Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by olliej on Thursday June 11, 2020 @08:48PM
(#23494821)
With a wire transfer you have to provide a swift or such routing number a bank name, an account holder name, and an account#. All of which have to match.
Then there is a processing period during which it can still be cancelled.
Finally the dispute resolution process (the law) can force the transaction to be reversed - taking money back from the recipient account.
None of that exists in bitcoin. Especially given you can’t necessarily identify the miner or recipient to contact to reverse the transaction, even if they wanted to.
We’ll just ignore crypto transactions taking $$$s per transaction, taking minutes to hours to complete, and consume more power than some countries.
Then there is a processing period during which it can still be cancelled.
Finally the dispute resolution process (the law) can force the transaction to be reversed - taking money back from the recipient account.
None of that exists in bitcoin. Especially given you can’t necessarily identify the miner or recipient to contact to reverse the transaction, even if they wanted to.
We’ll just ignore crypto transactions taking $$$s per transaction, taking minutes to hours to complete, and consume more power than some countries.