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"With bitcoins, a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds, for FREE." No. It would take about 15
by 3pt14159 14y ago
"With bitcoins, a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds, for FREE."
No. It would take about 15 minutes for the block chain to verify and even that would be with a commission. Maybe 4 days delay if you didn't do a commission.
- nhaehnle 14y agoMoreover, unless Bitcoin becomes so pervasive that it becomes the dominant currency, you still have to convert USD to BTC and BTC to whatever. This involves transactions that have some fees to exchanges associated, either explicitly or implicitly via spreads.