Why use Bitcoin for remittance? \ stacker news ~bitcoin

356 sats \ 5 comments \ @cryotosensei 17 Mar bitcoin_beginners

zaps forwarded to @expatriotic (30%)

@expatriotic shared how he remitted some money to his grandmother with the help of the Lightning Network ⚡️

Here’s the thing: what would you say to someone who asks you why use Bitcoin as a remittance tool?

Surely it’s easier to use shitcoins (Litecoin, Nano, XLM, ALGO etc)? No need to understand UTXOs.

248 sats \ 1 reply \ @expatriotic fwd 18 Mar

UTXO management can be a pain true, and I use coinjoin (whirlpool) to make 1 mil denominated UTXOs... But I like using the escrow systems in hodlhodl and peach because it's PEER-to-PEER... I'm not sure the infrastructure for trading shitcoins PEER-to-PEER is quite as robust and liquid to get in and out of fiat easily

52 sats \ 0 replies \ @cryotosensei OP 18 Mar

Thanks for reminding me about the escrow systems. Makes for good security.

I doubt shitcoins have infrastructure for peer to peer transactions in the first place. I confess that I used to use LTC to move my coins between exchanges. Yes I repent!

159 sats \ 2 replies \ @Bell_curve 18 Mar

For international faster and cheaper than wiring etc

Although travel wise is a good service

Sending money to Russia 🇷🇺 was challenging in 2022.

Full disclosure: I am a Russian asset. My job is to spread misinformation about Ukraine 🇺🇦.

31 sats \ 1 reply \ @cryotosensei OP 18 Mar

Thanks for sharing. How did you pick up the ropes for UTXOs?

10 sats \ 0 replies \ @expatriotic fwd 18 Mar

Just using good wallets that allow for tagging txs and allow spending from specific UTXOs. But mostly from using whirlpool and creating 100k and 1 mil UTXOs Good wallets like Sparrow, Samourai, Envoy.

https://m.stacker.news/21388