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RE: The joys & complications of my first BTC to cash exchange in Bali
Good one..
I also saw the bitcoin sign outside exchange in Kuta..
3% It is a normal "fee" for that kind of transaction.. Localbitcoins also has higher rate than typical exchanges especially when is for person to person exchange...
The same applies for fiat exchanges... If you use online forex, you make the prices...
Nice video though and for Bali is probably the safest way to exchange...
Better than having to carry cash from home and for sure better than using a credit card in Bali... (You should probably note the fees you have to pay if you use a foreign card in Bali or the risk to be scammed...)
Do you remember what was the rate he charged you? What was the price of bitcoin at that time and how many rupiah you got in the end?
I didn't make a note of the exact rate he gave me as I was so excited at the time just to be picking up the cash! Next time I will ask. And thanks for the advice regarding person to person exchanges. Didn't realise that these too had fees. Crazy really.
But yes 3% isn't all that bad considering what I've been through in the past getting paid in dollars, which I would then exchange to UK pounds before pulling it out of a machine as Rupiah, getting charged at every stage!