How to buy bitcoin with PayPal in the Philippines Finder ...
How to buy bitcoin with PayPal in the Philippines Finder ...
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Initiating a bank transfer or Paypal from Vietcombank without being in the country?
Even though I worked legally and could theoretically do an international wire transfer, I'm leaving Vietnam on the 24th and get paid (probably 20M dong / $900) on the 1st, so that's not an option because I won't be able to physically go to a VCB agency. I could pray that my debit card works internationally and then withdraw small amounts every day in Japan/Brazil/Philippines, but that incurs steep fees (I'm assuming $5 per transaction with a $100 transaction limit which would amount to just shy of $50 or 1.1M dong in total fees). Not to mention that ATMs are often very finicky with international debit cards. So one thing that I'm considering is buying Bitcoin. I found a website that accepts VND and has much cheaper fees than the debit card method above. It doesn't seem 100% safe, but beggars can't be choosers. It accepts bank transfers and Paypal as methods of payment, so my question is, can I easily use one of those to extract my VND from my VCB account without being in Vietnam? Or in other words:
Does Vietcombank online banking allow bank transfers to another Vietnamese bank (or even another VCB account) without me needing to go to an agency?
Is it easy to set up a new Paypal and link my VCB account to Paypal, so that I can then use Paypal to pay the website?
There's been some fantastic work done in this subreddit spreading disinformation researching, criticising, and debunking bitcoin and its sacred cows over the past year, which I would like to celebrate. So here's some posts I saved on bitcoin-related topics. But I started saving things too late... So if you have and/or remember any great posts from the past year, dig them up and post them here. Also, unironically, maybe someone should start a buttcoin wiki First, three pieces of investigative journalism from Buttcoin's top minds. Here Charlie_Shrem examines the environmental impact of bitcoin mining. Key finding: For every Bitcoin transaction, 47 kilograms of CO2 is released into the atmosphere from the miners alone.
Current hash rate: 261,900,382 GH/s Number of transactions per day: 71,331 If we assume rather conservatively that 1GH/s = 1 watt on average, then this would mean 261,900,382W is being used to power the network. We can simplify this to 261,900 kW. Some miners can do better than 1W per 1GH/s, but many if not most do worse (i.e. 2W per 1GH/s to 10W per 1GH/s). Going by the figure of 0.527kg CO2 / kWh found on this page, 0.527kg CO2 x 261,900 kW x 24 hours = 3,312,511.2 kg CO2 per day Now, 3,312,511.2 kg CO2 / 71,331 transactions = 46.44 kg CO2 per transaction For comparison, even going by this Coindesk Article, an ATM produces daily 3.162kg in CO2 emissions. 0.25kwH x 0.527kg CO2 x 24 hours = 3.162kg/day. That means that the carbon emission for one Bitcoin transaction is equivalent to about 15 ATMs processing perhaps hundreds or thousands of transactions in a day combined.
Earlier this month Frankeh abruptly interrupted remittance-focused annular onanism by issuing a challenge: to find a single instance where bitcoin works out cheaper than a fiat alternative. In case you need to ask... Nope.
Right, there's a bunch of circlejerking happening in /Bitcoin right now so I think it's time to cut through the bullshit one way or another. Country to send money to. The biggest remittance markets are China, Indian and the Philippines. I believe that since /Bitcoin often gives the Philippines as an example of successful Bitcoin remittance then it is the perfect country to use in our challenge. Country to send money from. According to this wikipedia article Malaysia and Canada have the biggest expat Filipino communities. 900,000 and 500,000. So I think we should do the calculations based on both countries. The methodology Most people are not paid in Bitcoin. This is a fact. So for our calculation you must start with fiat, and end in fiat. We're not doing these calculations based on future utility of Bitcoin (No, neo. I'm saying...), we're doing them on the current utility. We will also be doing a bank to bank remittance, because that is nice an constant. We don't need to take into account pick up locations Bitcoin remittance allows and pick up locations normal remittance allows. They'll vary too much. Time will also not be taken into account, as time doesn't actually matter when it comes to remittance. Now, Bitcoiners might shout about this particular rule but let me explain my logic behind this. A foreign worker gets paid every Friday. They start the remittance process on the Friday and regardless of if it takes 0, 3, or 5 days their family back in their home country just needs to base their life around money coming in on remitters pay day + 0, 3, or 5 days. Time taken is of no real value when it comes to remittance. All that matters is that it consistently arrives on day x. As such, any remittance services that take over 5 working days are to be ignored for the sake of this challenge. The amount The amount is going to be 25% of the average wage in each of the countries. This isn't extremely scientific because it doesn't particularly need to be, and the figures are hard to come by. So 1826.75 MYR for Malaysia and 1,398 CAD for Canada. Don't bother complaining about these, they're just examples. Few more ground rules
We're going to be going from bank/bank card to bank regardless, so we're not interested in banking fees on either side. They will be the same regardless of Bitcoin or WU (for example)
It must be from local fiat to foreign fiat.. You can't palm off the conversion fee to the receivers bank to keep fees down.
Any remittance service can be used, as long as Bitcoin is involved for people fighting the Bitcoin corner and Bitcoin isn't used for people fighting the WU (or similar) corner.
You must go through the process and document all the fees for each. Fees to look out for are currency spreads, transaction fees on exchanges, etc
Finally a recent thread, but commendable all the same. Hodldown presents some research leading to facts overturning years of knowledge in the bitcoin wiki. Even us shills have been laughing at bitcoin's pathetic capability of 7 transactions per second. It turns out, we were out by at least a factor of 2:
The average number of transactions per block right now is: 665 transactions The average block size is 0.372731752748842mb. That means the average transaction is 0.00056049887mb. Which means 1mb of transactions (the limit) is 1784 transactions Assuming a 10 minute block (a whole other can of worms) that means there is 10*60 seconds. 1784/600 isn't 7. It's a 2.97. Bitcoin at a technical level can not handle even 3 transactions per second.
On the transaction side: the Bitcoin community seems convinced that banks are ripping them off (which imo they are not), and that it can be fixed by applying some magicsauce over a transaction that is facilitated by banks regardless. So far in practice I haven't seen any evidence of the 'fast' 'cheap' and 'easy' transactions, like most recently with Mollie. They usually compare the fees of BTC>BTC transactions to the fees of Chase Mastercard > a fucking nomad in the Sahara (with consumer protection) to prove their point. The community also seems convinced that the entire world banks the way America does, not realizing that in Europe banking has been dirt cheap for years. And the security... oh boy the security. Half the population can't manage to go without a virus for one year (not an actual statistic), and now you expect them to secure their coins? People are dumb as shit, and software is always one step behind the exploits. We could of course create Bitcoin banks, but then there isn't much left of the original idea. On the 'intrinsic value' side: what the hell is wrong with people. If the underlying product is no good in any aspect, why is it worth much? Right now (that's like 5 years after introduction mind you) BTC is used in 3 types of transactions: Silk Road, SatoshiDice & extremely questionable transactions. It does its job well in that aspect, and that's all it will ever be. The community just turned the technology into a giant ponzi, and they don't care as long as they get paid. The people actually doing business in Bitcoin probably don't care about the price that much.
Someone who deleted their account, on the argument that merchant adoption is a cause of the price drop:
That's just an excuse butters use for the price going down. There's no real difference between selling bitcoin for fiat and exchanging bitcoin for goods and services. Both are a form of sale of bitcoin, an expression of preference for something other than bitcoin. If on balance, there's more flow of bitcoin into fiat, goods or services than there is a corresponding opposing flow, then it is simply the market expressing the view that bitcoin is overvalued. Therefore, the reduction in the value of bitcoin (as valued in fiat) is a sincere expression of the market's view of what the correct price for bitcoin is. Think of an example: A true believer has 20 BTC. He exchanges 10 BTC with Dell for a whizzy server. Dell (or another intermediary) sell the 10 BTC at an exchange in return for fiat. The market price of BTC goes down. The price goes down, simply because a true believer cut his bitcoin holding, he got out. He thought having a server now was worth more to him than 10 tickets to the moon. Which is an expression of a negative view of the future value of bitcoin. A simple "aggressive" sale in trading parlance.
My understanding is that "Satoshi" had been trying to solve the technical problem of convincing a bunch of anonymous, volunteers to maintain and protect a distributed ledger, with no central authority. He thought that he had a solution, in the form of a protocol that included PoW, miner rewards, longest chain, etc. The solution seemed to work on paper; but, as a good scientist, he started an experiment in order to check whether it would also work in practice. For that experiment to be meaningful, it would have been enough if the coin was mined for several years only by a few hundred computer nerds, with the cooperation of some friendly pizza places and bars. The US$ price of the coin was not important to the experiment, and it was never meant to be a weapon for libertarians, a way to buy drugs or evade taxes, a competitor to credit cards or Western Union, a sound investment or item for day-trading. All those "goals" were tacked onto it afterwards.
bob237 comments on the the absurdity of coinbase and it's touted 'rebuy' scheme,
It gets even better than that, actually. A lot of bitcoiners don't like 'losing' bitcoin, and so coinbase added a popular 'repurchase bitcoin' feature that automatically debits your bank account to replenish the BTC in your coinbase account after a purchase. The ultimate result then is that you pay coinbase fiat, they take their cut, and then send that fiat on to the merchant. All 'bitcoins' used in the middle of the transaction are not really bitcoins, but just abstractions in coinbase's internal [off-chain] accounting system. It's a crap version of paypal, no consumer protection and a ton of fees hidden in the spread when you buy your chuck-e-cheese tokens from them.
saigonsquareexplains why ubiquitous tipping isn't the the killer app that it has been touted as, and why bitcoiners may fail to grasp this
Most people understand that there are different sorts of interaction. There are purely social interactions, there are quid-pro-quo interactions, and there are market interactions. Mixing those up causes embarrassment and insult. I wouldn't try to pay my mother-in-law ten bucks for cooking Christmas dinner, and I certainly wouldn't try to pay her ten cents. If a waiter suggests I try the raspberry tart, I won't get away with offering to bake him some cookies next week in compensation; if an office mate suggests I have a slice of her birthday cake, I'll be insulted if she brings me a bill for it. If I spend an hour helping my friend move apartments and he thanks me, I'm fine; we're friends helping each other out. If he pays me two bucks, I'm insulted; he's canceled the social nature of the interaction and instead simply bought my labor for a fraction of its going rate. I'm up two bucks but down a friend. Ancapspergers, not particularly understanding any sort of interaction more complicated than buying a cheeseburger at Wendy's, assume that all interactions are a form of market transaction, and set pricing accordingly. Normal humans get offended by a penny shaving, because it cancels the social nature of the interaction and turns it into a market transaction--and then informs the recipient that his contribution to the transaction was of negligible value.
Buying Bitcoin with PayPal (Beginner’s Guide) By: Ofir Beigel Last updated: 8/16/20 Even though PayPal has been very favorable of Bitcoin in recent years, it’s still an issue to find credible places to buy bitcoins with PayPal in 2020. This is mainly due to chargeback issues (here’s a short video illustrating this).This post will cover tested methods that will allow you to overcome ... How to buy bitcoin with PayPal in the Philippines Step-by-step instructions on how to buy bitcoin and other cryptos using PayPal in the Philippines. Tim Falk Updated Mar 1, 2020. Fact checked. Promoted. Crypto.com App. Buy BTC and 50+ other cryptos ; Pay by bank transfer, PayPal, credit or debit card; Take advantage of a wide range of extra features; Go to site. Navigate Cryptocurrency ... Bitcoin Debit Card. Easily spend Bitcoin anywhere like cash. Bitnovo. Bitnovo has a prepaid debit card in Euros that can be recharged using Bitcoins instantly. View. Bitstamp. Bitstamp offers debit cards denominated in USD. Cards are charged with USD from bitcoin. View. Bitpay. Load dollars onto your BitPay card using any bitcoin wallet. Funds are ready to spend in seconds. View. Wirex. Global ... Wirex’s slick light-green debit card supports conversion from several major cryptos, has a native built-in utility token (WXT), and gives users 0.5% BTC on in-store purchases through its ... Although you can’t directly convert bitcoin to PayPal money, some of the exchange services will do this conversion for you. These exchanges act as an intermediate and thus making bitcoin to PayPal exchange possible. The most important bitcoin exchanges do not provide the service of exchanging bitcoins into USD or EUR and then making a fiat withdrawal to your PayPal account.
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