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Title: It costs a lot to transfer BTC>USD USD>BTC Post by: pekv2 on May 06, 2014, 01:47:36 AM I finally got around to calculating getting a loan & paying it back.
---------------------------------------------------------- Getting BTC loan converted to USD: Lender: 10% for the loan. Exchange: 1.5% wire transfer outgoing Bank: wire transfer Incoming: $15 ---------------------------------------------------------- ---------------------------------------------------------- Paying back the loan, USD > BTC: Bank wire transfer: Quote $25 each domestic wire transfer; $45 each foreign wire transfer plus exchange rate, taxes and corresponding fee(s). Beginning July 15, 2013, $30 each domestic wire transfer; $50 each foreign wire transfer sent in foreign currency; $85 each foreign wire transfer sent in U.S. dollars. Exchange rates, and other bank fees and taxes may apply. Exchange incoming wire transfer: Fee: 1% ---------------------------------------------------------- Outragous. I'm not sure but credit card company's are more lenient? Like what 5% fee? Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: odolvlobo on May 06, 2014, 04:30:56 AM Yeah, it costs an outrageous amount of money to send USD to someone. Bitcoin has a huge advantage.
Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: Bit_Happy on May 06, 2014, 05:05:15 AM Most legit BTC loans would stay in BTC (i.e. to start a business)
To simply transfer BTC>USD & USD>BTC Coinbase isn't too bad for total fees (and no wire fees either) Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: Elwar on May 06, 2014, 09:26:28 AM BTC->USD->EUR->AED->EUR->USD->BTC is way more expensive.
Damned Bitcoin and its high fees. Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: SmithsonJim on May 06, 2014, 10:52:31 AM Fees go to wrong place. That might be the biggest problem.
Over time it shouldn't be a problem. Especially as bitcoin should get adopted more and more. Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: luv2drnkbr on May 06, 2014, 11:03:21 AM If only there were some kind of digital money that was directly person to person and cut those fees down to almost nothing.
Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: dreamspark on May 06, 2014, 11:10:47 AM If only there were some kind of digital money that was directly person to person and cut those fees down to almost nothing. I know right, one that is almost instantaneous, quasi anonymous, 24/7, the list goes on :D Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: franky1 on May 06, 2014, 11:13:57 AM this is where people are wising up to the fact that if anyone wants a bitcoin loan to use for a FIAT transaction.. its most probably a scammer that wont repay.
the only time bitcoin loans work is for the loan recipient to only want bitcoin as a borrowed risk, which they use to trade on exchanges to make mega profit and repay the loan.. keeping the profit. anyone asking for bitcoin loans to repay hospital bills or household fiat items are usually nigerian princes bitcoin should be used as an investment tool to get alot more bitcoin. not to be used for cashing out and sorting out FIAT debt. Fiat debt can be solved by asking family members, banks or other fiat handlers for a loan. Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: pekv2 on May 06, 2014, 11:53:03 AM this is where people are wising up to the fact that if anyone wants a bitcoin loan to use for a FIAT transaction.. its most probably a scammer that wont repay. https://bitcointalk.org/index.php?topic=87876.msg966379 Loans are also for hardware. Unless amazon accepts bitcoin. http://www.amazon.com/Gridseed-Miner-Litecoin-Bitcoin-Mining/dp/B00J4XPKJU/ref=sr_1_1/185-9674102-9980330?s=electronics&ie=UTF8&qid=1399337509&sr=1-1&keywords=scrypt+asic Title: Re: It costs a lot to transfer BTC>USD USD>BTC Post by: ShakyhandsBTCer on June 14, 2014, 08:55:07 PM If you had no reason to change btc to usd then this would not be an issue.
When more merchants start to accept bitcoin then you could simply use your bitcoin to purchase products that you would normally buy. |