Bitcoin- crypto currency allows you to receive or send money instantly and securely around the world without middle man.Sounds great but too good to be true from our experience.We decided to do honest big sum transaction between two countries using fiat and bitcoin.Member of family from country A sent 25000$ to country B using wire transfer.It cost almost nothing 15$ and transfer cleared in less than 4 hours.It was done a 8 month ago.Bank did not even ask anything about it.Any questions where the money came from.(Cool yea) Now lets talk about bitcoin transfer.
Member of family from country A sends (25000$) 4 BTC (6130$ ea) to country B.Transaction time less than 1 hour and cost about 40$.Country B decided to cashed out because he cant pay with bitcoin for services.He sends bitcoins on exchange- transaction cost about 40$ once again.Exchange charges about 2% for instant sell.On the next step he uses wire transfer to deposit money to bank.Cost 1$ and almost 1 day to clear transaction.At this point I would prefer Fiat over bitcoin because all process is too complicated but story is not finished yet. The Exchange reported my transaction history to authorities quite while ago.Today I am sitting by the table with a few letters in hands from tax revenue asking me to confirm transaction between exchange and my bank.On other letter they stating that i have to pay taxes on 4 btc (6130$ ea) because bitcoin is an investment asset.Right now I am force to pay taxes and loose quite a lot money but its OK.Conclusion is..... Huh

Fiat->bitcoin->fiat is wrong. Wink

hakeris123

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