Post
Topic
Board Bitcoin Discussion
Re: How does Bitcoin work?
by
alexander00915
on 28/06/2020, 03:34:57 UTC
It's quite rare to have banks doing international bank transfers without fees in terms of the exchange rate and stuff. Bitcoin does offer a lot more advantage for it's fees and the exchange rate savings. It's pretty uncommon to see those transfers being done in 10-30 minutes either.
I am unsure if PayPal is treated as a bank too, but there are ways you can do transfers with it without fees and instantly. It is pretty common for banks to allow free and instant transfers under specific conditions too, such as the destination account being registered at the same bank.

If by exchange rate savings you mean the rates you get when exchanging fiat to fiat through a bank versus when you buy or sell cryptocurrencies, it is a hit or miss. In order to get a good rate for cryptocurrencies, you generally have to use centralized platforms so we go back to what I said in my last reply: Bitcoin is incomparable to centralized ways we currently have.

Peer to peer options exist, but it looks like the market still does not meet enough demand for decentralized options to be viable.


I agree that it's not the best for cryptos in general to be promoted this way but its really the main thing the general public cares about.
Then I am interested to see what happens to cryptocurrencies when national currencies on blockchain technology that allow free and instant transfers start arriving on the markets.