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> The reduction in fees should dwarf The losses from holding bitcoin. The propaganda is strong. How much do you think it costs to send money from say USA to El

> The reduction in fees should dwarf The losses from holding bitcoin. The propaganda is strong. How much do you think it costs to send money from say USA to El Salvador?

el-salvador 5y ago
> How much do you think it costs to send money from say USA to El Salvador? It depends on the case The cheapest way is depositing a check. Depositing a U.S. check in a Salvadoran bank is free in some banks. The disadvantage is that it is slow
once_inc 5y ago
From anecdotes I've seen on multiple places on the internet: between 5-10%
- littlestymaar 5y ago
  Western union starts at 10% for transactions below $100, but it can be as low as a $8 flat fee for a thousand bucks if you pay cash in store. Bitcoin isn't cheaper than this, because not only there's blockchain fees, but also exchange's, and I'm pretty sure many people use a local broker for managing their bitcoins (at least it's how it works in Lebanon, from what I've read).
  - timbit42 5y ago
    El Salvador is using the Lightning network where fees are much cheaper.
- prepend 5y ago
  Western Union [0] charges $8 to send $200-600 from the US. So if you’re sending the minimum amount that’s 4%, but that goes down to 1.5% if you send $600. So it’s not very expensive and in many situations the transaction fee is less than Bitcoin. [0] https://www.westernunion.com/us/en/send-money-to-latin-america.html https://www.westernunion.com/us/en/send-money-to-latin-ameri...
  - timbit42 5y ago
    Much cheaper if using the Lightning network, which El Salvador is.
    - yvdriess 5y ago
      Giving an envelope of cash to your cousin that is visiting the family is also cheaper than Western Union. We are talking about Bitcoin transaction cost, Lighting network has its own issues and tradeoffs.
    - littlestymaar 5y ago
      How is the implementation of the lightning protocol used locally by El Salvador (if any) is of any help when transferring money from the US to El Salvador ?
  - thathndude 5y ago
    This is what I’ve never understood about Bitcoin evangelists. Generally, I’m anti-crypto. But I’m very anti-BTC on the merits. It’s a bad crypto.
    - once_inc 5y ago
      You've just posted an opinion about bitcoin without backing it up with facts. I'll happily engage if you post credible, verifiable facts that backup your claims about Bitcoin.
  - eldenwrong 5y ago
    Yes, 8 USD each time. Do you actually know how often people send remittances? Sometimes every day Do you see the problem or not?
    - IfOnlyYouKnew 5y ago
      I see the problem with you just making stuff up.
    - 5y ago

> The reduction in fees should dwarf The losses from holding bitcoin. The propaganda is strong. How much do you think it costs to send money from say USA to El Salvador?

el-salvador 5y ago

> How much do you think it costs to send money from say USA to El Salvador? It depends on the case The cheapest way is depositing a check. Depositing a U.S. check in a Salvadoran bank is free in some banks. The disadvantage is that it is slow

once_inc 5y ago

From anecdotes I've seen on multiple places on the internet: between 5-10%

littlestymaar 5y ago
Western union starts at 10% for transactions below $100, but it can be as low as a $8 flat fee for a thousand bucks if you pay cash in store. Bitcoin isn't cheaper than this, because not only there's blockchain fees, but also exchange's, and I'm pretty sure many people use a local broker for managing their bitcoins (at least it's how it works in Lebanon, from what I've read).
- timbit42 5y ago
  El Salvador is using the Lightning network where fees are much cheaper.
prepend 5y ago
Western Union [0] charges $8 to send $200-600 from the US. So if you’re sending the minimum amount that’s 4%, but that goes down to 1.5% if you send $600. So it’s not very expensive and in many situations the transaction fee is less than Bitcoin. [0] https://www.westernunion.com/us/en/send-money-to-latin-america.html https://www.westernunion.com/us/en/send-money-to-latin-ameri...
- timbit42 5y ago
  Much cheaper if using the Lightning network, which El Salvador is.
  - yvdriess 5y ago
    Giving an envelope of cash to your cousin that is visiting the family is also cheaper than Western Union. We are talking about Bitcoin transaction cost, Lighting network has its own issues and tradeoffs.
  - littlestymaar 5y ago
    How is the implementation of the lightning protocol used locally by El Salvador (if any) is of any help when transferring money from the US to El Salvador ?
- thathndude 5y ago
  This is what I’ve never understood about Bitcoin evangelists. Generally, I’m anti-crypto. But I’m very anti-BTC on the merits. It’s a bad crypto.
  - once_inc 5y ago
    You've just posted an opinion about bitcoin without backing it up with facts. I'll happily engage if you post credible, verifiable facts that backup your claims about Bitcoin.
- eldenwrong 5y ago
  Yes, 8 USD each time. Do you actually know how often people send remittances? Sometimes every day Do you see the problem or not?
  - IfOnlyYouKnew 5y ago
    I see the problem with you just making stuff up.
  - 5y ago