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Comment by pjc50 | Hacker News Reader

> so many fees and loopholes for sending money even within the EU

Get yourself a bank which does SEPA properly.

Easier said than done at least in Spain. Poor opening hours and poor customer service. It's one of the reasons I'm a fan of crypto for the ease of transferring.

But the issue is lack of competition, not something that can only be solved by crypto currency. The original statement was that crypto is still looking for an actual problem to solve. Lack of competition and slow transfers isn't something related to crypto. Meaning, at a point Bitcoin took hours to work as well which a really high fee. SEPA apparently is 1 EUR and 10 seconds.

Ease of transferring seems dubious as well, crypto can also be slow or quick.

These are fair points, my reply was to the OP who said crypto was 100% hype and speculation which I didn't agree with. I'm giving a data point of crypto being useful for me, yes BTC has been slow at points but I've also had with each bank I've ever used (Natwest/Santander/Banco Sabadell/Barclays) points where my accounts were under maintenance and couldn't be moved.

  But the issue is lack of competition

And cryptos brings competition back in the financial space

Probably because historically banking licences where handed out to those sympathetic to the Franco regime.

Well, with BTC you don't need a bank at all.

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