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[deleted] t1_j1zbe58 wrote

Reply to comment by ScorseseTheGoat86 in Crypto and blockchain are not the technology of the future – prove me wrong. by Aquillyne

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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.

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[deleted] t1_j1zdslp wrote

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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

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[deleted] t1_j1zit9v wrote

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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.

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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

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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.

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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

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