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Comment by sanswork | Hacker News Reader

Would you not just pay the exact same fees minus the 0.2% bitstamp fee?

I assume the 3-8% you're talking about is the exchange rate but unless the place your sending money has a good local exchange with liquidity you're going to pay that anyhow having the money sent from the exchange to you.

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> Would you not just pay the exact same fees minus the 0.2% bitstamp fee?

No, because Bitstamp accepts USD, so you don't lose anything on the conversion rate (which is a crazy hidden fee that banks never mention).

Also Bitstamp has the best EUR-USD conversion rate I've seen. My bank's conversion rate is 2.5% worse than Bitstamp's, which is a huge freaking difference.

> I assume the 3-8% you're talking about is the exchange rate

For wire transfers - yes. For other means of transfer like PayPal, WesternUnion, MoneyGram there's also a huge direct fee, and a horrible conversion rate.

With our system you will just pay one fee to accomplish your end goal. The ACH debit and BTC transaction fee doesn't cost you any more. It should eliminate the 3-8% on exchanges for foreign currency, the wire transfer fees, and the BTC exchange fee. You'll just have one instead of 3. We're working to price it competitively.

True but thats not really a comparable result to be one discussed with 3-8% exchange fees. To be comparable the person on the receiving end would have to sell their bitcoin for their local currency. That would reintroduce the exchange fees.

Very true. That's why we offer employees the option choose what percentage of their paycheck to receive in BTC and USD (hope to add other currencies soon). The idea isn't to get paid in BTC and then to exchange it. We're idealists, but the idea is to get paid in BTC and use it!

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