High fees and days/weeks wait times for international wire transfers are common knowledge - check at almost any bank.
The above links partly explain why this situation exists in a world where all money is basically already "digital".
It's kind of not. And the only system making radical inroads to actually improving the status quo (which has been deeply entrenched for decades) is crypto, which right now offers real solutions adopted by consumers and institutions.
Doesn't mean its perfect or that there's no dark side, just as with everything. But the media - and HN largely, on this topic - loves to play up such things, so good luck finding much accurate information there, or here.
What nonsense. Crypto payments are more heavily-regulated via KYC than traditional payments. Anyone who's signed up for any crypto exchange attest to this fact. Crypto payments, as with all payments, over any mediums serve all purposes good & bad.
Just because the news typically only reports the murders that happen in a given city, doesn't mean that the only thing that's going to happen to someone in that city is to get murdered. Crypto reporting is much the same.
But yeah, technically you are still more likely to get murdered there, so only go if you're really into the other things it offers.
Just don't assume that with hundreds of billions invested, from all kinds of participants large and small, that the entire city is a fraud or otherwise nefarious. It's a major city - it has a lot going on, much under-reported.
Unless you live there, and you read the local news, attend local events, etc. Then you might have a better idea of what it's really like, and which alleys not to walk down alone at night, and where you can get the best bagels.
> Crypto payments are more heavily-regulated via KYC than traditional payments.
So this is why Ransomware peddlers and North Korea use bank transfers to move their money around, and why dark market users mail checks to each other? Or do they use crypto coins instead?
Failure rates: https://www.swift.com/news-events/news/settlement-fails-gett...
Finality: https://www.swift.com/our-solutions/swift-gpi/stop-and-recal...
High fees and days/weeks wait times for international wire transfers are common knowledge - check at almost any bank.
The above links partly explain why this situation exists in a world where all money is basically already "digital".
It's kind of not. And the only system making radical inroads to actually improving the status quo (which has been deeply entrenched for decades) is crypto, which right now offers real solutions adopted by consumers and institutions.
Doesn't mean its perfect or that there's no dark side, just as with everything. But the media - and HN largely, on this topic - loves to play up such things, so good luck finding much accurate information there, or here.