51–57 of 57 posts
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The implication is that Bitcoin isn't "real" money. Never mind that money is a social construct and is useful whenever two parties agree on a common value.
I think the implication is actually that the person sending this transaction was also the recipient.
I've never moved around tens of millions of dollars, so I don't know what the usual procedures and fees are. I have moved thousands around between accounts, and the fee is a couple of dollars, a tenth of a percent. It's hard to believe that the fee percentage for a normal wire transfer for those amounts is higher than that. Given that, this doesn't seem like much of a big deal. I suppose it's neat, but when you're wo…
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Transactions without fees will eventually be processed and normally within 24 hours in my experience. On top of that miners are currently processing transactions with fees of 1000 satoshis with no delay. That's about $0.004 with the current exchange.
Is this an artifact of current network dynamics or is it explicit in the protocol? In other words, can I, today, send zero-fee transactions and reasonably (99.99% of the time or something) expect them to be processed by some _known_ deadline? (Be it 24 hours or a week or whatever)
For transactions without fees there is no way to guarantee anything.
Having been recently charged a 4% worse FX rate than the going rate in an 5-figure international wire transfer, a world where the current financial transaction system is torn apart cannot come fast enough!
For this kind of transfer I recently discovered and have saved tons of money using TransferWise. Their model is to charge a moderate upfront fee (0.5% for £200 and up), but then after that they complete the currency conversion always at the exact mid-market rate. The fee may sound like a lot at first, but as you discovered, all the banks "hide" their fee in atrocious exchange rates, such as the 4% mark-up you experie…
Anything below 1% and I'm totally happy.
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How would you go about setting something like that up? I assume this comes with quite a few caveats?
Sign up with a brokerage account, there are many. interactive brokers is one of the cheapest (I'm not affiliated). Then, link your two bank accounts with the brokerage. Buy/Sell you currency then transfer the funds via wire/ach...
Thanks!
I hope that the recipient intends to use those funds on the darknet or overstock.com, otherwise the fees for converting even a fraction of that sum into usable money will greatly exceed $0.04.
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No, it would cause a pretty big swing. Large sums like this are unlikely to be put on an exchange, though - they'd be done through a private sale.
You are misinformed. 217k BTC is only a fraction of the monthly volume traded on some of the largest exchanges: they trade 3-6 million BTC per month ( http://bitcoinity.org/markets/list?currency=ALL&span=30d ), so one could trade 217k spread over 30 days without causing swings. (Only if you did the trade at once, it would cause one sudden swing.)