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by janekm
1863 days ago
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If you're using bitcoin for international money transfers you're using exchanges on either end of the transaction to convert to bitcoin and back. You may as well use an International money transfer service like Transferwise (which essentially is similar to a bitcoin exchange but currency to currency), that performs the same function without the bitcoin in the middle... Transaction costs will be lower and it will be faster. |
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That is not a given.
> You may as well use an International money transfer service like Transferwise (which essentially is similar to a bitcoin exchange but currency to currency), that performs the same function without the bitcoin in the middle... Transaction costs will be lower and it will be faster.
I could ask the same question: If Transferwise exists, why do we still have international bank wires? It's a different financial instrument with different properties. Transferwise is some company from Finland that you need to register with to send a limited amount of money to a limited amount of countries. Maybe that's better than Bitcoin under some circumstances, but it's a different thing.