|
Title: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? Post by: Zangelbert Bingledack on March 27, 2013, 06:02:32 PM http://techcrunch.com/2013/03/27/expensify-now-offers-support-for-bitcoin-an-alternative-to-paypal-for-international-contractors/ (http://techcrunch.com/2013/03/27/expensify-now-offers-support-for-bitcoin-an-alternative-to-paypal-for-international-contractors/)
Quote Previously, our US companies with international employees or contractors were incurring currency conversion or wire transfer fees to the tune of 4% in some cases. To this end, Bitcoin is a great tool for minimizing the cost of reimbursing companies outside of the US. As a plus, transfers are secure and instant – no more waiting multiple business days for your ACH to clear! This is the application I've been waiting to see. I knew Bitcoin had to offer major cost-cutting opportunities some way or other, and I was always surprised no one really seemed to be leveraging that. It seems like this could be a game-changer. [For consolidation purposes, the Press Forum thread is here: https://bitcointalk.org/index.php?topic=159491.0 (https://bitcointalk.org/index.php?topic=159491.0)] Title: Re: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? Post by: matt608 on March 27, 2013, 06:10:26 PM Wow, this looks big, more great news for bitcoin! :)
Title: Re: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? Post by: NamelessOne on March 27, 2013, 06:18:27 PM Maybe is this the beginning of the news media stating that "bitcoin is a paypal killer". Bring it on!
Title: Re: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? Post by: Dargo on March 27, 2013, 06:22:41 PM This is great news for sure. I do wonder, however, if some will be reluctant to try it b/c of the volatility in price. If price drops 5% before one can cash out to fiat, this effectively creates a high transaction fee. Of course, price could also go up 5%, effectively giving one a profit on the transaction. It's good news either way, I'm just wondering how quickly it will catch on. But eventually I think this will be a big driver for Bitcoin.
Title: Re: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? Post by: Gab1159 on March 27, 2013, 06:39:40 PM What is Expensify exactly? I read that it has a couple of million of users, but what kind of service does it offer?
Title: Re: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? Post by: MEGAMERICAN on March 27, 2013, 07:19:27 PM What is Expensify exactly? I read that it has a couple of million of users, but what kind of service does it offer? Automated expense reporting. Title: Re: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? Post by: randrace on March 27, 2013, 07:33:21 PM This is great news for sure. I do wonder, however, if some will be reluctant to try it b/c of the volatility in price. If price drops 5% before one can cash out to fiat, this effectively creates a high transaction fee. Of course, price could also go up 5%, effectively giving one a profit on the transaction. It's good news either way, I'm just wondering how quickly it will catch on. But eventually I think this will be a big driver for Bitcoin. Easy fix: convert to fiat at time of BTC transfer.Title: Re: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? Post by: Dargo on March 28, 2013, 01:06:28 AM This is great news for sure. I do wonder, however, if some will be reluctant to try it b/c of the volatility in price. If price drops 5% before one can cash out to fiat, this effectively creates a high transaction fee. Of course, price could also go up 5%, effectively giving one a profit on the transaction. It's good news either way, I'm just wondering how quickly it will catch on. But eventually I think this will be a big driver for Bitcoin. Easy fix: convert to fiat at time of BTC transfer.I was assuming conversion to fiat at time of transfer. The point is that Bitcoin is sometimes so volatile that price could change a few percent during the time it would take to get enough confirmations and convert to fiat. Granted, it is somewhat unusual for BTC to be this volatile, so I don't think there is major risk here. But I was wondering if the perception would be that this is a risk, and make some reluctant to try it. |