Maybe I'm dumb, but I think that in practice holding and using foreign currency is hard enough for most people to be not practical.
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Replying to @aboodman
I find that the difficulty and relative cost of moving (even large) sums between countries is vastly overstated by crypto-currency advocates.
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Replying to @slightlylate
Perhaps this is influenced by the fact that you lived in the UK for a time? I tried to do this (as did several colleagues of mine) and did not succeed.
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Replying to @aboodman @slightlylate
For example, I was not even able to open a bank account in several countries that I tried.
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Replying to @aboodman
Getting banked is the biggest logistical difficulty, but for sums under ~5K, not necessary. For sums over that, you probably need that *regardless* of exchange mechanism.
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Replying to @slightlylate
Can you tell me how? A colleague and I both tried. I was able to open an account in Australia, with difficulty, and a small fib. He was able to open one in Argentina (I think?), but that didn't meet my needs. I tried opening an account in the UK but failed.
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Replying to @aboodman @slightlylate
You can't understand that if I want to do this, and invested effort, and failed, that there's probably a lot more people like me?
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Replying to @aboodman
Usually there's a party on the other side that you trust to send your money to. That could be your bank account, friend, family member, etc. If you're just wanting to spend some of your money, credit cards work. Beyond that, getting a bank account usually means having roots.
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Replying to @slightlylate
Right, so you're making my point for me. I want to have some of my savings be decoupled from the US. I don't have any friends or family oversees. You do, so this process seems easier for you.
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Replying to @aboodman @slightlylate
As an aside, every one of my friends who are in the US on a visa keep money back home. Why? Same reason. They want some isolation from US financial system.
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I did the same as an immigrant! But my reasons were different: I had no long-term right to abide in the country I was immigrating to, so moving all my assets there wouldn't have been wise given the risks.
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Replying to @slightlylate
Perhaps but many people do it as a hedge, and that's a hedge that many more people would like to be able to take advantage of.
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