I wonder how much of this is money laundering, illegal drug producers, and countries avoiding US sanctions on their use of the SWIFT banking system. Stablecoins aren’t anonymous, but with transfers through multiple wallets and disguised end parties, they can be very hard to trace.
Yeah, and acceptance is the biggest issue. Try paying for groceries or staff or a car in stablecoins. I personally would love to do all those things also with anything that isn’t Visa/MC/Wise, but everyone and their mom does local bank EFTs for nearly nothing, so they’re locked in there.
Even if I move stablecoin from a US bank account to non-US local cash, I’m going to have to eat fees in excess of what Visa takes, or MC and my bank just going to the ATM, right?
I suppose it depends on your specific situation.
USD->USDT 1%. Then less than $1 for transfer to local exchange. Then USDT-> local currency is ~$0.50. Finally, withdrawal to my local bank account ~$0.50.
So total crypto fees are 1% plus ~$2. The ATM fees for me are 3.75% plus ~$7.50.
Also, the ATM is limited to ~$1000 per withdrawal transaction so for every extra transaction add ~$7.50.
Right, so let’s say any major African economy. Kenya, Ghana, Morocco, ZA. Going from USD into local currency.
At this point it’s apparent that you are anti crypto and trying to find any excuse to justify your opinion. Maybe you can find a situation where your opinion is validated but I’m not going to research it for you.
I gave you actual numbers from my experience. What makes you think I will have the numbers for any other situation besides my own?
Anti? My friend, I’m asking how I can use stablecoins in my daily life without doxxing myself.
Like, is this practical for me or not? I’m genuinely asking.
I shared the math for my situation, you need to do the math for your own situation.
Start with the cost of USD->USDT or even another coin you choose. Let’s call this amount W.
Then the costs for transferring to another exchange. The exchange should be able to convert from USDT to your local currency.* Call this amount X.
Then the exchange withdrawal costs. Call this amount Y.
Finally the local bank fees for deposit, if any. call this amount Z.
W+X+Y+Z= your total transfer costs.
*If you cannot find an exchange that allows selling crypto for your local currency then you will need to sell it for another currency. Then withdrawal that currency to your local bank account. That bank will charge fees for conversion so you will need to factor that in if applicable.