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RE: Earning Salaries in Bitcoin: Examining then Pros and the Cons
charges on withdrawal could be as high as 5% or more
Do you mean banking fees, crypto-exchangers fees or something else? Anyway, this is too much. Crypto-exchanges charge you normally 0,1-0,3 percent. Banking fees, mostly between 0,1-0,5 percent. I know it depends on the country but 5 percent seems exaggerated.
Another question is, if taxes on loans or taxes in crypto-incomes are higher in your country. Most people have to spend the big part of their salary immediately, to live.
Well, thanks for your observation. I agree that in most countries the fees may be significantly lower. But in Nigeria, one could lose as much as that or close to that to local exchanges who buy far below the standard Dollar/Naira exchange rate. The figure you quoted was based on that assumption. Thanks for pointing it out.
So high? Interesting. "Banking the unbanked" - that's why cryptos and Facebook Libra are promising in developing countries...
Exactly the point. I know bankers who have been sacked for buying cryptos. With no legislation, fees are crazy here.