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I have used Bitcoin sporadically in that very niche. I'm probably an exception, and I'm in the nerd crowd already, obviously. Some of my friends and family ha

by retrac 4y ago

I have used Bitcoin sporadically in that very niche. I'm probably an exception, and I'm in the nerd crowd already, obviously. Some of my friends and family have indeed played around a bit with cryptocurrency, enough to be comfortable receiving some Bitcoin. Bitcoin is the easiest way to send money to some of them, practically speaking. I'm in Canada. They're in the United States. They don't have PayPal. Bitcoin is actually one of the few options available. Sending just $40 of funds internationally, when either or both parties don't have a US dollar account, or even a bank account, and definitely no PayPal account, is potentially quite difficult. Money transfer? Except Western Union is also difficult to work with sometimes. Last time I called for identity verification, they seemed not to comprehend I was not in the United States, and I couldn't get it sent. Fees are brutal, too, at easily 20% for a small amount. So, potentially difficult enough, that even the headache of cryptocurrency starts to look attractive.

rchaud 4y ago
Out of interest, why is PayPal not an option for a US-based person, but BTC is?
- retrac 4y ago
  In the most recent case, he could turn BTC into cash at a machine at his local convenience store. Surprisingly convenient, really. He doesn't have a bank account as he's on the blacklist. Not sure why. But in the United States, if you write too many bad cheques, commit cheque fraud, or just default on your overdraft, basically anything where the bank closes your account with cause, you may find getting a bank account again, from any other bank, very difficult. (They have a reporting service they almost all report to and verify with.) About 10 million Americans are blacklisted like this, from what I understand. And then you have people who lack ID, or who can't get an account for another reason. The unbanked add up to a fairly significant market - something like 5 - 8% of American adults.

by retrac 4y ago

rchaud 4y ago

Out of interest, why is PayPal not an option for a US-based person, but BTC is?

retrac 4y ago
In the most recent case, he could turn BTC into cash at a machine at his local convenience store. Surprisingly convenient, really. He doesn't have a bank account as he's on the blacklist. Not sure why. But in the United States, if you write too many bad cheques, commit cheque fraud, or just default on your overdraft, basically anything where the bank closes your account with cause, you may find getting a bank account again, from any other bank, very difficult. (They have a reporting service they almost all report to and verify with.) About 10 million Americans are blacklisted like this, from what I understand. And then you have people who lack ID, or who can't get an account for another reason. The unbanked add up to a fairly significant market - something like 5 - 8% of American adults.