3 ms·

I am living abroad and while I'm not truly poor, a couple of months ago I had less that £20 to my name, so I'm quite cost conscious. I needed to send some mone

I am living abroad and while I'm not truly poor, a couple of months ago I had less that £20 to my name, so I'm quite cost conscious. I needed to send some money overseas and I looked at bitcoin for exactly the same reasons that you described. However, I found that sending the money via bit coin would take longer and wind up costing me more in transaction fees than just using transferwise. While the actual bitcoin transfer itself was free and instantaneous, there were multiple days of waiting and percentage fees to convert from or to fiat currency at each end of the transaction.

internDC 12y ago
This is due to the fact that bitcoin is not widely accepted yet. An in order for it to be widely accepted, more people have to want it. In order for people to want it, it has to be widely accepted. This is why bitcoin is doomed to fail.
- throwawaymsft 12y ago
  The same could be said for the telephone, fax machine, or any technology that requires network effects. It might not be bitcoin, but in 20 years do you think no cryptocurrency will be in widespread use?