4 ms·

Is sending Bitcoin really any cheaper than using something like Western Union? More convenient maybe.. but also more dangerous

redox99 4y ago
Yes About 1.50 USD bitcoin fee transfer[1][2], no fees for deposits or withdrawals on FTX for both BTC and USD (for > 0.01BTC, around 200 USD)[3]. And 0.07% taker, 0.02% maker fees for trades [4] [1] https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... [2] Could be avoided or greatly reduced if using other cheaper cryptos [3] https://help.ftx.com/hc/en-us/articles/360034865571-Blockchain-Deposits-and-Withdrawals https://help.ftx.com/hc/en-us/articles/360034865571-Blockcha... [4] https://help.ftx.com/hc/en-us/articles/360024479432-Fees https://help.ftx.com/hc/en-us/articles/360024479432-Fees
- jonny_eh 4y ago
  Compared to what?
  - redox99 4y ago
    I was going to calculate it on WU but their webserver banned me for some reason [1]. So there goes the centralized experience lol. [1] Access Denied You don't have permission to access "http://www.westernunion.com/us/en/send-money/app/price-estimator http://www.westernunion.com/us/en/send-money/app/price-estim..." on this server.
  - jandrese 4y ago
    Western Union. https://www.westernunion.com/us/en/send-money/app/price-estimator https://www.westernunion.com/us/en/send-money/app/price-esti... I just tried it myself and it says they will charge $60 to send $1000 to the US. Also, they add this disclaimer: 2 In addition to the transfer fee, Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
  - fdsffaef334 4y ago
  - treis 4y ago
    Xoom (Paypal) says $8 to send $200 so 4%. Percentage goes down as the transaction increases in size. At $1,000 it's $16. The bigger problem is KYC laws. Kind of hard to satisfy them as an illegal immigrant. Suspect that they're getting screwed by the additional middle man willing to break the KYC laws.

redox99 4y ago

Yes About 1.50 USD bitcoin fee transfer[1][2], no fees for deposits or withdrawals on FTX for both BTC and USD (for > 0.01BTC, around 200 USD)[3]. And 0.07% taker, 0.02% maker fees for trades [4] [1] https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... [2] Could be avoided or greatly reduced if using other cheaper cryptos [3] https://help.ftx.com/hc/en-us/articles/360034865571-Blockchain-Deposits-and-Withdrawals https://help.ftx.com/hc/en-us/articles/360034865571-Blockcha... [4] https://help.ftx.com/hc/en-us/articles/360024479432-Fees https://help.ftx.com/hc/en-us/articles/360024479432-Fees

jonny_eh 4y ago
Compared to what?
- redox99 4y ago
  I was going to calculate it on WU but their webserver banned me for some reason [1]. So there goes the centralized experience lol. [1] Access Denied You don't have permission to access "http://www.westernunion.com/us/en/send-money/app/price-estimator http://www.westernunion.com/us/en/send-money/app/price-estim..." on this server.
- jandrese 4y ago
  Western Union. https://www.westernunion.com/us/en/send-money/app/price-estimator https://www.westernunion.com/us/en/send-money/app/price-esti... I just tried it myself and it says they will charge $60 to send $1000 to the US. Also, they add this disclaimer: 2 In addition to the transfer fee, Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
- fdsffaef334 4y ago
- treis 4y ago
  Xoom (Paypal) says $8 to send $200 so 4%. Percentage goes down as the transaction increases in size. At $1,000 it's $16. The bigger problem is KYC laws. Kind of hard to satisfy them as an illegal immigrant. Suspect that they're getting screwed by the additional middle man willing to break the KYC laws.