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I see you're using the word "can" a lot to cover up the fact that it is not actually doing those things. And less regulation means more crime - the only reason
by user-the-name 5y ago
I see you're using the word "can" a lot to cover up the fact that it is not actually doing those things.
And less regulation means more crime - the only reason the ransomware epidemic exists is cryptocurrency. Remittance is also not actually cheaper with cryptocurrency if you actually count all the fees, but most likely more expensive than Western Union.
Cryptocurrency delivers none of what it promises. It only delivers crime and ecological destruction.
- andruby 5y agoI'm just careful not to make any absolute statements. I'm not a crypto advocate. I also tried not to pass judgement. I understand that less regulation leads to more crime (and I think we are seeing evidence of that). What I'm trying to say is that this solves a problem for people who want less regulation. With respect to simplicity and fees; If I want to send money to a family member in Botswana, I can do that in about a minute with something like Stellar. The transaction fees are negligible (<1 cent). Converting to fiat to actually use it, does carry some fees (roughly 2 x 0.1% on Binance). I couldn't get an exact quote from Western Union, but I remember it being a lot more expensive and a lot more hassle (granted, it's been over a decade since I last used them)
- user-the-name 5y agoDefinitely not seeing any 0.1% fees on https://www.binance.com/en/fee/fiatFee https://www.binance.com/en/fee/fiatFee.
- andruby 5y agoI was thinking about trading commission to convert XLM to EUR. Those are 0.1%. Withdrawing via SEPA was €1.0~1.5, but I see that's suspended now. If you were transferring €1000~1500, that would have been 0.1%. Withdrawing to GBP is only £0.5.
- user-the-name 5y agoAnd the fees at the other end?