I just felt few things about banking and Bitcoin today . I wanna share here.
I just have passed 5 hour to create a bank account to XX Bank (I don't want to reveal the name). Suddenly today my friend needed $5K through a specific Bank. I did not have account of that bank . Do you know , i have invested my valuable time to verify my First name Last name , Nominee etc. Again today i felt wish i could send that amount through Bitcoin . I felt if there were no authority , it would be more easier. Decentralized technology is setting more influence in the hands of people and Bitcoin is a genuine move up to our cash. Why i am saying that ? please check the reasons , (I may be wrong , but i swear i am disappointed on conventional banking)
Sky High Fee for sending money : In Banking the most alarming factor to send money to another country is their high transaction fee. Later i realized they really needed it , because they have to operate a huge HR to operate one single transaction. Recently the transaction fee between Bitcoin wallets is lowered. Bitcoin is the least expensive approach to send worldwide installments. As somebody who works on the web, I've attempted a wide range of installment choices and Bitcoin is the least expensive. When I send bitcoins, I pay the need mining charge that is so minimal and it depends on the number of transaction , not my amount .
Some Examples (Collected)
Worldwide bank wire: between $22-$50 (1-3 days)
Paypal: 2.9% or more $0.30, 2.5% remote trade expenses (considers 3-5 days to store)
Settlements: Between 9-13% (typically takes 5 minutes)
Visas: 3-5% for dealers, for buyers (expecting you pay on time) yearly expense $0-$200, 2.5% outside cash transformation, numerous expansion charges and premium charges for late installment.
Other e-wallets: There are a wide range of e-wallets yet exchanges can go from 2-4% on remote trade charges, a % or settled expense for sending and getting installments and 1-5% for stores/withdrawals into your bank.
So do i need to explain more ? its crystal clear.
So long and Critical PERMISSION: Opening a ledger or applying for a Mastercard requires rounding out long structures and marking gets that never work to support you. Bitcoin is allowed to utilize and available to anybody without constraints. May be you have to sign the same signature over 10 pages or 50 pages. But in Bitcoin i don't need these things. Just the private key.
Sending Limits : I most of the banks , there is a sending limit. If you want to send bigger then you have to pay bigger to make more richer account . That's a pure business. Banks need to confine buys and withdrawals with day by day spending limits. Bitcoin doesn't have any spending limits which implies you can send as much cash as you require.
Conclusion: I am just fade up of the system . I came back to home , and rethink. I did not send the money , but spend almost 5-6 hours in bank to open new account and understand their procedure. I know with these FIAT currency these are the common factors. Just opened a new wallet , bought the required amount from a exchange site , believe me the rate was so low than my banking experience. Then send it to my friend , for faster delivery may be i have used higher sat/b for priority . But thankfully he got. Its my real experience.
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