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Is bitcoin a viable way to transfer money from one currency to another?

When I say viable, what I mean is: is it similar or lower in cost to other currency conversion services e.g. xoom.com or bank-to-bank transfers and does the benefit of the conversion rates outweigh the potential risks involved.

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Most exchanges charge around 0.5% per transaction. Assuming you go both ways, that can be around 1% of your total conversion. You will also lose money to another fee when transferring coins back to fiat. A second consideration worth noting is the volatility of the coins. You may gain or lose money during the time that you are converting from one currency to another.

The risks are still up in the air. Cryptocurrency is like the wild west, and its exciting! Maybe you'll be the one to create the new cheapest currency conversion service ;)

  • the 0.5% is commission yes? So that is in addition to the conversion rates they use, which may also be a few pips higher than at other exchanges. Also is it correct to say the exchanges are updated on an hourly basis? So the volatility is manageable for calculating the conversion. – jiggunjer Sep 21 '17 at 10:01

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