Quote:
Originally Posted by Arnox
Which bank is offering you 0.5% to switch GBP into your local currency? The lowest in Australia would be 2.5% at most.
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Some banks have foreign currency accounts that let you trade (albeit with a fairly large spread) between currencies. It's just a transfer between your two accounts within internet banking.
Quote:
Originally Posted by Arnox
1 Bitcoin would cost 3246 pounds. It would sell in Australia for $5590. This is BUY rates for UK and SELL rates for Australia. The transfers would be instant. |
I can see one flaw in your example: you're using $5590 as the value, but the top 3 orders won't actually cover you selling a full 1 BTC. Those orders cover trading of 0.66866212 BTC for $3737.10, which is an average rate of $5588.92/BTC; to sell 1 BTC all at once would cause more slippage and your effective rate would be lower.
I also feel you're using the term 'instant' a little loosely... firstly your transaction needs to be incorporated into a block, which can take a few blocks, then the receiving exchange (in your example it looks like btcmarkets?) will wait for at least 1 network confirm. The block rate is nominally one per 10 minutes, but sometimes the delay between blocks can be many times that. So let's say 4 blocks to incorporate + 1 to confirm, which is 50 minutes (nominal) before cleared BTC is available in the receiver's account. The market could shift during that time.