Value of bitcoin

I work as mortgage broker ( Australia ). Recently, I had a client who is building his dream house and wanted to get some help from his family from UK. He told me their family tried to transfer some money from UK to Australia but their daily limit to overseas transfer was £5,000 only but had to pay £50 for each transaction so while transferring £50,000 it would cost them £500 in top of that they would loss close to $5,000 in conversion ( bank fees and international transaction fees ).

He never heard of bitcoin and I explained him how it works and he was able to transfer money easily and instantly with bitcoin with much less fee. He was very happy.

I thank bitcoin and Satoshi for creating such magnificent means of transfer and store of value.

Edit 1: yes he will have to satisfy gift otherwise he might get trouble from ATO. I advised him on this.

Edit 2: he advised me that he used Huobi Australia to exchange it for Aud. They only charge 0.2% fee to trade so fee was much less compared to international money transfer.

Submitted November 13, 2018 at 02:15PM by zwalaa https://ift.tt/2PXvVmS