4 ms·

Yes, if your definition of “just fine” involves long waits, transaction fees, and fluctuating value. All symptoms of the fact that bitcoin and crypto in general

by vlunkr 4y ago

Yes, if your definition of “just fine” involves long waits, transaction fees, and fluctuating value. All symptoms of the fact that bitcoin and crypto in general is a giant casino for 99% of users. Certainly it’s a valid way to send money, but it’s not hard to see the faults.

leesalminen 4y ago
The Lightning Network is being used to send BTC with instant confirmation & near zero fees. I just used it to pay someone from a US bank account to a Costa Rican bank account. $1000 payment, it reached their bank account in 12 seconds (we counted) and we paid a total of $1.80 in total fees (18 basis points). I can’t think of a faster or cheaper way to pay internationally. On the US side, I used the Strike app so my balance is in USD and I’m not exposed to the fluctuating value of BTC. On the CR side, they used an instant off-ramp converting the BTC to CRC instantly, also limiting their exposure to BTC volatility. No scam involved. It’s just the cheapest, fastest, easiest way I’ve found to send money from the US to countries with lackluster banking infrastructure.
- 0xcde4c3db 4y ago
  What part of this is enhanced by involving BTC, as opposed to just being an unlicensed money transmitter?
  - leesalminen 4y ago
    BTC enhanced the transaction because it's a bearer instrument, not a promise of future settlement. This reduces the cost to process a transaction & increases the speed of settlement. Strike [0] has money transmitter licenses in every state in the US (except NY?). Ridivi [1] has a money transmitter license in Costa Rica. [0] https://strike.me/legal/licenses/ https://strike.me/legal/licenses/ [1] https://www.ridivi.com/_files/ugd/0ce37b_fbf83bcbfa934cffadf00734e95a0de8.pdf https://www.ridivi.com/_files/ugd/0ce37b_fbf83bcbfa934cffadf...

4 ms·

Yes, if your definition of “just fine” involves long waits, transaction fees, and fluctuating value. All symptoms of the fact that bitcoin and crypto in general

by vlunkr 4y ago

leesalminen 4y ago
The Lightning Network is being used to send BTC with instant confirmation & near zero fees. I just used it to pay someone from a US bank account to a Costa Rican bank account. $1000 payment, it reached their bank account in 12 seconds (we counted) and we paid a total of $1.80 in total fees (18 basis points). I can’t think of a faster or cheaper way to pay internationally. On the US side, I used the Strike app so my balance is in USD and I’m not exposed to the fluctuating value of BTC. On the CR side, they used an instant off-ramp converting the BTC to CRC instantly, also limiting their exposure to BTC volatility. No scam involved. It’s just the cheapest, fastest, easiest way I’ve found to send money from the US to countries with lackluster banking infrastructure.
- 0xcde4c3db 4y ago
  What part of this is enhanced by involving BTC, as opposed to just being an unlicensed money transmitter?
  - leesalminen 4y ago
    BTC enhanced the transaction because it's a bearer instrument, not a promise of future settlement. This reduces the cost to process a transaction & increases the speed of settlement. Strike [0] has money transmitter licenses in every state in the US (except NY?). Ridivi [1] has a money transmitter license in Costa Rica. [0] https://strike.me/legal/licenses/ https://strike.me/legal/licenses/ [1] https://www.ridivi.com/_files/ugd/0ce37b_fbf83bcbfa934cffadf00734e95a0de8.pdf https://www.ridivi.com/_files/ugd/0ce37b_fbf83bcbfa934cffadf...