It's extremely difficult and expensive to transfer money from one country to another. I live in Europe and you can transfer EUR money from one country to another for free; that's progress. But from the UK (in the EU but doesn't use the EUR currency) my bank only allows me to transfer £5k (US$8k) per day to other European countries, and each time I do it they charge me £25 for the privilege (US$40). I had a tax bill r…
I would think that those limits would be mandated by government and only implemented by the banks. There are various limits about trasnferring in excess of $10,000 of cash across national boundaries, and also to/from cash.
AFAIK the limits are imposed by government, but the fees are totally up to banks.
Hi, I'm Adam, I wrote this answer on Quora. Against my better judgement, I'm going to wade in here and make a couple of clarifying points. 1 - Scam. I regret using the word "scam" in my answer, because I think it overshadows the broader point I was making about Bitcoin's severe structural design flaws. After watching the community react to this debate, I'm pretty confident that the average bitcoin supporter is not in…
Thanks for posting here and on Quora. As someone with an economics background, it's nice to hear a sane explanation based on fundamental theory. I'm just surprised people aren't considering Bitcoins from a supply-demand standpoint. Why purchase Bitcoins in the long run unless you're laundering money or hiding from the government?
Frankly, because other currencies are devaluing so Bitcoin is acting as a store of wealth. Over the next 50 years, USD isn't going up unless there is a short-term panic.
I bought $30 of Bitcoin just a month or so ago. Obviously they've done very well so far and I'll just leave them indefinitely to see where it goes. Yup, that increases deflation. Nice, for a change!
Hi, I'm Adam, I wrote this answer on Quora. Against my better judgement, I'm going to wade in here and make a couple of clarifying points. 1 - Scam. I regret using the word "scam" in my answer, because I think it overshadows the broader point I was making about Bitcoin's severe structural design flaws. After watching the community react to this debate, I'm pretty confident that the average bitcoin supporter is not in…
What's the difference between the Bitcoin Concept if you leave out the computer algorithm solution to inflation and the unregulated exchanges that buy and sell their own created stock in privately held company's like Twitter and Facebook that has boomed in the last year or so? This will help me understand some of the concepts with this whole e-fiat money. Thanks.
Hi, I'm Adam, I wrote this answer on Quora. Against my better judgement, I'm going to wade in here and make a couple of clarifying points. 1 - Scam. I regret using the word "scam" in my answer, because I think it overshadows the broader point I was making about Bitcoin's severe structural design flaws. After watching the community react to this debate, I'm pretty confident that the average bitcoin supporter is not in…
I think everyone is missing the biggest factors here - faith and integration. The way something becomes currency, is that people believe it will still have value in the future, and it becomes widely accepted for goods and services. These are, by far, the two largest factors that could drive even a digital currency into use, by themselves. This is why Bitcoin is so risky - nobody knows if the general public (albeit the entire public) will eventually accept Bitcoins for their product. I'm pretty sure that if certain companies had not started accepting them as valid currency, the Bitcoin would already be worthless. But because companies, which are large groups of people, believed enough that the Bitcoin would be worth something between the time that it was received for a product and then spent again, Bitcoins survived and even increased in value. Since there is no way to know if people will want to use these other than to throw currency to the wall and see what sticks, it is extremely risky. I would NOT recommend anyone pay for Bitcoins with an already-tested currency such as cash or credit. If you are, however, interested in acquiring a few of these Bitcoins, try getting free ones for online services, such as "mining", completing surveys, answering captcha's, etc.