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0 pointslev998y ago0 comments

Currency exchange is a great bitcoin usecase.

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4 comments · 1 top-level

divbyzer08y ago· 3 in thread

The original idea was that one would exchange local currency for BTC only when needed, then transfer. The person receiving the BTC would then immediately exchange into their local currency. The result would be that either party would hold BTC for such a short period of time, BTC fluctuations would be negligible.

It should be a medium of exchange, but for now its a speculative gamble.

gulperxcx8y ago

What's the benefit of this over doing a direct exchange. ie. Local currency <--> foreign currency?

divbyzer08y ago

The exchange would require a large amount of various currencies in stock.

With bitcoin in the example I gave earlier, the only currency required by both local exchanges would be Bitcoin, simplifying.

bluetwo8y ago

Only think I can think of is that it is hard to trace, which is important if you are trying to get cash out of China or Russia (or probably other places).

Technically this use is still likely to be illegal.

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