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> But try transferring dollars electronically, or even just from one of your own accounts to another in a different bank. In my Wells Fargo account, I can tran
by jsprinkles 14y ago
> But try transferring dollars electronically, or even just from one of your own accounts to another in a different bank.
In my Wells Fargo account, I can transfer to another bank's account in three clicks and about two minutes. All I had to do was set it up and prove that I own the other end. Deposits usually clear that day.
- Jackten 14y agowith bitcoin, transfers clear within ten minutes. The fees are dramatically cheaper (domestic wire transfers are at least $10, international are more like $30) and there's no need to 'prove' anything. With bitcoin, you can also do all this at anytime, not just within the 9-5 Mon-Friday, no holiday bank schedules.
- jsprinkles 14y agoThat wasn't the point that I was responding to (which is that it's difficult to move money around in traditional banks), but since you brought it up: > The fees are dramatically cheaper (domestic wire transfers are at least $10, international are more like $30) I pay no fee for the service I described. Not a penny. > and there's no need to 'prove' anything. This took a few hours, and was quite low-effort. Not a problem I'm looking to solve in my life, since I only did it once. > With bitcoin, you can also do all this at anytime, not just within the 9-5 Mon-Friday, no holiday bank schedules. As can I.
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