4 ms·

It seems to me the "rawness" has everything to do with bitcoin and its decentralized design. 1- Needed to create an account for "their" exchange. 2- Needed to

It seems to me the "rawness" has everything to do with bitcoin and its decentralized design. 1- Needed to create an account for "their" exchange. 2- Needed to transfer bitcoin into their exchange. 3- Needed to wait for transaction to get validated in the blockchain 4- Get money. You could reach and say that all the PII and initial setup was to comply with laws about banking/money laundering. But that took 7 mins of a 45 min process.

VMG 13y ago
Well, step 2 (20m) is also due to regulatory compliance
jes5199 13y ago
> 3- Needed to wait for transaction to get validated in the blockchain This process is slow and I don't see how it can possibly get faster. The best I've come up with is you have a second money-apparatus that moves more quickly. It probably wouldn't have a lot of the currency-like properties of bitcoin. I guess the analogy is that sending bitcoin is like writing a cheque, and this faster thing would be like using a credit card.