[2019-07-26] Argentina: Bitcoin-Based Settlements, OTC BTC Trading Trending

[Jgilpulg]

Banco Masventas is partnering with the Bitcoin exchange Bitex to perform international money transfers using Bitcoin.
   
https://bitcoinist.com/argentina-bitcoin-based-settlements-otc-btc-trading-trending/

[Tonteus]

Of course, I would not want crypto to cooperate with banks, but if this is the inevitable future, then let it be so

[BitHodler]

It sounds cooler than it actually is-- both the sender and receiver don't ever get to deal with Bitcoin.

They also claim that they do this to provide an alternative to swift which is expensive to use. If you however look at Bitex's 1-2% fees per transaction, it's still very expensive, especially when you transact with large amounts.

If you want to transfer $100k, simple math tells me that at 2% the fees are way higher than what swift and the intermediary banks charge. This is only a viable option when it comes to low value transactions.

[1Referee]

If you want to transfer $100k, simple math tells me that at 2% the fees are way higher than what swift and the intermediary banks charge. This is only a viable option when it comes to low value transactions.

I'm pretty sure that the fees are 2% up to a certain dollar amount. I know certain services that handle a similar fee scheme, which basically means that you can't pay more in fees than for example $20 or $30 per transaction when it concerns large amounts. No one would use their service would they really charge you a few thousand dollars.

I'm not aware of how high the fees are in Argentina for transferring money, but this could financially be an interesting workaround with how it saves you time and money. In the future when the price becomes more stable and there is more liquidity, an exchange is no longer needed to function as intermediary to settle cross border transactions. I'm looking forward to it.