by sunnshine » Thu Dec 10, 2015 4:12 pm
walkjivefly wrote:sunnshine wrote:They're pretty great for transporting money across borders.
If you had USD$15k that you wanted to get to Australia but didn't want to carry on the plane, nor pay huge banking or transfer fees it would be super easy to just go to a bitcoin ATM (or find someone who does bitcoin services) and deposit all the cash, and then go to another btc ATM on the other side and pull it all out.
Easy
Except that when you went to make your withdrawal they might be worth half or double or nothing of what you deposited in the first place. Oh yeah, and bitcoin ATMs are as common as rocking horse poo. But apart from those minor niggles, a great plan.
Edit to fix typo.
There's always that risk with any currency fluctuations. Holding onto bitcoins is always a gamble, but if you need to make any black market transactions, do any international transactions without mass fees, or just want to get your money in-and-out quickly then it is better than many financial products.
Bitcoin ATMs can be found in most big cities, but even then, it's not impossible to just sell up and have the $$ transferred into a paypal account, or to find someone through a btc forum that would be willing to trade a few.
With btc you can keep the government out of your business, and their hands out of your pockets.
[quote="walkjivefly"][quote="sunnshine"]They're pretty great for transporting money across borders.
If you had USD$15k that you wanted to get to Australia but didn't want to carry on the plane, nor pay huge banking or transfer fees it would be super easy to just go to a bitcoin ATM (or find someone who does bitcoin services) and deposit all the cash, and then go to another btc ATM on the other side and pull it all out. :) Easy[/quote]
Except that when you went to make your withdrawal they might be worth half or double or nothing of what you deposited in the first place. Oh yeah, and bitcoin ATMs are as common as rocking horse poo. But apart from those minor niggles, a great plan.
Edit to fix typo.[/quote]
There's always that risk with any currency fluctuations. Holding onto bitcoins is always a gamble, but if you need to make any black market transactions, do any international transactions without mass fees, or just want to get your money in-and-out quickly then it is better than many financial products.
Bitcoin ATMs can be found in most big cities, but even then, it's not impossible to just sell up and have the $$ transferred into a paypal account, or to find someone through a btc forum that would be willing to trade a few.
With btc you can keep the government out of your business, and their hands out of your pockets.