rish on Warpcast

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https://onchainsummer.xyz

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Ishika pfp

Two of my friends in India wanted to buy Apple devices. I purchased the devices for them here in the States. They repaid me using USDC on @base Funds arrived instantly. I was easily able to pay off the credit card bill for it immediately. This completely eliminated the previous logistical nightmare of waiting of dealing with rupee transfers, 3-5 day waits, and 8% fees. Sending money worldwide is now seamless, fast, and cheap. It's not just hype - crypto is changing how we handle international transactions. Its so based.

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Zinger ↑ pfp

How were you able to pay off the credit card bill immediately? Didn’t you still have to wait a few days to cash out the USDC to your checking account and then pay off your cc? (This is still cool, just wasn’t sure if there’s a faster method that I’m not aware of)

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Ishika pfp

I was using Juno which allowed for seamless instant deposit off-ramp they were covering the fee costs. But I guess now I would prob resort to Coinbase so yea would now have to way 3-5 days but at least I have ownership of the funds beforehand and there’s financial security backing it instead of always being in the grey area of no funds and waiting for the transaction to happen.

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Zinger ↑ pfp

Interesting, I’ll have to check out Juno I don’t think Coinbase is any better than traditional transfer methods tbh, still waiting just as long (if not longer) to off-ramp, really no better than Venmo at this point

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rish pfp

use coinbase card to buy the iPhone and then it’s instant spend, no off ramp needed

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Zinger ↑ pfp

Use Venmo card to buy the iPhone and then it’s instant spend, no off ramp needed :)

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rish pfp

But how do you get the money from India on Venmo? Venmo works in India?

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Zinger ↑ pfp

Yes, fair point, this is pretty good flow for international transfers https://warpcast.com/zinger/0x773bb29e

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rish pfp

yeah I don't think there is a strong value prop within the US yet till more merchants accept crypto, the real value prop is international transfers at this time

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Zinger ↑ pfp

Also to be fair this only works because of a centralized system (Coinbase) that’s just choosing not to charge the same fees as e.g. Transferwise

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rish pfp

Base is not comparable to Transferwise? I thought the international transfer was on Base? Only offramp is comparable to ACH, Coinbase Card is comparable to other cards, etc.

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Zinger ↑ pfp

Yeah the offramp piece I meant (transfers alone aren’t too useful until more merchants accept USDC as you said) These are good steps in the right direction though (esp for international transfers!), we’re just not quite *there* yet

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