RE: CoinGecko News of the Day (March 20th 2019)
I don't think people will truly understand how massive the Binance Lite in Australia is. I moved from Australia to the US... and every move of money between the two has been a total nightmare... between absolutely massive fees, huge amount restrictions, business hours only and the constant overnight delays... as well as being told by my Aussie bank, who I'd been with for decades that the only way to transfer money was to personally visit a branch (I was in the US at the time), we've very nearly missed out on several large and important purchases because we couldn't access our own money... now we'll be able to do all that while buying some chewing gum. Absolutely massive! 5% is nothing compared to what the banks charge (and all those secret International Transaction fees).
Now Newsstands just need to accept Bitcoin and everything will be amazing.
Thanks for sharing your thoughts based on your personal experience!
To read from the headlines and imagining the possibilities is one thing.. But to get a first-hand experience of how such a development affects a person's day to day life makes the news much more enjoyable!
It is also very insightful to see that you think the 5% fee is acceptable. People from other regions who may not understand how things are in Australia might assume that such a fee will make it unattractive to mainstream use.
I'm not sure what it's like in Malaysia, but in Australia (unless you go to your own bank) there is outrageous fees everywhere. Some ATMS can cost $4.50 to withdraw cash... most places charge an extra 3% if you use an AMEX credit card, or 1.5% for other credit cards... SWIFT is super expensive, as is Western Union... getting a bank cheque is $25... Paypal charges both the seller/buyer, we buy a lot of stuff from overseas, and you tend to get charged an international transfer fee as well as a super noncompetitive exchange rate.
5% is a lot... but I have friends that have had their Australian bank accounts cancelled because they purchased crypto, so the convenience of Newsstands is just huge... and once you've got your BTC, the fees are pretty low from thereon.
A big reason that I love crypto now is because when we eventually move back to Australia, I'll hopefully avoid the money headaches in the reverse.