stable crypto currency for transactions

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Forums › Finance and wealth management › stable crypto currency for transactions

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sudo

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Ultimate Geek

#2739440 6-Jul-2021 08:41

Handle9:

I'm not sure why OP wants to use crypto instead of a currency.

Crypto will probably provide some very interesting use cases for transactions but at the moment it's way too wild west and fragmented to be much use. At the moment it's primary use is gambling/speculation.

Two use cases.

I'm seeing a few internet facilities (tip jar/donations/subscriptions) that are using crypto.

It's becoming more common to send remittances with crypto. Avoiding dilution from margins/exchange rates and high wire fees. You send it to a trusty intermediary and they give cash to the remote person. Where before someone sends a larger amount monthly/quarterly, you are able to send smaller amounts more frequently with your phone.

freitasm

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Geekzone

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#2739442 6-Jul-2021 08:48

For money transfers, the hassle of buying crypto (which will require using some foreign exchange, and the large ones seem to not offer all services to all countries), having to give identification (including name, address, passport copies) to a third party in another country is too much of a security risk. Then you have to send the crypto you bought to a third party that will relay cash to someone.

Just open a Wise account and transfer cash from your bank account.

Batman

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#2739447 6-Jul-2021 09:02

I think stable crypto is an oxymoron

sudo

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Ultimate Geek

#2739515 6-Jul-2021 10:23

freitasm:

For money transfers, the hassle of buying crypto (which will require using some foreign exchange, and the large ones seem to not offer all services to all countries), having to give identification (including name, address, passport copies) to a third party in another country is too much of a security risk. Then you have to send the crypto you bought to a third party that will relay cash to someone.

Just open a Wise account and transfer cash from your bank account.

So for my friend who wants to send his aunt in Uruguay a casual $500 in Pesos to pay for replacement dentures, how would she receive it via Wise? From a crypto perspective there is a local shop, that knows her personally, and will give her cash after receiving the appropriate transfer.

From what I understand a lot of poorer countries have been using crypto for small remittances, due to lower overheads than banks (I agree Wise seems a lot lower) and convenience (local people who are invested in crypto are happy to unload cash and also make a small fee)

freitasm

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#2739517 6-Jul-2021 10:24

If she has a bank account, she will receive in that account.

Handle9

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#2740196 6-Jul-2021 22:47

sudo:

Handle9:

I'm not sure why OP wants to use crypto instead of a currency.

Crypto will probably provide some very interesting use cases for transactions but at the moment it's way too wild west and fragmented to be much use. At the moment it's primary use is gambling/speculation.

Two use cases.

I'm seeing a few internet facilities (tip jar/donations/subscriptions) that are using crypto.

It's becoming more common to send remittances with crypto. Avoiding dilution from margins/exchange rates and high wire fees. You send it to a trusty intermediary and they give cash to the remote person. Where before someone sends a larger amount monthly/quarterly, you are able to send smaller amounts more frequently with your phone.

There's a heap of non-crypto ways to do this. Wise, currency fair, ofx etc make this easy. I remit monthly to NZ via currency fair and it works extremely well.

Crypto is just introducing a lot more variables that are not necessary.

ScuL

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#2744541 15-Jul-2021 12:17

Lol, reading this thread is like a time-warp back to 2013.

Crypto is the future, it will change the financial system as we know it forever. If you don't get on board now you will infinitely regret it later in life.
Bitcoin is a store of value, it is not necessarily intended for transactions, it's digital gold.

There are many cryptocurrencies that you can use for stable transactions, USDT, USDC, BUSD, it really depends on what is available on the sending end and on the receiving end.
Not all exchanges support all coins and not all exchanges are available in each jurisdiction.

If you are in NZ buying through Easycrypto is probably the path of least resistance, or you can make payments through Binance with your debit/credit card. Then send the funds to the wallet on the receiving end.
For USDT try using the TRC20 network rather than ERC20 as it has lower transaction fees.

Haere taka mua, taka muri; kaua e wha.

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