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I disagree. This was the state of things perhaps 1-2 years ago but this doesn't represent the situation at all today. Using a bitcoin payment processor like B

by pmorici 12y ago

I disagree. This was the state of things perhaps 1-2 years ago but this doesn't represent the situation at all today. Using a bitcoin payment processor like Bitpay you have zero exchange rate risk and can receive payment in 9 different currencies in 33 countries. Coinbases daily buy limit is $50,000 not 10k You still have the computer security problem when you are using online banking and any reputable Bitcoin company has as good or better security than a bank. Two factor auth, and hardware tokens are the norm. I can't say the same for most of the banks I've used.

vacri 12y ago
any reputable Bitcoin company has as good or better security than a bank. Like Mt Gox? It was reputable enough to handle 2/3rds of all bitcoin transactions. Besides, if you're concerned about your banking, you can easily shop around and find one with the hardware token security you like.
- pmorici 12y ago
  Mt. Gox wasn't reputable and anyone willing to look would have seen that disaster coming 6-9 months away at least. People were just being greedy because of the higher BTC exchange rate there.
lifeisstillgood 12y ago
I'm not sure bitpay solves this. The whole "international transfer is hard" thing is what Stellar was about recently. Afaik bitpay is "receive bitcoin, get USD deposited into your account". It makes taking bitcoin payments from people who already have bitcoin easy. I'm sure it's great. But it presupposes my client has a stash of bitcoin already. If they do the chances are they have their own internal Treasury, accounts in multiple other currencies probably in multiple of countries and frankly would find it easier to pay me in GBP out of the UK bank account that their clients keep filling up. And I do not work for clients who run their own treasury - well sometimes but even then this never comes up. I personally love bitcoin for international money transfers. My bet is on supporting the diaspora - families who trust each other but live in different countries and want to send some money home. Right now they get stiffed by Wells Fargo - but if Son in law in NYC can operate a gateway and Father in law can do the same in Hyderabad then all the members of their family can give son in law dollars and he can tell ... You get the idea. It's how foreign exchange started

by pmorici 12y ago

vacri 12y ago

any reputable Bitcoin company has as good or better security than a bank. Like Mt Gox? It was reputable enough to handle 2/3rds of all bitcoin transactions. Besides, if you're concerned about your banking, you can easily shop around and find one with the hardware token security you like.

pmorici 12y ago
Mt. Gox wasn't reputable and anyone willing to look would have seen that disaster coming 6-9 months away at least. People were just being greedy because of the higher BTC exchange rate there.

lifeisstillgood 12y ago

I'm not sure bitpay solves this. The whole "international transfer is hard" thing is what Stellar was about recently. Afaik bitpay is "receive bitcoin, get USD deposited into your account". It makes taking bitcoin payments from people who already have bitcoin easy. I'm sure it's great. But it presupposes my client has a stash of bitcoin already. If they do the chances are they have their own internal Treasury, accounts in multiple other currencies probably in multiple of countries and frankly would find it easier to pay me in GBP out of the UK bank account that their clients keep filling up. And I do not work for clients who run their own treasury - well sometimes but even then this never comes up. I personally love bitcoin for international money transfers. My bet is on supporting the diaspora - families who trust each other but live in different countries and want to send some money home. Right now they get stiffed by Wells Fargo - but if Son in law in NYC can operate a gateway and Father in law can do the same in Hyderabad then all the members of their family can give son in law dollars and he can tell ... You get the idea. It's how foreign exchange started