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I am going to go out on a limb here and say you have not moved any significant amount of money around, especially internationally. Trying moving $250,000, betwe
by electic 4y ago
I am going to go out on a limb here and say you have not moved any significant amount of money around, especially internationally. Trying moving $250,000, between the paperwork, back and forth, fees, it is a nightmare.
- aketchum 4y agoIf you want to legally move the money you still need to do paperwork and pay fees, as well as the additional slippage from introducing a third currency.
- electic 4y agoYou really do not with Bitcoin. If there are local regulations with declaration, sure. But the fees are dramatically lower to move the funds than using banks.
- timmg 4y agoI did it last year. Was not that hard.
- wiremonger 4y agoWe regularly wire our overseas suppliers > $100k. Costs $40 per transaction. Zero paperwork. Takes several hours for them to receive.
- kevinak 4y agoWith Bitcoin: Costs $0.4 per transaction. Zero paperwork. Takes several minutes.
- polygamous_bat 4y agoAnd you lose the right to effect any chargebacks if any errors happen anywhere in the process, including mistyping the receiver address. I would happily pay 0.04% for such a powerful insurance.
- kevinak 4y agoAre you sure you can charge back that bank transfer? In theory sure, but in practice?
- deleted 4y ago[deleted]
- wiremonger 4y agoFor our purposes (and most businesses), those are marginal improvements. And there's absolutely no way the very significant risks involved with handling cryptocurrency are worth it to us.