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This post was edited by gork at 2013-10-29 19:34|
Anyone who has tried to send a cheque abroad will have found their banksters have hit them with a big fee for having done nothing and this will be on top of the poor exchange rate, with its appalling bid-offer spreads.
Now if you want to send cash abroad, you need do no more than use Bitcoin, saving yourself the fee and the fraudulent bid-offer spread. This is an angle that Max Kiester seems to have missed. The market for funds transfers by migrant workers, for example is considerable. Paypal and Alipay also enable this.
So not only is the renminbi now traded directly in the UK, Singapore, Japan, Australia and soon N.Z., but Bitcoin is already an international currency.
On a scale of faddishness, gold might be at 10, Bitcoin at 4 and tulip bulbs at 1, because tulip bulbs were just a short term fad. On a scale of worth, tulip bulbs might be at 5, gold at 4 and bitcoin at 0, because Bitcoins have no worth other than as currency, whereas tulip bulbs can be enjoyed. On a scale of preservation of worth, Bitcoin would be at 9.9, gold at 9 and tulip bulbs at 1. On a scale of tax avoidance, bitcoin would be at 10, gold and tulip bulbs at 4.