BITCOINS- Transferring money overseas for free?

Moving money overseas is difficult and expensive.. the banks charge money to transfer your money electronically..

does anyone know if its possible to do transfers via bitcoins to send money instananeously overseas without or little charges?

reply to post by hamishsubedei


what is a bitcoin

reply to post by spartacus699

bitcoins are purely internet based, no central banking involved, but really hard to mine for. You need to have a like $3,000 computer to mine coins and lately its not even worth it, you'd be spending more money on your electric bill.

reply to post by neobludragon


Im mining right now, using an ASIC erupter. it gets approx 336 Mhps (0.0006000 bitcoin per day) Not much, i know, but I am not using my usb port for anything else atm. So far, I have been able to gather almost 15.00 usd with no effort. I am not gonna get rich by no means, but it is a fun experiment. I just wish i had been more serious about bitcoin when i first heard about it 2 years ago when it was a couple of bucks a bitcoin.
ahh well

hamishsubedei
Moving money overseas is difficult and expensive.. the banks charge money to transfer your money electronically..

does anyone know if its possible to do transfers via bitcoins to send money instananeously overseas without or little charges?

Normally, the company willing to buy your bitcoins will charge a small fee for the transfer to a bank. Rarely is anything free but, sure, it may be better than a bank. This system is great for selling things though, as the currency is utterly invisible to the outside or what you sold to receive the coins, but I'm not sure it's a perfect transfer system. It might however be perfect for money laundering, which isn't a terrible thing should one wish to avoid taxes on cash sales by a government who had no hand in the sale or creation of said items. good luck.

Bit coins are going through the roof at the moment. I bought my first for £64 in August it's now doubled in value. I'm not sure whether to get in on it, I don't have money to invest, but a doubling of value in less than 3 months is insane. People like Max Keiser, keep saying to invest in these things and if I had the money I would at least try and get a portfolio together.

Bitcoin is crypto currency. Like online cash. I don't understand the whole concept, but I believe thare is only a limited amount available to be mined. So unlike fiat currency, you can't just print more off when you need to.

It's an interesting concept for sure, I wish I understood a little more about them and how safe an investment they really are, but it seems the vulnerability of the global financial system is seeing these things rocket in value

woodwardjnr
Bit coins are going through the roof at the moment. I bought my first for £64 in August it's now doubled in value. I'm not sure whether to get in on it

My my advice? wait until there's a crash. It's not gold and it's going to flux a lot. The value crashed right after the Feds seized Silk Road and ripped off the owner of his coins, so like any other market, wait until it bottoms, buy what you can, sell when you feel it has maxed. It's not a spectator sport and also don't "all or nothing". If you sell, don't sell it all. That's a fine way to hedge.

reply to post by aptrgangr


It didn't take a massive hit after the SR closed and things picked up pretty quickly afterwards, but thanks for your advice, the whole process has given me a much better understanding of investing and the jargon involved. I only got one coin lol, just out of interest. Do you think it will crash anytime soon?