While I agree that those fees are extravagant and the underlying process should have been much easier, it probably would have been prudent to investigate the process first, before starting it. I can't imagine being unaware of fees associated with using Coinbase before perusing their services.
It’s easier and cheaper to use bank wires than Bitcoin
11–20 of 225 posts
Re: It’s easier and cheaper to use bank wires than Bitcoin
#12I don't think USD -> Bitcoin -> USD is really the way to go on this. If you are trading in USD, why would you move it into bitcoin and back again? You already had it in USD.
If you need to buy some groceries in the US, you wouldn't trade your USD for CAD (Canada money), then bring CAD to a grocery store that also accepts USD. You would only bring CAD if you already had CAD.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#13This article doesn't have any real discussion of Bitcoin itself, only the services that currently exist around it.
Bitcoin does not exist in a vacuum.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#14This article doesn't have any real discussion of Bitcoin itself, only the services that currently exist around it.
This article doesn't have any real discussion of Banks itself, only the services that currently exist around it.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#15This article doesn't have any real discussion of Bitcoin itself, only the services that currently exist around it.
[deleted]
Re: It’s easier and cheaper to use bank wires than Bitcoin
#16There seems to be a trend in articles claiming some technology is bad/a disaster/dead when really it's just someone uneducated in the platform trying to use it incorrectly or with misinformed assumptions.
Bitcoin is still an emerging technology. You can do things with it you can do with _anything_ else. You can create 100 wallets right now and start receiving bitcoin to them. Please show me how to do that without interacting with anyone with traditional bank accounts.
Bitcoin is here to stay and we're going to continue to discover interesting use cases for it. Sorry this guy is bailing before he learns what it's all about.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#17Re: It’s easier and cheaper to use bank wires than Bitcoin
#18Interesting article. But none of the problems described are actually with bitcoin. I see criticisms of CoinBase, WB21, TradeZero, Bitpay. All the problems were due to issues with exchanges & intermediaries and with handling USD. It seems the actual bitcoin part worked fine.
Interesting article. But none of the problems described are actually with fiat currency. I see criticisms of the Fed, Banks, Credit Card Companies, Credit Unions. All the problems were due to issues with exchanges and intermediaries and with handling USD. It seems the actual fiat currency part worked fine.
The point you have missed is that we don't need these intermediaries if fiat currency is taken out of the mix.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#19Interesting article. But none of the problems described are actually with bitcoin. I see criticisms of CoinBase, WB21, TradeZero, Bitpay. All the problems were due to issues with exchanges & intermediaries and with handling USD. It seems the actual bitcoin part worked fine.
Seems like this guy should have had some idea what he was doing before he trusted $6k to it.
He's also bitching about an overall 4% fee, which isn't a whole lot.
Re: It’s easier and cheaper to use bank wires than Bitcoin
#20Interesting article. But none of the problems described are actually with bitcoin. I see criticisms of CoinBase, WB21, TradeZero, Bitpay. All the problems were due to issues with exchanges & intermediaries and with handling USD. It seems the actual bitcoin part worked fine.
Interesting article. But none of the problems described are actually with fiat currency. I see criticisms of the Fed, Banks, Credit Card Companies, Credit Unions. All the problems were due to issues with exchanges and intermediaries and with handling USD. It seems the actual fiat currency part worked fine.
The difference is it's perfectly possible to use Bitcoin on your own without dealing with intermediaries.
But you can't send cash over the internet.