What do you use crypto for?
oppositeinvictus.comI moved to another country and I use it to send money back to my family in my home country.
It's by far the cheapest and fastest option. It takes less than 30min to transfer between my bank accounts.
It works something like this Deposit->send from and to an exchange - > convert to local currency - > withdraw into bank account
The total cost ends up being about 1.5% including the exchange rate. With my normal bank it takes up to a week and the total cost ends up being about 4~6% Even if I was converting currency at an airport the exchange rate tends to be worse than 1.5%
1.5% of $2000 is $30.
My online bank will send any amount to a SWIFT coded bank account anywhere in the world for a flat $25 fee when paying USD. Delivery within 24 hours.
Once your family receives the crypto, what does it cost them to withdraw into local currency to actually pay bills? For example, Coinbase charges 1% plus "standard network fees".
I'm curious what your process is. 1.5% is pretty pricy. Typically, you should be paying 1bps to convert your cash to stablecoins, a few cents to send those stablecoins, and then redeeming them for free on the other side.
Just my impression but the single biggest use of crypto has to be speculation --- hoping that a bigger fool will pay more than you did.
In every crypto use case I have examined, the overall total cost of crypto transactions fees actually exceeds that of fiat. If this doesn't appear to be true, it is usually because the final fees required for the recipient to convert a crypto payment into practical real world currency are being ignored.
losing money and complicating my otherwise straightforward tax returns?