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InstantCoffee

Just made my first cross-boarder payment ever

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7 hours ago, LordVetinari said:

Not necessarily. XRP is intended to be used for wholesale transactions, billions - trillions of dollars. Bitcoin still may have a place in retail transactions, tens - thousands, even millions of dollars but the fees are the problem. 

This is easily the most wrong thing I've ever read on this forum. 

XRP per transactions costs are so minimal (sub-cent) that it's most suited for LOW value, high volume payments. The bar for entry is so low that two relatively poor people can transact without the transaction fees being greater than the transaction value.

Bitcoin is literally the opposite. $10-15 fees is many times the daily wage in many developing countries. How in the world can it be a retail solution?!

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Edited by hesque

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12 minutes ago, hesque said:

Bitcoin is literally the opposite. $10-15 fees is many times the daily wage in many developing countries. How in the world can it be a retail solution?!

Off-ledger BTC transactions are basically free...

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5 minutes ago, tulo said:

Off-ledger BTC transactions are basically free...

Off-ledger BTC transactions are also TRUSTFUL rather than trust-less transactions. Two mutually distrustful parties would have to wait for the next block to have confirmation as I understand it. Maybe I am wrong. someone can explain it better.

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6 minutes ago, hesque said:

Off-ledger BTC transactions are also TRUSTFUL rather than trust-less transactions. Two mutually distrustful parties would have to wait for the next block to have confirmation as I understand it. Maybe I am wrong. someone can explain it better.

Depends on the type of off-ledger transactions, but yeah, mainly they are trustful. But I mean...the trustless payments are gonna be utopia for a few decades.

Which merchant accepts straight BTC or XRP? They always go via a centralized/private third party.

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13 minutes ago, tulo said:

Depends on the type of off-ledger transactions, but yeah, mainly they are trustful. But I mean...the trustless payments are gonna be utopia for a few decades.

Which merchant accepts straight BTC or XRP? They always go via a centralized/private third party.

I don't get it, I thought the whole value proposition of XRP was that the XRP ledger settles with finality in realtime (3.5s which is more than enough for OTC payments) and that the weakness of BTC was the probabilistic nature of POW and 1+ hr it takes to settle (never an option for people who don't want to be in limbo).

The whole XRP value is rooted in it's real-time trustless settlement feature. 

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9 hours ago, LordVetinari said:

Not necessarily. XRP is intended to be used for wholesale transactions, billions - trillions of dollars. Bitcoin still may have a place in retail transactions, tens - thousands, even millions of dollars but the fees are the problem. 

fees and the amount of time the transaction is exposed to volatility because its slow

 

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5 hours ago, zenkert said:

I have to check that out next time I do a transfer. Thank You @tulo

Hej Zenkert,

they fx it to euro first in the swedish bank and then send it through SEPA.
there's no exchange fee,  fx to current spot price. And you don't pay for the cost of the receiving bank.
T+1 settlement. 
 

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10 hours ago, InstantCoffee said:

Your from NZ? me too. I made the mistake of buying for Bitprime the first few times now I usually buy from local bitcoins. Is it cheaper to buy from coinbase even with the $50 fee?

I buy from Gatehub using their trade platform their fees are .25% depending on currency, I haven't tried any other exchanges.

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