12 ms·
Ethereum’s famously expensive and slow though.
by nailer 4y ago
Ethereum’s famously expensive and slow though.
- christophilus 4y agoAnd yet it was faster / cheaper / easier for the OP vs the traditional banking mechanisms. That says more about the US and Canadian banks than anything else.
- sebastiansm 4y agoHow did it happen? A country that generates so much innovation and lacks quality in his basics systems.
- nailer 4y ago> I live in Canada and recently invested a small amount in a startup via AngelList RUV. There were two funding options: (1) wire transfer, (2) transfer USDC via Ethereum network. One of these options is cheaper, faster, and more flexible than the other. Oh I didn't know that's what the answer was. Having used both (and living in Europe), I'd thought the 'cheaper, faster' option OP mentioned was a modern wire transfer service.
- dcolkitt 4y agoJust raised a funding round, and about half the investors used USDC and half used wire transfers. On "famously expensive and slow" Ethereum, the USDC transfers took 15 seconds and cost under $2. Oh and even better, I was able to just use a simple human readable [X].eth address, instead of an incomprehensible string of routing number digits.
- nailer 4y agoGas is pretty cheap right now as there's little network activity due to crypto winter - people are holding their crypto. And yes 15 seconds is slow. Indeed, a human readable address is nice if you trust whoever gave it to you (ENS is naming not identity, someone else can register dcolkitt.eth or dcolkit.eth or dcollkit.eth if they like). There's some good bits and some bad bits. Not advocating for or against crypto.
- ChadNauseam 4y agoIf you think 15 seconds for Ethereum is slow, you'll hate wire transfers