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I fail to understand how this use of stable coins is better than licensed currency transfer companies. You still need to exchange your local currency twice on s

by aeyes 4y ago

I fail to understand how this use of stable coins is better than licensed currency transfer companies. You still need to exchange your local currency twice on shady unlicensed crypto exchanges. Or am I missing something here? I regularly transfer thousands of Dollars to different countries, the provider I use usually gets the job done on the same day. There are also huuuge differences in crypto exchange rates depending on country. Crypto exchanges work with unfavorable FX rates when selling USDT unless you already have USD. Binance in my country is currently showing a 4% difference compared to exchange rates on XE.com. Even my bank gives me a better FX rate than that.

nlitened 4y ago
> I fail to understand how this use of stable coins is better than licensed currency transfer companies. It's not better—if you have access to licensed currency transfer companies. But 220 million people from Russia and Iran don't nowadays, and likely from many other "third world" countries where people still want to do honest work, buys stuff, pay salaries, feed their kids, etc. Hundreds of millions of people all over the world can't just walk in and open a low-fee bank account, they just instantly get rejected. Previously I thought that "think of the unbanked" was a rather silly excuse, until this year it happened to me and my business.