Quote:
Originally Posted by Sandman_Good
Is there any reason why someone would do bitcoin over a p2p transfer such as moneygram or WU?
or request a check to be mailed.
Several reasons:
1) Speed- Cashout times from WPN to your BTC wallet is measured in hours... not days or weeks. From there, you can sell (at a cost) through local bitcoins and have cash that day or sell at a site like Coinbase and have the money in your bank account in 2-3 days.
2) Money movement- Max check is $2,995, MG is $900, WU is $550, debit card is $2,500, and Pay2Card is $2,500 and comes with a fee (these are based on what I have). Bitcoin is 10k per transaction.. with a 100k max per DAY. The other options can't come anywhere near that.
3) Security reasons- Too many cashouts to MG/WU and you can find yourself blacklisted. Checks can sometimes get caught up in the mail or bounce. There is a small worry about having your account closed with a site like Coinbase, but as long as you do what is suggested- send money from WPN to a different wallet or two before moving to CB- then you should have no issues.