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

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  1. #41

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    Quote Originally Posted by TheBrit
    I would like free beer and unicorns, but just desiring things does not make them happen.
    An interesting overview of how various innovations are nibbling at the banking sector
    https://www.kpmg.com/UK/en/IssuesAnd...d-of-money.pdf

  2. #42

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    Quote Originally Posted by East_coast
    Governments that lay down laws to enable innovation.....
    Looking at the HK Goverments track record then Mondex springs to my mind, which flopped badly. Since most lawmakers in HK don't use online payments I have strong doubt anything positive and workable will come out.

  3. #43

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

    What exactly is the problem in Hong Kong compared to other places?

    I've used WorldPay in the beginning, then Citi and almost BEA for direct merchant accounts. PayDollar also for a while (and PayPal of course).


  4. #44

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    TheBrit,


    KYC requirements have stepped up considerably in the past couple of years. So why haven't transactions (wires) processing time gone up? Or costs?

    Yes it takes a level of resources to perform KYC but it's not going to make up the difference of a nearly instantaneous BTC txn compared to your International bank wire that takes days.

    Seeing as you seem to be so in tune with the banking industry. Why don't you tell us how much it costs to send a SWIFT message, and tell us what the breakdown (B&M overhead, SWIFT fees, labour costs, KYC, etc) of a bank wire costs.

    You said, "and the service provider stakeholders want to earn a profit". That's a huge difference right there. There are no shareholders on the blockchain. Miners get a fair reward for their work and if they charge too much, there are no regulations prohibiting another miner from doing the same work for a cheaper price.


  5. #45

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    The exchanges (real currency to Bitcoin and vice versa) will want to take a cut. Wire transfers don't take days - it is the processing on either end that can take time, depending on how modern/efficient the banks systems are. When I send from my UK bank to HSBC the money shows up a few seconds later. When I send from my Singaporean bank to my Japanese bank sometimes the money shows up 4 days later. They all use the same SWIFT infrastructure. It just depends on how much verification and manual work is required - some banks have automated systems... some don't.


  6. #46

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    Quote Originally Posted by TheBrit
    The exchanges (real currency to Bitcoin and vice versa) will want to take a cut. Wire transfers don't take days - it is the processing on either end that can take time, depending on how modern/efficient the banks systems are. When I send from my UK bank to HSBC the money shows up a few seconds later. When I send from my Singaporean bank to my Japanese bank sometimes the money shows up 4 days later. They all use the same SWIFT infrastructure. It just depends on how much verification and manual work is required - some banks have automated systems... some don't.
    I thought you were against Bitcoin but this post of yours shows the virtues of Bitcoin. In the idealistic Bitcoin world, there would be no need to exchange to fiat, thus eliminating that need for exchanges to take a cut. There are no weak links such as banks with manual procedures on the Blockchain.

  7. #47

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    Good luck living your your idealistic world. I inhabit what we call reality


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