Bitcoin is useless for money transfer

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Transferring £200 from UK to Indonesia is still cheaper on Azimo than using Bitcoins.

Here are the numbers (on 4 Jan 2014):

  • On Azimo transferring £200 is £195 net of fee, this will give me IDR 3,806,226.61.
  • Buying £200 on Bittylicious will get me BTC 0.37092883.
  • Selling it in Indonesia via a local exchange at BTC/IDR rate 9,795,700 will only give me IDR 3,633,507.54.

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