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Author Topic: 2013-08-25 [Video] Why Bitcoin is a Better Way to do Intl. Money Transfers  (Read 833 times)
David-M
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August 26, 2013, 02:23:01 PM
 #1

Tired of paying ridiculous fees to transfer funds internationally?
This video explains why Bitcoin is a better way!
http://youtu.be/dhh_4NXaYZw

Thanks!

David

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August 26, 2013, 02:44:43 PM
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Hi David,

Nice video.  I guess the only thing you missed in the comparison was the fee charged by the Bitcoin exchange to withdraw your fiat.  But yes, very clear winner as you say.

Cheers,

ANX.HK
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August 26, 2013, 02:52:05 PM
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Quote
Nice video.  I guess the only thing you missed in the comparison was the fee charged by the Bitcoin exchange to withdraw your fiat.  But yes, very clear winner as you say.

Thanks.
If you do a 1% bitpay or coinbase USD fee, that covers cost to move to your bank  Smiley

David

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August 27, 2013, 01:04:21 AM
 #4

Coinbase has a btc2usd withdrawal limits .
when you use bitcoin for big money transfers there will be problems
ArticMine
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August 27, 2013, 02:27:36 AM
 #5

It really depends on the amount and I would consider 1000 USD to be close to the cutoff point between Wire Transfer and Bitcoin. The key here is that for the most part the Wire transfer fees are fixed while for Bitcoin liquidity can start to be an issue as the amount increases. Above 1000 USD Wire transfer starts to be come competitive with Bitcoin and becomes really competitive with Bitcoin  over 10000 USD. As for Paypal it starts to get competitive with Wire Transfer below 1000 USD and may be competitive with Bitcoin in some cases for small amounts.

Where Bitcoin really wins is below 1000 USD and especially below 100 USD where either the recipient or the sender cannot get a PayPal account. This is the case for most migrant worker remittances to family members. This is typically from a "rich" country in North America, Europe, parts of Asia. the Middle East etc., to a "poor" country in Africa, Central and South America, parts of Asia etc. By the way this is a multi billion dollar business.

A good example is someone sending 70 CAD from Canada to Kenya. I actually witnessed this one here in Canada, while waiting to pick up some Bitcoin related correspondence, at the local Post Office.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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August 28, 2013, 12:02:44 AM
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Er, what?

How does wire even come close to being competitive with bitcoin fees that are fractions of the original amount? Does not compute.

fortitudinem multis - catenum regit omnia
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August 28, 2013, 12:39:34 AM
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Er, what?

How does wire even come close to being competitive with bitcoin fees that are fractions of the original amount? Does not compute.

Try selling or buying 1,000,000 USD or 100,000,000 USD worth of Btcoin without moving the market.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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August 28, 2013, 02:25:15 AM
 #8

wrote a article inspired by this   
http://p2pbucks.com/?p=6881
When do big amount transfers bank wire is much more easy than BTC now .
But things might change when BTC price hits 1000 USD Grin
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August 28, 2013, 04:03:17 PM
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Er, what?

How does wire even come close to being competitive with bitcoin fees that are fractions of the original amount? Does not compute.

Try selling or buying 1,000,000 USD or 100,000,000 USD worth of Btcoin without moving the market.

Your example was of transferring money, not trading between currencies. So, please explain how wire is competitive?

fortitudinem multis - catenum regit omnia
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