07 Aug '12, 8am

Why we need Bitcoins for international transactions

Why we need Bitcoins for international transactions Today at 08:18:20 AM #1 Reading the thread about the story of a man who deposited a fake check and ended getting his bank going from all nice to all not-nice. Let me tell you another one (about 1% of people who do international wires to us actually experience that). A man walks into a bank and asks for a wire transfer from his USD account to MtGox Co. Ltd. in Japan. He fills a form to send 1000 USD, and the bank teller inputs is faithfully. Later that day (or the next day), the bank's processing center processes the wire transfer and sends 1000 USD to the intermediate bank they are in contract with which claims being in contract with the receiving bank. So far everything is fine. Now, at the intermediate bank, the process is usually fully automated. It sees an incoming 1000 USD wire going to Japan. "Hey, in Japan they onl...

Full article: https://bitcointalk.org/index.php?topic=98988.0

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