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paypal, moneybookers.com - what options do i have?

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  1. #31

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    paypal, moneybookers.com - what options do i have?

    Quote Originally Posted by TheBrit
    What will be the advantage of Bitcoin then? Why would anyone want to use it if you have to jump through all the same hoops banks make you jump through now?
    Because for most people, in the so-called first and third worlds, it's soon probably easier to get a Bitcoin wallet and send and receive payments online than it is for them to get a bank account or (god forbid) online banking.

    Cheaper too, and no passport or minimum balance required. Requires nothing but a smart phone, and I hear that's already on most people's wish list even in the driest of all places on earth.

    The banks won't solve any of the problems these people have, they are just a pain in the butt. Hong Kong's domestic helpers experience this first-hand, many banks (all?) simply don't want to have them and if they do they charge an arm and a leg.

    Just one of many reasons in my opinion why I think a digital currency such as Bitcoin is unstoppable.

    I think the KYC rules will be mainly for the modern world and for moving money in and out of Bitcoin. This (moving money in and out) will become less important as time goes by. Just think of how "universal" Facebook is. How long will it take the world to have a universal online currency of some sort? It didn't take Facebook very long and in some countries people use it without realizing they are on the internet (I am still not in Facebook by the way).

    Speaking of high risk transactions, the airline industry seems to be happy about moving away from credit cards:

    http://www.economist.com/blogs/gulli...lights-bitcoin

    Earlier this month, UATP, a payment network for airlines, announced it was teaming up with Bitnet, a bitcoin processing platform, to offer 260 of the worlds largest carriers the option of accepting the currency for flight bookings. UATP merchants provide 95% of global airline capacity, counting among their ranks mainstream brands such as British Airways, Lufthansa, Delta Air Lines and Southwest Airlines. The company also works with 130,000 travel agencies, plus big rail operators such as Amtrak.
    Last edited by 100LL; 27-02-2015 at 06:26 PM.

  2. #32

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    Quote Originally Posted by TheBrit
    What will be the advantage of Bitcoin then? Why would anyone want to use it if you have to jump through all the same hoops banks make you jump through now?
    Cost. Inter-jurisdictional legacy banking systems are awful and expensive.

    Bitcoin will offer transactions at a fraction of the cost

    The KYC issues are probably similar but can be applied to only certain transactions that involve institutions.
    wayland likes this.

  3. #33

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    Quote Originally Posted by East_coast
    Bitcoin will offer transactions at a fraction of the cost
    Bank could offer whatever they do for a fraction of what they charge now.
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  4. #34

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    Quote Originally Posted by East_coast
    Cost. Inter-jurisdictional legacy banking systems are awful and expensive.

    Bitcoin will offer transactions at a fraction of the cost

    The KYC issues are probably similar but can be applied to only certain transactions that involve institutions.
    KYC and compliance with regulations all costs money, and the service provider stakeholders want to earn a profit. None of this goes away with Bitcoin if it goes mainstream.

  5. #35

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    Quote Originally Posted by TheBrit
    KYC and compliance with regulations all costs money, and the service provider stakeholders want to earn a profit. None of this goes away with Bitcoin if it goes mainstream.
    Only certain transactions need KYC and other compliance issues. If I want to pay a plumber in Vancouver from funds in Hong Kong. The legacy systems are slow and expensive. P2P with a non fiat currency is fast and cheap.

    Only one way to determine - wait and see.

    Governments that lay down laws to enable innovation will probably allow their societies to reap the benefits. Hoping it goes away doesn't seem a good strategy
    100LL likes this.

  6. #36

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    Quote Originally Posted by East_coast
    Only certain transactions need KYC and other compliance issues. If I want to pay a plumber in Vancouver from funds in Hong Kong. The legacy systems are slow and expensive. P2P with a non fiat currency is fast and cheap.

    Only one way to determine - wait and see.

    Governments that lay down laws to enable innovation will probably allow their societies to reap the benefits. Hoping it goes away doesn't seem a good strategy
    You have a very naive view of the world I'm afraid!

  7. #37

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    Quote Originally Posted by TheBrit
    You have a very naive view of the world I'm afraid!
    You are probably correct but shifting money around is overly complex at the moment and ripe for a disruptive technology.

    People do seem ready for a change

    Name:  where would you bank.png
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    And quite a few are theorising about it

    http://bit.ly/1wpp8yj
    Last edited by East_coast; 27-02-2015 at 07:09 PM.

  8. #38

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    I would like free beer and unicorns, but just desiring things does not make them happen. How much do you think sending a SWIFT message costs a financial institution today?


  9. #39

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    I am not desiring Bitcoins merely pointing out that the current highly regulated and protected banking systems are ripe for disruptive technology taking some aspects of their business away.


  10. #40

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    I thought the beauty of Bitcoin was peer to peer transactions, banks and governments not invited to the party!

    What's the attraction of tiny transaction fees, near instant, private movement of money that can't be quantitatively eased?

    But criminals could use it I hear you say. Considering the litany of crimes committed by banks with fiat currency in the last few years - now that really is rich.


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