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kain

Are you just holding (and waiting) or are you also actively taking advantage of XRP?

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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?

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15 minutes ago, kain said:

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?

Is what you're saying that you are doing a little bit of market-making/arbitraging between those exchanges with your partners? Or are you doing payments to eachother this way instead of having to send FIAT via SWIFT all the time?

Personally I have not used XRP for personal utility. From P2P not many of my friends do crypto, and the rails in Holland (and Europe as a whole) are fine and almost instant with good and easy functioning payment apps. But I can imagine having a company and having steady partners around the world sending eachother XRP and exchange it for FIAT would be a killer app. But today everybody needs personal Exchange accounts, self setup wallets etc etc.

If only someone would develop an easy to use app that does this for those companies ;) 

I did see an interview with a woman that had a lot of freelancers around the world working for her, and paid them in BTC years ago instead of using banks. Hope she is using XRP currently.

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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.

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1 hour ago, kain said:

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.

my conversion from Kraken to my bank account is not that fast or that cheap.

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3 minutes ago, itcdominic said:

my conversion from Kraken to my bank account is not that fast or that cheap.

This is the exact reason why XRP fails. XRP is fast as long as you don’t bridge it to fiat. 

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1 minute ago, Scout said:

This is the exact reason why XRP fails. XRP is fast as long as you don’t bridge it to fiat. 

I do think there is a different level for @Ripple partners on exchanges that do allow for a more profitable transfer...just not sure our basic exchange accounts affords us these options.

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3 minutes ago, Scout said:

This is the exact reason why XRP fails. XRP is fast as long as you don’t bridge it to fiat. 

This is why these new automobiles fail. It's only fast when you can drive on roads with tarmac on it, but which road has tarmac on it?

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1 hour ago, itcdominic said:

my conversion from Kraken to my bank account is not that fast or that cheap.

1 hour ago, itcdominic said:

I do think there is a different level for @Ripple partners on exchanges that do allow for a more profitable transfer...just not sure our basic exchange accounts affords us these options.

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.

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1 hour ago, kain said:

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.

Alternatively, you can be your own bank and convert to a stable coin and send to your own private address..  Granted that you won't earn any interest on those funds in your private wallet.. but at least you are using your own keys..

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16 hours ago, kain said:

Or have you already had the opportunity to utilize XRP for yourself or for your business?

XRP has completely changed the way we trade and do business...and it just started...faster and more efficient route or coming

- convert almost any fiat/crypto to XRP is fast accessible and at a very to almost no fee

- convert XRP to fiat is the same

- withdraw fiat to bank is just a few days or less almost everywhere with minimal fees and same day for OTC with even better fees for large amount

No one I know could have ever done that before...for such a small price...with such speed...

Just transferring fiat to fiat to a different country was a pain....took sometimes weeks...cost a lot more....and could be stopped any time for any reason especially if it's large amount...add conversion price that was always a few % ripoff...etc...

It was just impossible to do any kind of business then without taking bank fees into account...time delay... and just loosing a chunk of your profit to "banks"

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23 hours ago, kain said:

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.

Two reasons to avoid this:

1) These are taxable events in certain jurisdictions.

2) KYC/AML checks are required. Tomorrow when XRP is trading at 20$ and you want to cash out a large sum, they may ask you; "Hey who the heck has been sending these zerps to your account?" etc etc.. 

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6 hours ago, ed1 said:

Two reasons to avoid this:

1) These are taxable events in certain jurisdictions.

2) KYC/AML checks are required. Tomorrow when XRP is trading at 20$ and you want to cash out a large sum, they may ask you; "Hey who the heck has been sending these zerps to your account?" etc etc.. 

Another option is keep all your money in XRP/Crypto in your own wallet  .. and never cash out unless you need to buy something. If you also choose sellers of goods and services that accept crypto, then you never need deal with inflation or cash again..

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