3 ms·

Buying drugs on the internet? Need to rapidly transfer money to a country like Ukraine? (exchange desks in Kiev are still working, processing millions a day)

prepend 4y ago
This seems reasonable to me, but does Ukraine not have banks that accept wire transfers? Can’t I just log into my US bank and do an international transfer to a recipient in Ukraine?
- wnzl 4y ago
  Speaking as person who lives in country next to UA. Yes you can - without problem. You can even deliver package without any single issue other than a bit higher cost. I do not understand how bitcoin would be better over bank controlled transaction.
  - lfodofod 4y ago
    > I do not understand how bitcoin would be better over bank controlled transaction. Because you get cash in Kiev within the hour, instead of in a couple of days.
    - prepend 4y ago
      An international wire transfer has been instantaneous when I’ve used them in the past. I’ve never sent to Ukraine, but have to UK, Nepal, Uganda, Tanzania, Kenya, Romania, Switzerland, Korea, and Australia. I haven’t timed it, but recipients all got the money same day. Does it take a long time in Kiev to process transfers? How does the recipient spend butcoin anyway? Wouldn’t they need to transfer it to a local bank before withdrawing as cash or whatnot?
      - lfodofod 4y ago
        > Wouldn’t they need to transfer it to a local bank before withdrawing as cash or whatnot? There are a bunch of exchange desks that will immediately exchange to paper USD. Want half a million dollars in cash within the hour? No problem.
- lfodofod 4y ago
  > but does Ukraine not have banks that accept wire transfers Of course they do, it’ll just take at least a day for the money to arrive.
acdha 4y ago
The vast major of the money going to Ukraine is going through normal channels, saving the extra cost and risk of using cryptocurrencies. They need to buy things which are sold in stable currencies so adding a conversion fee usually cancels out the perceived benefits.
- lfodofod 4y ago
  So what? Vast majority of transactions don’t benefit from the vast speed advantages cryptocurrencies offer. Bank transfers are perfectly fine if you’re happy to wait a few days for the money to arrive. What’s the point of moving goalposts like this?
klesesio 4y ago
For this to work, you still need an entity in Ukraine to accept bitcoin and owning Ukraine currency. The same thing with 3th world countries: to be able to rescue your money, you need to find someone who wants to take that risky currency and exchange it to crypto for you and back if you need it. But as soon as Bitcoin/crypto is so established than there is a big chance that the country/dictator steps in and forbids it.yes that is technically possible (see great Chinese firewall)
- lfodofod 4y ago
  There are multiple cash desks in Kiev processing millions worth of transactions every day. You can easily send 100k from anywhere in the world and have it cashed out within the hour. > to be able to rescue your money, you need to find someone who wants to take that risky currency and exchange it to crypto for you and back if you need it. Ukraine runs on USD, very few “serious” transactions occur in UAH. All businesses accept USD, from kiosks to restaurants to car dealerships.

prepend 4y ago

This seems reasonable to me, but does Ukraine not have banks that accept wire transfers? Can’t I just log into my US bank and do an international transfer to a recipient in Ukraine?

wnzl 4y ago
Speaking as person who lives in country next to UA. Yes you can - without problem. You can even deliver package without any single issue other than a bit higher cost. I do not understand how bitcoin would be better over bank controlled transaction.
- lfodofod 4y ago
  > I do not understand how bitcoin would be better over bank controlled transaction. Because you get cash in Kiev within the hour, instead of in a couple of days.
  - prepend 4y ago
    An international wire transfer has been instantaneous when I’ve used them in the past. I’ve never sent to Ukraine, but have to UK, Nepal, Uganda, Tanzania, Kenya, Romania, Switzerland, Korea, and Australia. I haven’t timed it, but recipients all got the money same day. Does it take a long time in Kiev to process transfers? How does the recipient spend butcoin anyway? Wouldn’t they need to transfer it to a local bank before withdrawing as cash or whatnot?
    - lfodofod 4y ago
      > Wouldn’t they need to transfer it to a local bank before withdrawing as cash or whatnot? There are a bunch of exchange desks that will immediately exchange to paper USD. Want half a million dollars in cash within the hour? No problem.
lfodofod 4y ago
> but does Ukraine not have banks that accept wire transfers Of course they do, it’ll just take at least a day for the money to arrive.

acdha 4y ago

The vast major of the money going to Ukraine is going through normal channels, saving the extra cost and risk of using cryptocurrencies. They need to buy things which are sold in stable currencies so adding a conversion fee usually cancels out the perceived benefits.

lfodofod 4y ago
So what? Vast majority of transactions don’t benefit from the vast speed advantages cryptocurrencies offer. Bank transfers are perfectly fine if you’re happy to wait a few days for the money to arrive. What’s the point of moving goalposts like this?

klesesio 4y ago

For this to work, you still need an entity in Ukraine to accept bitcoin and owning Ukraine currency. The same thing with 3th world countries: to be able to rescue your money, you need to find someone who wants to take that risky currency and exchange it to crypto for you and back if you need it. But as soon as Bitcoin/crypto is so established than there is a big chance that the country/dictator steps in and forbids it.yes that is technically possible (see great Chinese firewall)

lfodofod 4y ago
There are multiple cash desks in Kiev processing millions worth of transactions every day. You can easily send 100k from anywhere in the world and have it cashed out within the hour. > to be able to rescue your money, you need to find someone who wants to take that risky currency and exchange it to crypto for you and back if you need it. Ukraine runs on USD, very few “serious” transactions occur in UAH. All businesses accept USD, from kiosks to restaurants to car dealerships.