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kain

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  1. Interesting, I didn't think about it that way. I agree it is more expensive and it takes much more time to transfer money between bank and crypto exchange. I have no experience with other exchanges, I use Bitstamp and their withdrawal fee for SEPA is 3 EUR - this is crazy and absolutely unusable for me considering every single payment. However I personally see no need to transfer money from my Bitstamp account to my standard bank account, perhaps once a time but not very often. I simply consider Bitstamp account to be just another bank account where I can hold and convert any asset (fiat or crypto) and use any channel to receive / send payments (blockchain, SEPA etc...) But I understand what you mean, it might be better to have you money in bank, it is more secure due to insurance etc. Obviously I also have my money in a bank and I would never send everything to crypto exchange. I'm using crypto for international payments only. Anyway thank you all for your replies. Now I see it is really vital for crypto to be adopted by financial industry and incorporated into common financial services. Otherwise it will be used only by madmen like us and it will never succeed.
  2. No we are not market-makers or something like that. To be more specific, we're friends interested in history, genealogy and numismatics, so we exchange our collectibles or assist collecting new coins, banknotes etc. And we pay each other via XRP. And once in a while I also process geographic data for my friend currently living in Canada. It is mainly routine manual work (digitizing maps and georeferencing raster data using QGIS/GRASS) at fixed hourly rate he pays via XRP. It is not a big business - but that is exactly why I still find it amazing you can send small amount say $30 and it is delivered in seconds, for negligible fees and you can convert to EUR immediately. I just wonder whether there are also other people using XRP in similar way.
  3. I have successfully sent and received money several times between EU, CAD and US via XRP. Yes, me and my partners, everyone has his own exchange account (Coinfield, Biststamp, Kraken) so these were "raw transfers" - no financial service providers, no insurance etc. But we all trust each other and we're willing to accept the risks, eg. XRP address incorrectly entered - and these mistakes we try to avoid by sending initial small amount of XRP, rest is always submitted after receiver's confirmation. Based on this experience I can honestly say there is no easier, cheaper and faster crossborder money transfer service - especially regarding small amounts. In the XRP context we often hear about utility... What about you, are you just holding and waiting for regulation clarity and adoption by banks? Or have you already had the opportunity to utilize XRP for yourself or for your business?
  4. Considering procedure I have described above, your goal is met, fees are low, transaction is blazingly fast. Tested. It works. And you can transfer any amount of money, only limit is liquidity and regulations. I'm curious what you mean when you say entering the stock exchange is expensive? Please see transfer/trading fees at Bitstamp, Coinfield or any other exchanges.... Actually I have also been looking for cheap and fast money transfer service and found XRP as the most suitable. Moreover, working globally
  5. Let's assume legit money transfer: Sender in Europe having Bitstamp account wants to send EUR, Receiver in Canada having Coinfield account wants to receive CAD. 1) Receiver provides Sender his Coinfield address and destination tag 2) Sender in Europe sends EUR from his local european bank account to his Bitstamp account (SEPA payment) 3) Sender use EUR to buy XRP at Bitstamp 4) Sender sends XRP from Bitstamp to Receiver's Coinfield address + destination tag (provided by Receiver in step 1) 5) Receiver receives XRP at Coinfield 6) Receiver use XRP to buy CAD at Coinfield 7) Receiver sends CAD to his local canadian bank account Flow: Sender's bank (EUR) -> Sender's Bitstamp account (EUR) -> EUR/XRP Bitstamp exchange transaction -> XRP transfer from Sender's Bitstamp (withdrawal) to Receiver's Coinfield (deposit) -> XRP/CAD Coinfield exchange transaction -> Receiver Coinfield account (CAD) -> Receiver's bank (CAD) It is possible. Same for other currency: USD, GBP etc. I suppose fees far below 1% You need liquidity in both exchanges (Bitstamp, Coinfield) and regulatory clarity, especially to send/receive big money. Or you can wait several years for the banks to implement this kind of flow into their financial products and become their customer
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