Re:Bitcoin is a Ponzi
by idontwantthis on Thursday October 07, 2021 @01:20AM
(#28782352)
$5-$20 for any amount is comparable or much less than almost any international transaction fee. If you're other option is transferring money out of the authoritarian country into your destination then this could be very attractive.
[ Parent
| on HN ]
I mean my bank (Monzo) charges $0.40 for a small international transfer, and $3.20 for one that is $1000, so depending on the transaction size in most scenarios for me personally bitcoins fees would be WAY higher and will presumably only grow more if Bitcoin gains further adoption.
The problem is that the Bitcoin fee is also payable on all domestic transfers too, which of course are free in traditional banking.
If your account is frozen for whatever political reason your bank can't help you. Bitcoin fees can be 15 cents. I think it is a dollar now. Plus the 10,000 or 100,000 limit you would have could prevent you.
Yeah but the question was about transaction fees so why are we now talking about freezing accounts?
Re:Bitcoin is a Ponzi
by lalaland1125 on Thursday October 07, 2021 @01:26AM
(#28782408)
Keep in mind that this purely the onchain transaction fee.
You are also going to paying exchange fees each way and those fees are likely to be quite large in authoritarian countries (as any illegal activity is generally more expensive).