Transferring money

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Space Cat
Rank: Chile Forum Citizen
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Location: Valdivia

Re: Transferring money

Postby Space Cat » Thu Jan 05, 2017 8:16 pm

the19trier wrote:The bitcoin exchange is too bad to mean anything now for transferring money.

I can't see the problem if both in and out exchanges are trusted and well supported. SurBTC looks promising.

Between exchanges it's a pure math function working and you can transfer small enough amounts one by one to stay safe. So if it can avoid all the Chilean bank paperwork, I'd like to try maybe.

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Space Cat
Rank: Chile Forum Citizen
Posts: 622
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Transferring money

Postby Space Cat » Thu Apr 13, 2017 12:19 pm

I sent US$1300 to my landlord's Santander account via Transferwise recently.

It arrived without an issue in 3-4 days, converted to CLP with a good exchange rate (659). The fee was US$19.

bert.douglas
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Location: San Diego, California

Re: Transferring money

Postby bert.douglas » Thu Apr 13, 2017 1:15 pm

Bitcoin has reached the limits of its capacity to process transactions. It is not as scalable as was hoped. The limit is about 300k transactions per day. Fees are about $1 per transaction, regardless of the amount of money in the transaction. As demand increases, the fees will go up further. This will eliminate the lower sized transactions.

The bitcoin community is deadlocked over various competing proposals to increase capacity. It is now nearly impossible to make any fundamental design change.

All the gateways/exchanges between bitcoin and national currencies are now tightly regulated. So bitcoins can be traced back to real people. The blockchain is a public ledger showing *all* bitcoin transactions.

So it looks as if bitcoin may be used mostly for medium sized business-to-business payments.

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Space Cat
Rank: Chile Forum Citizen
Posts: 622
Joined: Thu Dec 04, 2014 9:20 pm
Location: Valdivia

Re: Transferring money

Postby Space Cat » Thu Apr 13, 2017 1:34 pm

Yes, I heard about issues with scalability but overall these problems are not important for my case since I don't need small transactions or anonymity.

I need some stable way to get salary-sized amounts of money to Chile without explaining "freelancing" and "selling apps on the Internet" to banks every time. (And more important - not spending time in all these lines!)

Transferwise and SurBTC make these transfers domestic and (if I understood correctly) clearance-free, but Transferwise's $3k monthly limit is not suitable for big purchases.

I was also looking at PayPal but there's 2-3% hit on multicaja.cl exchange rates (tried their calculator now: US $10,000 converts to around CL $6,338,150 – it's US $9,768).


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