Reply With QuoteTranslation he’s trying to go under the radar for tax purposes. Try to insist on bank transfer.
In short, I am buying some stuff from an artisan type of chap in Argentina. In response to my saying I can send him a bank transfer or PayPal payment, he says that for international orders he takes payment in cryptocurrencies, and mentions “USDT” and “TETHER”.
I don’t have the beginning of a clue how to go about this. But I’m sure someone here does! I’d appreciate guidance please.
Translation he’s trying to go under the radar for tax purposes. Try to insist on bank transfer.
You would probably need to setup a cryptocurrency trading account I would think such as coinbase.
Buy some USDT (will be charged fees) using UK pounds and then send the USDT to the sellers receive address.
As Rustbin says would be easier with bank transfer or paypal.
To be fair we don’t know and it’s not really my concern. I have a feeling the bank charges on a £150 transfer to Argentina might be extortionate so PayPal or Revolut (if it works there) might be preferable… but if there’s a way I can send money from one of those into something that will allow him to extract in his chosen cryptocurrency that would be ideal.Originally Posted by RustyBin5
Do you have any friends who dabble in crypto? It’d probably be easier to ask one of them to send the USDT over rather than go through the rigmarole of setting up your own account just for one transaction.
If the seller has PayPal I wonder if you can buy some BTC or ETH and send it to his paypal in crypto? I’m not sure if that’s possible yet.
You can see why these countries, like El Salvador are wanting to adopt crypto as a usable alternative to fiat currencies.
I’d start by asking him if he has a PayPal account that accepts payments in Bitcoin or Etherium. I’m not sure if they’ve gone live in Argentina yet.
If you have bought any crypto through your Revolut account, have a look at the three pips to the right of the 'Invest', 'Recurring' tabs where it says 'Send'. I guess it would be possible to get his mobile number, put it in your contacts and then send him crypto through that means. I think it works internationally. Obviously, you'd have to buy the crypto first.
What crypto will he take? I can do it for you - or as above if you have Revolut, you can buy within the app and send direct to his address.
Dan you’re a gent- thank you. I do have Revolut but to date have only used it for converting GBP to EUR, and making payments in those currencies. I’ll have a look to see if I can work out how to do what I need but may take you up on this if I don’t get anywhere.
Sure thing - just PM me if you need a hand with any of it.
A perfect example of how peer to peer payment systems, void of any extortionate-fee-charging intermediaries, are going to make huge changes to the world
Agree, that’s why certain countries of sub Saharan Africa are implementing the likes of Cardano/ADA, also side steps the crazy inflation/deflation or some of these counties currencies.
Most places I traveled years ago had the Dollar as the stable secondary currency but could an international bank account like Revolut that trades crypto start to become the default?
Be interesting to see where this all goes..
Playing devils advocate here, if that happens, won't that exacerbate the local currency problems?
Cheers..
Jase
It may do in the short term but long term with the right conditions I could see it making small local currencies more or less defunct, its only use would be buying small local produce, everything else could be dealt with via a trusted crypto, smart phones and internet access the world over are improving so the use of an online currency is more logical.
Its interesting times, perhaps we are getting close to the point of making a choice of getting behind crypto and using it as part of our everyday payments or dismissing the whole idea and let it collapse..
I was thinking more in tax terms, if peoples spending goes ‘underground’ then surely tax takes suffer?
Cheers..
Jase
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