Re:What Bitcoin Is, and Why It Matters
by trevelyan on Saturday May 28, 2011 @06:31AM
(#2594250)
The same criticism applies to cheques as well as COD, but I don't see anyone saying they don't serve a purpose.
Assuming BTC becomes a generic unit of exchange, the currency promises to save me around $50 to $100 per international money wire and cut the time it takes to transfer funds down to a few minutes. I've had zero failures using the system to date (max transfer time of 20 min), and would need to see a 10% failure rate before it stopped making sense. And that's without even calculating the costs of relying on monopolistic intermediaries like banks for currency exchange.
Assuming BTC becomes a generic unit of exchange, the currency promises to save me around $50 to $100 per international money wire and cut the time it takes to transfer funds down to a few minutes. I've had zero failures using the system to date (max transfer time of 20 min), and would need to see a 10% failure rate before it stopped making sense. And that's without even calculating the costs of relying on monopolistic intermediaries like banks for currency exchange.