> Surprisingly not everyone overseas is linked with international terrorism as you imply.
Unless you're trying to send money to North Korea that wasn't my implication at all, I have family overseas to whom I manage to send money without crypto or getting overcharged.
There are tons of international remittance services already including Andreesen-backed TransferWise which charges ~0.85% or less to move money internationally. Much less than the sum total of the cost of buying coins on an exchange in one country, paying an on-network transaction fee, risk of huge swings in the asset value and fraud along the way and one more exchange transaction fee in the destination country.
Generally even WU is quite competitive. In markets where they appear pricey the cost is usually to de-risk things like political issues which are all borne by crypto too but opaquely.
For instance, the USD-INR corridor is almost fee-free on all services.
If you've got a ton of money to move, you may be best off opening an Interactive Brokers account and performing the exchange there. They take a commission minimum of $2, or 0.002% ($2000 per million) for the trade. [1] It's a $5.1T per day (legitimate) market after all.
This is not a particularly good example, it's a solved problem.
Uh sorry, Interactive Brokers is so cheap my math was off. They charge 0.2 basis points which is 0.2/100 of 1% (0.002%, minimum $2). So a $100,000 exchange would cost $2.00 and a $1,000,000 would cost $20.00
Unless you're trying to send money to North Korea that wasn't my implication at all, I have family overseas to whom I manage to send money without crypto or getting overcharged.
There are tons of international remittance services already including Andreesen-backed TransferWise which charges ~0.85% or less to move money internationally. Much less than the sum total of the cost of buying coins on an exchange in one country, paying an on-network transaction fee, risk of huge swings in the asset value and fraud along the way and one more exchange transaction fee in the destination country.
Generally even WU is quite competitive. In markets where they appear pricey the cost is usually to de-risk things like political issues which are all borne by crypto too but opaquely.
For instance, the USD-INR corridor is almost fee-free on all services.
If you've got a ton of money to move, you may be best off opening an Interactive Brokers account and performing the exchange there. They take a commission minimum of $2, or 0.002% ($2000 per million) for the trade. [1] It's a $5.1T per day (legitimate) market after all.
This is not a particularly good example, it's a solved problem.
[1] https://www.interactivebrokers.com/en/index.php?f=1590&p=fx