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BANGKOK 27 June 2019 19:15
DiSa

Do you use Bitcoin to send someone?

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Hi everyone! I was examining the money transaction to/from Thailand. It's a remarkable market. But I notice, fiat money transfers are very costly (based on World Bank data, tell me if I'm wrong).
I guess there is Dee Money for transfers doing from Thailand. But what are the solutions for transfer doing to Thailand?
I don't think people are happy with high costs. Does people use cryptocurrencies for transfer money? If they do not, what do they use for ? Investment, spending etc...

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On 5/13/2019 at 4:46 PM, DiSa said:

But I notice, fiat money transfers are very costly (based on World Bank data, tell me if I'm wrong).

 

How much does a wallet to wallet transfer cost for 1 Bitcoin? 

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17 minutes ago, JeffersLos said:

 

How much does a wallet to wallet transfer cost for 1 Bitcoin? 

In general, it's under 1 USD. 

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Posted (edited)

Have to also consider the bid / ask spread and withdrawal fees when converting to FIAT, and also the volatility - BTC/FIAT pairs regularly shift multiple % over a 15 minute period (image attached randomly selected from today, there are far more dramatic instances than this), and given the average confirmation time is greater than 15 minutes, it's a huge risk https://www.blockchain.com/en/charts/avg-confirmation-time


LTC would be a better option, much faster confirmation but the volatility is still there.

In answer to your question, for me - speculation.

 

 

 

Screen Shot 2019-05-15 at 11.39.32.png

Edited by rwdrwdrwd

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compare what you would get. I know people that use btc to send money from their home countries because they get a better rate. 

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Bitcoin is just an application of the blockchain. In this ecosystem you can transfer your money directly to others without any banks or third-parties in between. You can read here for more understanding: https://www.hb-wallet.com/blog/2018/09/13/what-everybody-ought-to-know-about-blockchain-technology?fbclid=IwAR19YOLaZPTD386bKTwOfuenJAyKfuOV1lpSfLf8LsWRVLlxaOou2lipA9A 

The link is safe no worries.

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One of the main advantages of using Bitcoin is that (when stored correctly, like with multi-sig) it's unconfiscatable and super safe. Also, your complete financial history isn't publicly online (as it is with XRP for example).

 

Still, if I were aiming at transferring money super fast, don't care about privacy and the other party will change back to Fiat, XRP or Stellar (XLM) would be my preferred choices at the moment, also because most exchanges don't charge fees for withdrawals. Both are factually centralized though and as said, all transfers are completely transparent, it's as if you would put your saving's account book history online...

 

For storage of value, there is no better choice than Bitcoin due to its low inflation and right now, the premise of rates going up rather than down. Also, Bitcoin enthusiasts have the goal to accumulate Bitcoin anyway.

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