Viewing a single comment thread. View all comments

ScorseseTheGoat86 t1_j1zajbj wrote

Reply to comment by sirzoop in Crypto and blockchain are not the technology of the future – prove me wrong. by Aquillyne

Simply, the greatest use of crypto is just being able to transfer large sums of money to someone else without the use of an intermediary. I can send you 1 millions USD (or BTC) right now and you'll get it within minutes. We don't need to get an banks involved and we pay a lot less in fees if we did wire-transfer. But that's crypto 101 stuff, most people on here prob already know that.

So pretty much its just making money transfer more efficient. For that reason, I dont see it going away anytime ever. Our world is getting faster and faster by the day, so why would money be any different?

7

[deleted] t1_j1zbe58 wrote

[deleted]

6

resumethrowaway222 t1_j1zdajh wrote

BTC is about $2. International wire will cost you more than 20, and may take several days to arrive. There are instant options to send USD, but their fees are exorbitant.

2

[deleted] t1_j1zdslp wrote

[deleted]

2

babygrenade t1_j1zgocd wrote

What are you looking at? I don't use Binance but it looks like they charge a flat withdrawal fee of 0.0002 BTC ~ $3.33 for BTC withdrawals (sending on the bitcoin network).

https://www.binance.com/en/fee/cryptoFee

1

[deleted] t1_j1zit9v wrote

[deleted]

1

babygrenade t1_j1zjx99 wrote

>For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account.

It says a flat fee not a percentage. If you look at another chain ADA, for example, the fee is 0.8. I seriously doubt Binance is charging 80% of the value to make and ADA transaction. No one would use Binance if that was the case.

I use coinbase and that only charges the network transactions fee. They also wrap multiple outputs into a single transaction so if you're sending from coinbase you're splitting the network fee with many other senders.

2

Toss_My_Salad_Plz t1_j1zd9r6 wrote

And how long would the whole process for that wire transfer take? Are you sure it would only be $20 for 1M? You're cutting out the middle man using crypto

0

Bullmoose39 t1_j1zdbus wrote

You miss the point of bey able to transfer 1M between people. No taxes. No transfers. No records. View it how you will.

0

sirzoop t1_j1zdfte wrote

>You miss the point of bey able to transfer 1M between people. No taxes. No transfers. No records. View it how you will.

I am not missing anything. That literally falls under the definition of money laundering. That's literally the first use case I listed in my original post

5

indysingleguy t1_j1zdsac wrote

*and also untraceable.

Hmmm....who would really need to do this? Who could it be?

3

ScorseseTheGoat86 t1_j1zeh1m wrote

It’s not untraceable, if anything it’s more traceable than the fiat system. You can literally go look at every single transaction right now that’s ever been done on the blockchain. There’s exceptions like Monero, but most ledgers are available to the public.

5

1yellowbanana t1_j1zepo4 wrote

It’s not untraceable. It’s the opposite. Blockchain is 100% transparent. All transactions are public.

4