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You're saying Reddit gets USD instantly? I guess coin base is the one taking the risk? Maybe I am misunderstanding.
by jere 14y ago
You're saying Reddit gets USD instantly? I guess coin base is the one taking the risk? Maybe I am misunderstanding.
- mahyarm 14y agoI'm guessing it's being used as an exchanged medium to do in within seconds. (Currency->Bitcoin)->(Bitcoin->USD)->(Reddit Bank Account).
- mynameishere 14y agoWhen you trade money on forex, you lose the difference between the bid and ask (the spread). Between USD and EUR, the spread is tight, and banks use this to profit when you change money there, as most people don't have forex accounts. This is probably how bitcoin operations make money, as the spread (I'm guessing) is gigantic and volatile.