I don't know much about how bitcoins can be used. I'm interested to know if they could be useful for transferring money from one country to another. Any body here using them for that?
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- This. I’ve had family oversees and I’ve done the following
Whatsapp then that I’m about to transfer funds.
Buy XRP with fiat(usd)
Send to their wallet (takes seconds and costs pennies)
They receive and exchange for fiat
In the 5 minutes it’s taken the price has never really changed much to make me lose or gain a significant amount.
- @public2 - here are the risk with such exchanges . Bloomberg: Software Engineer Loses Life Savings in Quadriga Imbroglio.
- I think using Bitcoin for that purpose is more expensive than money transfer companies. Also in case you don't know there are credit cards that charge no commissions internationally (purchases) , Finally, I have a savings account in Charles Schwab and they pay back any domestic/international commission when you withdraw money from ATMs. I see no need to go the route you said
- Google / EngyuyuThe problem with money transfers is the exchange cost to convert to BTC and then from BTC to the foreign currency.
One way to do this efficiently is to use exchanges. If both sender and receiver currencies have mature crypto exchanges, then the conversion would be relatively low cost.
Another way to exchange is to use LocalBitcoin. Choosing experienced buyers/sellers will lower the risk of being swindled.
Right now it’s still hard to beat transferwise for money transfers because the fees are usually lower than converting to BTC and then to another currency.