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Title: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: Bejkn on August 14, 2014, 08:38:48 AM LakeBTC is an ripple gateway now, and Bitstamp has be a gateway for long time ago. (http://www.xrpga.org/gateways.html )
The coindesk article says "Lets Users Bypass Bank Transfers with Ripple" (http://www.coindesk.com/lakebtc-users-bypass-bank-transfers-ripple/ ) How is it done to bypass the bank? If I deposits/withdrawals cash/bitcoin with ripple on Bitstamp/LakeBTC, is it really that I don't need to have any contact with any bank? Does anyone tried it? how about it and how much the fee? Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: Bejkn on August 14, 2014, 08:41:16 AM In addition, is this legal?
Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: theblacksquid on August 14, 2014, 05:01:25 PM Ripple uses a Hawala-type system of value transfers between users and market makers in the network. One takes the burden of counterparty risk by accepting an IOU from one user for a certain amount of money, and gives its cash equivalent to another user, and deducting that user's balance in that currency.
https://ripple.com/ripple-mm.pdf (https://ripple.com/ripple-mm.pdf) The legality of it though, is something I don't have any idea about... Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: profitofthegods on August 14, 2014, 07:40:02 PM I've used it and it works. I don't remember there being any fee at all for Ripple deposits or withdrawals, although I can't be 100% sure now.
Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: peeveepee on August 15, 2014, 08:19:11 AM What is the fee to transfer between bitstamp and lakebtc?
Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: profitofthegods on August 15, 2014, 09:57:55 AM What is the fee to transfer between bitstamp and lakebtc? Its all free - I just checked LakeBTC fees and I knew Bitstamp was free for Ripple withdrawals already because I use it all the time. Its not a single operation though, you withdraw from Bitstamp to Ripple and then Deposit to LakeBTC from Ripple rather than transfering directly from one site to the other. Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: johnyj on August 15, 2014, 10:33:22 PM Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin ???
Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: Razick on August 15, 2014, 10:52:32 PM Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin ??? Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free. Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: johnyj on August 16, 2014, 04:41:48 AM Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin ??? Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free. You don't use localbitcoins? coinbase? Most of the time I trade on localbitcoins, only occasionally on Bitstamp Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: efreeti on August 16, 2014, 05:04:31 AM Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin ??? Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free. You don't use localbitcoins? coinbase? Most of the time I trade on localbitcoins, only occasionally on Bitstamp There are reported case of cash deposit being able to reverse. How do you deal with scammer on localbitcoin? Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: Nrcewker on September 12, 2014, 06:52:18 AM What is the fee to transfer between bitstamp and lakebtc? deposit on lakebtc via ripple is free, withdraw is 1-5%. deposit/withdraw on bitstamp via ripple is 0.2% plus your trading fee accord to the fee schedule. you can see: https://bitcointalk.org/index.php?topic=695082.0 Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: BTCjust on September 12, 2014, 10:18:08 AM Sure, if you deposit via Ripple, do not need any banks.
Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin. Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: Nrcewker on September 16, 2014, 08:39:27 AM Sure, if you deposit via Ripple, do not need any banks. Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin. ripple deposit/withdraw on bitstamp is not cheap Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: Jamacn on October 17, 2014, 01:53:10 AM What is the fee to transfer between bitstamp and lakebtc? Its all free - I just checked LakeBTC fees and I knew Bitstamp was free for Ripple withdrawals already because I use it all the time. Its not a single operation though, you withdraw from Bitstamp to Ripple and then Deposit to LakeBTC from Ripple rather than transfering directly from one site to the other. It seem to 0.2% + your fee schedule, the same as deposit. Title: Re: It can bypass bank transfers on Bitstamp and LakeBTC? Post by: zinger on October 17, 2014, 06:51:44 AM Sure, if you deposit via Ripple, do not need any banks. Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin. ripple deposit/withdraw on bitstamp is not cheap I love using ripple. Sturdy as it is, Bitcoin is still my #1 coin. |