XFers Launched Regulated Digital Singapore Dollar On ETH ...
500BTC for House - Viable?
Guy on Gold Coast (Aus) lists his house for 500BTC. At the time of listing 1BTC was AUD $12,804 - net AUD price 6.4Mil AUD. How viable is this..? (i know, it is a marketing ploy but lets discuss it) Scenario 1 - you actually have 6.4 Mil AUD in the bank.
AVG transaction fee for BTC at the moment is $7.92 AUD/transaction
this highest exchange daily AUD to BTC transfer amount I know of is $9000AUD - to get your 6.4mil to BTC you would need to do 556 transactions. Excluding exchange fees that is BTC fees of $4402AUD - not to mention it would take 556 days.
==> Totally impractical Scenario 2 - you go to the bank, under the factional reserve system they write you up a loan, for 6.4 Mil (frac ratio 10% so they have 640k AUD in reserve).
banks will not settle unless they control the money transfer themselves - ie they will not just give you the cheque - they will make sure it goes to the vendor.
how will the bank get 500BTC from their 6.4Mil AUD ..?
==> Seems even less practical Scenario 3 - perhaps there are other exchanges around the world with higher daily limits - US? but you likely can't use them unless you are a citizen of that country. Thinking.. use coinbase etc. SWIFT xfer 6.4Mil AUD to USD, then coinbase it from USD to BTC. As an aside, there is Stamp Duty payable under QLD state laws - though Stamp Duty is calculated against $AUD. if the place is changing hands for a 'trade of agreed value in BTC' - is stamp duty payable still ? how would it be calculated.? to my knowledge the GST and Stamp duty laws specifically reference $AUD, in this sense doing the trade in BTC is akin to trading in clam shells, is it not.? interesting.. anyone, anyone, Bueller..? House Link : https://au.news.yahoo.com/qld/a/38039040/queensland-man-lists-luxury-home-for-500-bitcoins/
Check out the Xfers Payout API on the RapidAPI API Directory. Learn more about this API, its Documentation and Alternatives available on RapidAPI. Sign Up Today for Free to start connecting to the Xfers Payout API and 1000s more! Quickly and easily calculate how much your Satoshis are worth in bitcoin and USD. Each bitcoin is equal to 100 million Satoshis, making a Satoshi the smallest unit of bitcoin currently recorded on the blockchain. See how much your Satoshis are worth if you sell them right now. XFers launched a regulated digital Singaporean dollar on Ethereum and Zilliqa named the XSGD stablecoin as we are reading more in our news. xFers and Zilliqa partnered and now they aim to launch a stablecoin called StratisX which will be pegged to the Singaporean Dollar and will be available from December 2019. Let’s find out more about this project in the altcoin news today. This is really a great article. There are many reviews on Bitcoin exchanges that are not available in Singapore or Malaysia and too little information for those who reside here. I use Coinhako a lot as Xfers is not working on Coinbase. It is very frustrating. I find it quite similar to Coinbase. It is easy to navigate and straightforward to buy ...
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