The kids will laugh about this... How international payments work

[coindozer7]

[ShakyhandsBTCer]

When you use a smaller bank to transact business internationally you will need to pay fees to many banks (only only directly pay your bank but many people get paid).

With bitcoin it is only the miners that get compensated.

[newIndia]

When you use a smaller bank to transact business internationally you will need to pay fees to many banks (only only directly pay your bank but many people get paid).

With bitcoin it is only the miners that get compensated.

Not only that, u also lose at forex conversion.

[Este Nuno]

Things like this is why more people should worry about opponents to bitcoin.

Clearly there are a lot of people in that chain making vast amounts of money and they stand to lose a lot if bitcoin adoption really takes hold.

So all these people have a clear motivation to do whatever they can to stop the adoption of bitcoin.

[jc01480]

Things like this is why more people should worry about opponents to bitcoin.

Clearly there are a lot of people in that chain making vast amounts of money and they stand to lose a lot if bitcoin adoption really takes hold.

So all these people have a clear motivation to do whatever they can to stop the adoption of bitcoin.

I've been saying it all along.  This is the kind of thing that starts wars.

[Este Nuno]

Things like this is why more people should worry about opponents to bitcoin.

Clearly there are a lot of people in that chain making vast amounts of money and they stand to lose a lot if bitcoin adoption really takes hold.

So all these people have a clear motivation to do whatever they can to stop the adoption of bitcoin.

I've been saying it all along.  This is the kind of thing that starts wars.

You're right. Modern western civilisation has had many wars fought over much less.

The big difference here is that there's no one opponent for them to target. They can target the network via a 51% attack, or maybe target developers or something. But overall they can't win.

They can do a lot of short term damage though.

[Catmoonglow]

that's not how it works. there are central banks missing who clear the currencies via CLS group. there is also a lot of other stuff going on: SWIFT, IMF, SDR's, bank insurance and regulations. All of this can have an effect on moving USD to BRL from US to BZ. for example if the US decides that Iran is a bad country, they will block access via SWIFT.

[Sniar]

But you're paying those charges for a secure transaction right  ?

I don't think there is any chargeback in bank transaction like paypal has.

[doolittle]

Thanks for sharing the graph!

[CurbsideProphet]

Graph is antiquated.  If you look at the fees of some online banks (Ally for example) it's not nearly that high.  Also, since this is an invoice, does part of the fees have to do with a product in transit?  There's always more fees when things such as letters of credit are required. 

Bitcoin works well for peer-to-peer transfers but I'm not sure with the information given, that's the type of transaction being completed.

[leopard2]

that's not how it works. there are central banks missing who clear the currencies via CLS group. there is also a lot of other stuff going on: SWIFT, IMF, SDR's, bank insurance and regulations. All of this can have an effect on moving USD to BRL from US to BZ. for example if the US decides that Iran is a bad country, they will block access via SWIFT.

Which means nothing less than: fiat currency is a lot less fungible than crypto c.

It tells you alot about the titanic power and importance of fiat c. as a means of enslavement, that even those countries that would benefit from crypto adoption (Russia, Iran etc.) still fight crypto in favor of fiat!

[counter]

They probably will laugh at how insane the banking system is.  I wonder what they will think about the early acceptance of Bitcoin.  I can only assume they will find it equally amusing and fascinating from a human development approach or standpoint. 

[allthingsluxury]

The current banking system is already so outdated it isn't even funny. Crypto currencies are the way of the future.

[IIOII]

Wow. I did not know international transfers were that complicated.

Things like this is why more people should worry about opponents to bitcoin.

Clearly there are a lot of people in that chain making vast amounts of money and they stand to lose a lot if bitcoin adoption really takes hold.

So all these people have a clear motivation to do whatever they can to stop the adoption of bitcoin.

I've been saying it all along.  This is the kind of thing that starts wars.

They can't stop it anymore. It has already grown over their head. People involved in banking will adopt the better system (bitcoin) and build services around it (for example escrow).

Banks that start a war against bitcoin can only loose (reputation and customers). It's wiser to adapt to the new situation.

[Este Nuno]

Wow. I did not know international transfers were that complicated.

Things like this is why more people should worry about opponents to bitcoin.

Clearly there are a lot of people in that chain making vast amounts of money and they stand to lose a lot if bitcoin adoption really takes hold.

So all these people have a clear motivation to do whatever they can to stop the adoption of bitcoin.

I've been saying it all along.  This is the kind of thing that starts wars.

They can't stop it anymore. It has already grown over their head. People involved in banking will adopt the better system (bitcoin) and build services around it (for example escrow).

Banks that start a war against bitcoin can only loose (reputation and customers). It's wiser to adapt to the new situation.

The only way they are going to make as much money as they do now with bitcoin is by speculating it in. Which generally isn't how this particular sector makes money. They make money by being the middleman. And in bitcoin there is not much room for middlemen.

[ljudotina]

I knew it was bad. I tasted it on my own skin. Sending 100 Eur just to pay aditional 40 Eur...But seeing it on this graphics one realizes how stupid we all are not to act upon this before.

[gondel]

Hello,
The chain between banks and institutions is huge so these are surely the biggest enemies of us in the future. They will try to stop BTC with every method! But good times will come after that , because BTC will survive everything!
Soon the new generations will see paper money only in the museums when people realise how much better is to use BTC.
BR
Gondel

[boumalo]

Hello,
The chain between banks and institutions is huge so these are surely the biggest enemies of us in the future. They will try to stop BTC with every method! But good times will come after that , because BTC will survive everything!
Soon the new generations will see paper money only in the museums when people realise how much better is to use BTC.
BR
Gondel

What about using a currency backed by Gold and made by a sound bank?

[SgtSpike]

Wow. I did not know international transfers were that complicated.

Things like this is why more people should worry about opponents to bitcoin.

Clearly there are a lot of people in that chain making vast amounts of money and they stand to lose a lot if bitcoin adoption really takes hold.

So all these people have a clear motivation to do whatever they can to stop the adoption of bitcoin.

I've been saying it all along.  This is the kind of thing that starts wars.

They can't stop it anymore. It has already grown over their head. People involved in banking will adopt the better system (bitcoin) and build services around it (for example escrow).

Banks that start a war against bitcoin can only loose (reputation and customers). It's wiser to adapt to the new situation.

The only way they are going to make as much money as they do now with bitcoin is by speculating it in. Which generally isn't how this particular sector makes money. They make money by being the middleman. And in bitcoin there is not much room for middlemen.

Banks can still provide some services though.  Think about how banks made money early on, before electronic anything.  Escrow, secure storage, currency exchange, lending.  All of these things are still needed services, even in the age of digital money.

Certainly, the inability to charge for transactions (at least to the extent that they have in the past) will be eliminated, but at the same time, they won't need the same sort of manpower for performing transactions either, so they can cut costs.  It won't be as lucrative a market as it has been, but they'll find ways to make money, and maybe some people will move to other industries entirely.

[ShakyhandsBTCer]

Hello,
The chain between banks and institutions is huge so these are surely the biggest enemies of us in the future. They will try to stop BTC with every method! But good times will come after that , because BTC will survive everything!
Soon the new generations will see paper money only in the museums when people realise how much better is to use BTC.
BR
Gondel

What about using a currency backed by Gold and made by a sound bank?

Any currency (especially a P2P currency) backed by a 3rd party has risks. You have a central point of failure that could potentially cause everyone's funds to be at risk.