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I use bitcoin, a lot. I use it primarily to move money between countries quickly, and inexpensively. Doing a bank transfer takes 3 days, and a $20 cable fee.

I use bitcoin, a lot. I use it primarily to move money between countries quickly, and inexpensively. Doing a bank transfer takes 3 days, and a $20 cable fee. Using Bitcoin is pretty much instant, and costs a few pennies. I've been using it for about 9 months, and I've yet to run into any snags. If Bitcoin performed exactly as it does today, from now on, I couldn't be any happier.

cherioo 11y ago
How do you do that? Last time I checked major bitcoin exchanges takes several to withdraw money. Coinbase has a instant buy/sell but I thought that only works in US. Also, does it really cost pennies? Do you really lose nothing going from fiat to bitcoin to fiat?
- ghshephard 11y ago
  You are right that I lose 1.9% fee (coinhacko) purchasing bitcoin. Would be great to see more competition there. xfers is pretty instant in singapore with a FAST transfer from the local banks. The bitcoin transfer itself is pennies, but the challenge is getting local currency into bitcoin for a small amount of money. Though - the spread on simply buying US currency is pretty big as well.
wsxcde 11y ago
What do you do with your bitcoins after you "move them to another country"? It would seem you still have to convert to normal currency and that is by no means instant. What about the volatility? If you really want quick transfers you have to "hodl" bitcoins and that means you have lost something like 40% in the last 9 months.
- corv 11y ago
  Works fine for me without holding. The price doesn't change much in the 30 minutes it takes to exchange. The swings of EUR/USD are larger in the days it takes to make a traditional transaction. Converting to currency is instant here and so are intranational bank transactions. It's also possible to pay utilities with BTC. Cheaper and faster is enough to win me over regardless of historical price development.
deleted 11y ago
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cherioo 11y ago

How do you do that? Last time I checked major bitcoin exchanges takes several to withdraw money. Coinbase has a instant buy/sell but I thought that only works in US. Also, does it really cost pennies? Do you really lose nothing going from fiat to bitcoin to fiat?

ghshephard 11y ago
You are right that I lose 1.9% fee (coinhacko) purchasing bitcoin. Would be great to see more competition there. xfers is pretty instant in singapore with a FAST transfer from the local banks. The bitcoin transfer itself is pennies, but the challenge is getting local currency into bitcoin for a small amount of money. Though - the spread on simply buying US currency is pretty big as well.

wsxcde 11y ago

What do you do with your bitcoins after you "move them to another country"? It would seem you still have to convert to normal currency and that is by no means instant. What about the volatility? If you really want quick transfers you have to "hodl" bitcoins and that means you have lost something like 40% in the last 9 months.

corv 11y ago
Works fine for me without holding. The price doesn't change much in the 30 minutes it takes to exchange. The swings of EUR/USD are larger in the days it takes to make a traditional transaction. Converting to currency is instant here and so are intranational bank transactions. It's also possible to pay utilities with BTC. Cheaper and faster is enough to win me over regardless of historical price development.

deleted 11y ago

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