
Does Bitcoin/Blockchain make sense for international money transfers? - propter_hoc
https://www.saveonsend.com/blog/bitcoin-blockchain-money-transfer/
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MrMorden
Goods/services purchased from a business? Given the fees for completing a
Bitcoin transaction, I'd say no unless you start getting into at least mid
three-figures USD. (That's not counting any fees to convert fiat into BTC.)

Person-to-person transfer (e.g. remittances)? It'd probably make more sense to
use Xoom or Transferwise where available.

The big (legitimate) use for Bitcoin international money transfers is dodging
capital controls imposed by illegitimate governments, e.g., you're in
Venezuela and you want to send money to your family in Colombia/Brazil/US.

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phil21
> Goods/services purchased from a business? Given the fees for completing a
> Bitcoin transaction, I'd say no unless you start getting into at least mid
> three-figures USD. (That's not counting any fees to convert fiat into BTC.)

what? 15-20 cents is not a major transaction fee, especially when compared to
WU and other alternatives

You may have had a point with fiat conversion fees which can be hefty, but you
specifically didn't count them.

I've only paid a > $.50 transaction fee on the bitcoin network for about 45
days during the huge runup in Nov/Dec 2017. Any other time and the fees are in
the double-digit cents for nearly guaranteed confirmation on the next block.

Edit: Whoops, just saw your reply. Leaving this up for posterity :)

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decentralised
Sure it does. Under normal circumstances, Bitcoin or Ethereum transactions
cost only a few euro cents regardless of the amount transferred, while
international remittance businesses always charge much more.

I read somewhere that the top 3 money remittance businesses (WU, etc) make as
much profit as we (EU + US) spend in international aid. If those in the
diaspora can send money back home without these middlemen, we could all stand
to gain.

