[2015-01-24] CD: How Bitcoin Could Shake Up B2B Payments

[botany]

How Bitcoin Could Shake Up B2B Payments

http://www.coindesk.com/bitcoin-b2b-payments/

Bitcoin-based transfers between businesses would fix an inefficient system. Wire transfers, which are one of the most common ways for businesses to pay each other, are expensive, because banks have to deal with each other directly for each individual transfer, and they can sometimes take days to process.

[kjlimo]

I'm not sure Bitcoin transfers are cheaper though unless both business are ok with keeping Bitcoin on the books, right?

Can we discuss the math on the fees or has this been hashed out in another forum already? (Link please)

[bitgeek]

I'm not sure Bitcoin transfers are cheaper though unless both business are ok with keeping Bitcoin on the books, right?

Can we discuss the math on the fees or has this been hashed out in another forum already? (Link please)

They may not be much cheaper but without a doubt faster. The longest it took for a bitcoin transaction to be confirmed in my case was about 3 hours. A wire transfer usually takes 24 hours or more.

[kjlimo]

I'm not sure Bitcoin transfers are cheaper though unless both business are ok with keeping Bitcoin on the books, right?

Can we discuss the math on the fees or has this been hashed out in another forum already? (Link please)

They may not be much cheaper but without a doubt faster. The longest it took for a bitcoin transaction to be confirmed in my case was about 3 hours. A wire transfer usually takes 24 hours or more.

Right, but most companies have a line of credit which means te delay doesn't matter.

How does the faster confirmation help businesses?

Or how would removing that bank line of credit help?