It highly depends on the country and the amount. Also there is a time factor here, where it may take days to weeks.
Over lightning, depends on the route, but in general, a fraction of a cent. And it will arrive instantly.
Essentially this all comes down to it being just more efficient. Western union hast to pay for staff and buildings and the actual physical moving of funds, while with Bitcoin you have none of that since it is natively digital. The software you need to interact with the system is completely open source and maintained collaboratively by companies and users that need it.
So the fees can be incredibly smaller because the whole operations cost is so much lower. The legacy system canât really compete with that.
Itâs not about building an economy on it necessarily. I was just talking about a real world use case that actually right now is in the process of disrupting the industry of global payments. I believe there are many more such use cases like it, we will see how that goes.
Itâs between two different banks on two different continents. There is another one where he literally streams money to the other person every minute.
Every single part required to do this is open source. We could set this up here together between us and stream money between each other without any one of us having to ask a bank or anyone. You could right now setup a shop and start to receive payments without needing any accounts with any company and it works on a global scale.
Iâm not sure how much more clear I can describe how disruptive this technology is. At some point you either get it or you donât.
Iâm not sure why you are still assessing the whole thing with your gut feelings instead of using your brain and actual facts, but I guess in the end that is your problem.
The snarky comments usually means âout of argumentsâ.
No thatâs not the price. The price is, that people use a lot of electricity to add the block containing that transaction to the distributed . Itâs a price that someone needs to pay.
Nope. Thatâs where you are wrong, you are imagining things.
I hear you use that word âdisruptâ and I donât think it means what you think it does.
I guess âdisrupting global money transfersâ means something else in whatever language you speak. I propose you change it into âchange the wayâ and add âwill workâ. as that would at least give the assumption you mean well. And as usual the rebuttals you give age like milk.
In the current global context, Bitcoin becomes interesting again, there are a lot of scared, desperate people. Bitcoin will do well during the chaos and murdering that is going on.
Well english is not my first language. What I mean by that is âdisrupt the established payment railsâ because we suddenly have something much better that will replace it.
And this is all about how banks and companies like paypal, cash app etc move money around the world. The user will probably not even see a lot of this.
And you just continue to make empty statements like that without actually saying anything of substance. You donât even have arguments for your position, not even bad ones it seemsâŠ
Yeah Iâm sure it will now be blamed to help evade sanctions
I feel like this discussion has run itâs course again. I donât have any problem if you have a different opinion, but in the last few posts it was mostly just empty statements like âit ages like milkâ or âitâs still a scamâ. I actually put some time into writing my answers, but I will not do that if I only get dumb Anderson level comments to it.
TLDR : half of crypto transactions are used for scams or laundering, says steam president. NFTs are promoted by people who are making the issues they solve up.
Now?
Itâs technologically made to evade rules set by governments, itâs called the âfils a papaâ-coin, made for people who grew up with too much money yet didnât mature and looks at economy like a child.
Itâs a global network. Which government should be able to control it? The US? China? Russia? The G8?
In the same way, that internet is constantly used to evade censorship rules by governments. Should there be tighter control over the internet protocol to make sure that canât happen? Which government should control it?
You need to do some more thinking about this man.
I said multiple times now that I agree that most crypto are scams or at least useless â â â â â â â â . There is a huge difference between Bitcoin and crypto. Itâs like Astronomy and Astrology, some canât hold them apart either, but they are fundamentally different.
I can tell you donât read the news and have no clue whatâs going on out there. It might be better if you keep quiet and save yourself from looking silly. Itâs not even funny what happened to Brittany Spears.
I advocate the liberation of people who are in a bad situation. you should read more.
Iâm doing it right here. And I look around for information but I do get some really creepy vibes, but try and understand. It would be like people in the world would have to choose an exchange by popularity⊠imagine what kind of financial sh*tshow would start between them? Once they have the âaverage joeâ because they get a certain percent.
Secondly, taking away the financial control of a country is bad, you proved it by saying you donât like the USD as a legal tender for El Salvador. Yet you want it to be Bitcoin and claim the poor will get rich by mining. Then I see the President of that state and his cronies mine, like the FED+US Mint but without any oversight or economic analysis. I donât think the word âpoorâ means what you think it means. I suggest you replace it with âthe shady people that prefer personal wealth/power over peopleâ if you do that I agree you are honest and maybe mean well, but I think Bitcoin and crypto are not changing anything for the betterment of the many.
No, we are showing all the evil of crypto and you are showing the good. No one should be silenced. This forums is here to voice opinions. People can have different opinions and one can only learn to read as much information as possible.
People that have too much money and fame for their own good require strong shoulders and good friends. They are preyed upon by people who say they mean good but just want money.
Money doesnât solve problems. Pseudo valuables like crypto-tokens neither solve anything. I donât doubt you believe what you say but the means you use (crypto) arenât going to solve any issues those people have.
This whole Brittney Spears conversation reminds me of that Simpsons episode where Chief Wiggum and other police run into a room where someone had been murdered and and the first thing Wiggum says is âOh My God!! Someone took a bite out of the cakeâ
The means to earn a little bit of money through mining crypto passively will help people. Also I believe what Brittany spears went through was wrong and Iâm glad she was able to get some kind of freedom through the use of BTC. So I guess it solved part of her problem, she wanted privacy and didnât want her father watching her every purchase and she got it.
I can only tell you my background and experience, I was low income, crypto along with my computer skills did help to increase my income and I see absolutely no reason why it canât help others like me.
In your situation it may have helped you earn money, although your actual use of bitcoin seems to be somewhat limited - you sell hashing power for people to mine non-BTC coins, you receive payment as BTC which by your own admission you convert to GBP.
BTC doesnât seem to provide you with any benefit, there would be no practical difference if Nicehash paid you in GBP.
There is also a massive distinction between someone earning what is considered a low wage in a wealthy economy (UK minimum wage is ÂŁ18,532/$24,800/yr for 40 hour week), which still provided you sufficient money to buy the equipment required, and the levels of poverty seen in many areas of the world where people simply wonât ever be able to spend $100s on electronics when they can barely afford to eat or live (lowest 10 average annual incomes worldwide are less than $540).
Even ignoring the monetary investment, you note that a certain level of knowledge is required. Where does this come from?
While mining may allow non-wealthy people to generate some passive income, there are still clear barriers to entry which exclude the poorest and/or least educated from it.
Incorrect, I have the option of storing the BTC in a cold wallet on Coinbase for investment purposes. The only reason I have not done this is that I am paying off debts from my low income days, they would like payment in GBP.
Once my debts are paid I will have a look at investing some BTC in the hope the value will be raised in a few years to come.
It comes from reading forums and watching youtube videos on the matter. Nicehash has an amazing forum and it was a great help, also reddit is very good. If you look at my earlier posts you will see a link to an article about two 14 and 9 year old boys earning $28,000 per month with the help of their father and youtube.
And now there is hope, All it takes is people from the community of these high poverty areas to kickstart a group mining operation. Yes it will be hard work, and I know there are people within these high poverty areas with similar or better computer skills than me or at least the ability to learn computing and crypto. A Dell or HP computer from 12 years ago can mine crypto something could be set up where people donate unwanted working computers, I am sure there are investors who could trade 8GB GPUâs to these people and they just have to send a little bit of BTC to the investor once they mine it.
Poor people are strong and resilient and i have every confidence they will find a way to invest in hardware/crypto mining.
The thing with crypto is that it will bring internet and computing to these high poverty areas which is a good thing as it will increase opportunities.
Someone have to paid, in this case its people believing in future gains that are investors. People who pay real money for some new crypto, and there is a vide choice to buy some. Its like placing bets, and to keep the system going you need real money investment.
This is going somewhere, but not in the good direction for those who buy crypto with real money. Same as its not going in good direction for those who bet, who gamble their money away.
This can be proven/disproven by understanding how many people have made money from investing in BTC, I know crypto has created lots of millionaires and still can.
The amount of BTC one has stays the same if it is not spent, it does not just disappear. It is only the value of the BTC one has that changes. So yes, a trader can lose Value in their BTC. but they only lose money when they choose to sell it at a lower value than they brought it.
It would be nice to see you get there and I admire your tenacity on finding a solution and using it to solve your financial issues. Itâs nto because it works for you that it works for all people.
Itâs a fantastic idea and I hope somehow it gets done. But itâs a flawed business plan.
Who will install and maintain the PC hardware? Remeber itâs 12 years old. At least you need to maintain the fans and add lube ya know.
Who will install, monitor and maintain the PC software?
Who will pay the electricity bill (monthly and yearly end calculation)??
It would take around 1.5 years 100% of turnover to pay the investors back without an interest. At what point do you see a profit with which we can pay the people who work on it? It doesnât scale and isnât a business. Could be some kind of hobby with financial risk. Because prices of energy might triple in the next years. Did you research even the âresourceâ you use to create bitcoin (or whatever crypto #InBeforeButItâsDeflectionCoin) ?
Pray For Matt! ;D