's definitely something to handing a physical artifact over, I agree.
- iskander 5y ago...or a wallet to wallet transfer of USDC...
- brandonmenc 5y agoHow much time does a transfer like that take for tens of thousands of dollars Asking because I don't know, and because I suspect it takes longer than I'd like if I'm trying to get my payment in first to secure the item (like I have had to do when buying used cars from private parties.)
- iskander 5y agoIt depends on which chain you're using but somewhere between a few seconds (on Avalanche, Solana, and many other newer chains) and an hour (on Bitcoin, which is in my experience really not useful for anything).