Re:Bitcoin Halving Just Occured
by doyoureallytnot on Monday May 11, 2020 @05:40PM
(#23147425)
> it shouldn't take more than a couple hours
That's simply not true. It takes days for most banks to "settle their books", before which any money they've transferred hasn't really gone anywhere.
For day-to-day expenses for us common folk that's not really a concern but for big sums of money the recipient will want a little more certainty of the transaction having completed.
This can take weeks with some banks too.
(Source: I work for a major bank)
Re:Bitcoin Halving Just Occured
by hocuspocus on Monday May 11, 2020 @07:48PM
(#23148824)
Well your employer sucks then. It certainly doesn't take my banks days to receive a Swift transfer.
Re:Bitcoin Halving Just Occured
by chrisco255 on Monday May 11, 2020 @06:04PM
(#23147658)
This is another good point. Even for day-to-day transactions, VISA is not instant. The only thing that's instant is the authorization that you can spend X amount of money. But the actual transfer of funds from customer account to merchant account takes days. Whereas, again, with Bitcoin or crypto, it's minutes to settle.
Re:Bitcoin Halving Just Occured
by chrisco255 on Monday May 11, 2020 @05:59PM
(#23147607)
Ok, you try sending $50K or $500K to Argentina or Russia or China and let me know how quick your transaction goes through.
No, it's actually very easy. Moving 100k across borders with a SWIFT transfer would cost me $20-30 (and I'm a nobody, someone doing that a lot would switch to a business account and pay maybe half of that). And if you time it well (i.e. during office hours for the emitting, intermediary and receiving banks) it shouldn't take more than a couple hours.
And that's using USD. Switch to Euro as your medium and now it's costing you literally nothing or a few cents.