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Re: 1), I can transfer money within the Eurozone at no cost, 24/7, practically instantaneous. It's really hard for any crypto solution to beat that. For non-Eur

by pavlov 4y ago

Re: 1), I can transfer money within the Eurozone at no cost, 24/7, practically instantaneous. It's really hard for any crypto solution to beat that. For non-Euro transfers, I regularly send USD wires and they clear the same day. The fees are a fixed $25 (so 0.25% for a $10k transfer), which IMO is reasonable. Re: 2), uhh, yeah. I think that's what Celsius users believed too.

sampa 4y ago
re 1) try to make 5 transfers of 3-7k euros to other people, get your account blocked, go to bank to find somebody to tell you why they did and what they want, wait indefinitely after you provide them explanations and paperwork
Joker_vD 4y ago
The 1) part is true for most of the developed countries (except the US, apparently), and even for many underdeveloped countries: IIRC in some African countries people transfer funds between cell phone accounts.
rvz 4y ago
> It's really hard for any crypto solution to beat that. Not really. One can do that with either XRP, Stellar, or Algorand blockchains with has virtually little to no fees, much faster and far cheaper than a wire transfer, all worldwide. Perhaps is that why Moneygram realised that Stellar was a great use-case for their service? [0] [0] https://stellar.org/moneygram https://stellar.org/moneygram
bnchrch 4y ago
Unfortunately 1) Isn’t ubiquitous. In Canada it costs me $2.50 locally, arrives in hours, clears in days. It also only works for Canadian recipients. And wires (which I also send regularly) cost $75 and require me to be there in person. Not to mention the amount of information I have to extract from the recipient. So when I use crypto I have a product that when compared to the current methods is faster, easier, cheaper with no transaction size or geography restrictions. 2) a centralized company taking deposits is not the same as a smart contract.

by pavlov 4y ago

sampa 4y ago

re 1) try to make 5 transfers of 3-7k euros to other people, get your account blocked, go to bank to find somebody to tell you why they did and what they want, wait indefinitely after you provide them explanations and paperwork

Joker_vD 4y ago

The 1) part is true for most of the developed countries (except the US, apparently), and even for many underdeveloped countries: IIRC in some African countries people transfer funds between cell phone accounts.

rvz 4y ago

> It's really hard for any crypto solution to beat that. Not really. One can do that with either XRP, Stellar, or Algorand blockchains with has virtually little to no fees, much faster and far cheaper than a wire transfer, all worldwide. Perhaps is that why Moneygram realised that Stellar was a great use-case for their service? [0] [0] https://stellar.org/moneygram https://stellar.org/moneygram

bnchrch 4y ago

Unfortunately 1) Isn’t ubiquitous. In Canada it costs me $2.50 locally, arrives in hours, clears in days. It also only works for Canadian recipients. And wires (which I also send regularly) cost $75 and require me to be there in person. Not to mention the amount of information I have to extract from the recipient. So when I use crypto I have a product that when compared to the current methods is faster, easier, cheaper with no transaction size or geography restrictions. 2) a centralized company taking deposits is not the same as a smart contract.