Re:El Salvador's Bitcoin use grows but headaches persist
by asdff on Thursday October 07, 2021 @05:04PM
(#28792060)
If its USD to USD in this case, why not mail a check? I wonder if you could even just scan a check and email it and use a mobile bank app to deposit a printed copy. Or even have the US relative log into the Salvadoran relatives bank account and do it all within the U.S.
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Re:El Salvador's Bitcoin use grows but headaches persist
by int_19h on Thursday October 07, 2021 @05:13PM
(#28792178)
Checks are not common outside of US and a few other countries. Checks from another country especially can be a hassle to cash, may take a long time (as in weeks!), and may require paying a percentage fee to the bank.
Re:El Salvador's Bitcoin use grows but headaches persist
by tombert on Thursday October 07, 2021 @05:17PM
(#28792216)
They're not terribly common even within the US. I refinanced my house recently, and and I had to order a new checkbook from my bank to do it, because I couldn't find the one they gave me four years ago. Every time I do have to write a check, I always have to "figure it out" again, which isn't exactly rocket science, but is a testament to how little I write checks.
Like most of the world, I use credit cards or debit cards or a cash sending app.
Re:El Salvador's Bitcoin use grows but headaches persist
by int_19h on Friday October 08, 2021 @06:03PM
(#28804662)
They're common enough for banks to universally support them. E.g. if you get compensation from some company (due to overpaid bill, legal settlement etc), it'll usually come as a check by default - and sometimes that's the only available option. I've also dealt with landlords and home repair providers that would only accept checks.
Re:El Salvador's Bitcoin use grows but headaches persist
by asdff on Friday October 08, 2021 @04:13AM
(#28796867)
yet you can still cash a check and write a check even if its not popular.
Re:El Salvador's Bitcoin use grows but headaches persist
by tombert on Thursday October 07, 2021 @05:10PM
(#28792141)
Well, I mean, mailing a check takes a long time, certainly longer than sending some bitcoin would take, even if it was free. Emailing a scan could work, but wouldn't that be completely trivial to abuse? If someone gets a Gmail password, they could just photoshop a the check to empty out your relative's account with very low effort.
I think blockchain kind of solves these two particular problems; the money transfers are relatively quick (around 20 minutes for bitcoin), and you have all this cryptographic goodness to minimize the potential for fraud.
Re:El Salvador's Bitcoin use grows but headaches persist
by asdff on Thursday October 07, 2021 @05:14PM
(#28792188)
It shouldn't matter how long it takes to mail after the first check is mailed, right? If the relative in the US is sending money every biweekly pay check and it takes 9 days or whatever to mail a check, the relative in El Salvador is still getting a check every two weeks, just nine days later on the calendar than payday.
Re:El Salvador's Bitcoin use grows but headaches persist
by hackingforfun on Thursday October 07, 2021 @06:23PM
(#28792865)
Lightning network transactions occur in seconds, if not milliseconds [1].