Dan on Nostr: The foreign exchange money business is one of the largest financial businesses on ...
The foreign exchange money business is one of the largest financial businesses on this earth. A foreign exchange could mean be anything from a remittance worker sending money to his mom, to a huge Corporation buying aircrafts. Of course the little guy pays the highest fees. The daily trading volume of money from country to country is $6.6 trillion! Of that the fees to banks are at least 1%. This is at least 66 billion a DAY in fees !
Can you imagine the disruption that BITCOIN represents to this business? Right now, a company could send $10 million in bitcoin to business around the world for a .0005 % fee+-. Not only is that a dirt cheap fee, but FINAL settlement of the transaction takes place in less than 10 minutes. A remittance worker in the USA sending $1000 in bitcoin to Africa would encounter a fee of about $2.50.
The world of finance is about to be flipped on its head. Studies of 2nd, 3rd, and 4th order effects paint an awsome picture.
Can you imagine the disruption that BITCOIN represents to this business? Right now, a company could send $10 million in bitcoin to business around the world for a .0005 % fee+-. Not only is that a dirt cheap fee, but FINAL settlement of the transaction takes place in less than 10 minutes. A remittance worker in the USA sending $1000 in bitcoin to Africa would encounter a fee of about $2.50.
The world of finance is about to be flipped on its head. Studies of 2nd, 3rd, and 4th order effects paint an awsome picture.