4 ms·

it's a little disingenuous not to put remittance on this list as it's one of the few legitimate and not morally dubious ones. I have gotten screwed on exchange

it's a little disingenuous not to put remittance on this list as it's one of the few legitimate and not morally dubious ones. I have gotten screwed on exchange fees and wire fees remitting and using crypto is much easier.

wmf 4y ago
You're in a very small minority. https://www.saveonsend.com/bitcoin-blockchain-money-transfer/ https://www.saveonsend.com/bitcoin-blockchain-money-transfer...
- amanj41 4y ago
  don't have time to read the article so I'll take your word for it, but I will note that upon skimming it seems to really look at bitcoin a lot. Bitcoin might be one of the worst cryptocurrencies to remit. I will concede international transfers is not a very large use case, and definitely doesn't justify the market capitalization of the blockchain base currencies FWIW
rahimnathwani 4y ago
Most people receiving remittances need fiat money. For amounts under ~$500, cryptocurrency off-ramps are often less convenient and more expensive than an international cash-to-cash remittance with Western Union or Moneygram.
- amanj41 4y ago
  I have no problem with properly regulated stablecoins (and hoping they come about soon). Blockchains are only necessary for one thing and that is cryptocurrency. Doesn't matter if that currency happens to be a digital representation of EUR or USD or whatever. If you think they're more expensive to use than centralized providers, you're probably using ethereum or bitcoin. I can send USDC on Algorand in any quantity for less than a cent
  - rahimnathwani 4y ago
    When I said 'fiat money', I meant stuff that you can use to buy things in a store. I live in a city that has a large blockchain community, but I'm not aware of any physical retailers that accept payment in USDC. I imagine folks receiving remittances in Manila, Mexico City, Nairobi, Delhi etc. would have difficulty using stablecoins (whether backed or algorithmic) to buy food and other necessities.
snapcaster 4y ago
I didn't mention remittance because from people I personally know who send money back home they are getting much lower fees using traditional finance rails

wmf 4y ago

You're in a very small minority. https://www.saveonsend.com/bitcoin-blockchain-money-transfer/ https://www.saveonsend.com/bitcoin-blockchain-money-transfer...

amanj41 4y ago
don't have time to read the article so I'll take your word for it, but I will note that upon skimming it seems to really look at bitcoin a lot. Bitcoin might be one of the worst cryptocurrencies to remit. I will concede international transfers is not a very large use case, and definitely doesn't justify the market capitalization of the blockchain base currencies FWIW

rahimnathwani 4y ago

Most people receiving remittances need fiat money. For amounts under ~$500, cryptocurrency off-ramps are often less convenient and more expensive than an international cash-to-cash remittance with Western Union or Moneygram.

amanj41 4y ago
I have no problem with properly regulated stablecoins (and hoping they come about soon). Blockchains are only necessary for one thing and that is cryptocurrency. Doesn't matter if that currency happens to be a digital representation of EUR or USD or whatever. If you think they're more expensive to use than centralized providers, you're probably using ethereum or bitcoin. I can send USDC on Algorand in any quantity for less than a cent
- rahimnathwani 4y ago
  When I said 'fiat money', I meant stuff that you can use to buy things in a store. I live in a city that has a large blockchain community, but I'm not aware of any physical retailers that accept payment in USDC. I imagine folks receiving remittances in Manila, Mexico City, Nairobi, Delhi etc. would have difficulty using stablecoins (whether backed or algorithmic) to buy food and other necessities.

snapcaster 4y ago

I didn't mention remittance because from people I personally know who send money back home they are getting much lower fees using traditional finance rails