Why such mean answer. USDC looks
Legit, I simply asked who were the auditors.
Legit, I simply asked who were the auditors.
I dunno about US wire transfers taking days. I've done a couple, and they take minutes.
*shrugs*
I think it has to do with higher amounts, but not my expertise so don't want to harp on it, but say $1M or $10M or $100M, how much fees and how much time? and if it involves across borders?
Final settlement is also a metric that's mentioned, say from a bank in NY to a bank in the UK for $1M?
Cryptos stablecoins transfers occur with millions of $ even hundreds of millions $ worth of transfers 24/7 and same time and same few $ fees between exchanges for the big traders some are wall street players
Mmmm, no clue on that level of transfer. But a transaction is a transaction. If you wire 100mil from place to place, I figure the money would go first, and questions asked later. And it would happen as fast as a hundred-dollar hamburger. I.E. The money would move and then questioned asked. So at least the money is now where you wanted it to be.
In my experience in the US, wire transfers of up to a million happen in very short order, although my bank calls if I initiate electronically to do voice verification/confirmation.
When I sent money abroad via swift it did take two days I believe.
When I sent money abroad via swift it did take two days I believe.
K
krugman25
Transferring stablecoin = click, click, click, 30 seconds later it's transferred.
ACH = click, click, wait 5-7 business days. Oops, reached 30 day transfer limit with this institution. Wait 30 more days, transfer second batch of funds. Wait 5-7 days.
Wire = providers, information, forms, fine print, etc.
I transferred $1,000 to friends in South Korea. Took me 5 minutes. 4 minutes for them to create a wallet and 1 minute for the transfer. This would have been nearly impossible with our wonderful legacy system.
Nothing beats crypto native transfers. Nothing.
ACH = click, click, wait 5-7 business days. Oops, reached 30 day transfer limit with this institution. Wait 30 more days, transfer second batch of funds. Wait 5-7 days.
Wire = providers, information, forms, fine print, etc.
I transferred $1,000 to friends in South Korea. Took me 5 minutes. 4 minutes for them to create a wallet and 1 minute for the transfer. This would have been nearly impossible with our wonderful legacy system.
Nothing beats crypto native transfers. Nothing.
K
krugman25
It's usually considered a humorous idiom. First time I've ever seen someone call it mean.
K
krugman25
Likely. Watch the entire world slowly become tokenized. Someday even stonks will be replaced with tokens: infinitely divisible, easily transferable, ultimately transparent, superior in pretty much every way.
How much is the fees for $1M wire transfer?
Genuinely asking to understand. $1M in stablecoins transfer is the same Ethereum fees as $1K, which varies depending on gwei and network congestion but for a pure transfer of ERC-20 tokens and not a defi transaction, I don't remember paying higher than $20, and certainly less than $50