TOWARDS A BETTER MONEY: Bitcoin transaction fees vs. Bank transaction fees

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: sandra_x on September 18, 2018, 09:17:55 AM

Bitcoin is often criticized as being too expensive in terms of energy consumption (falsely so) but rarely ever portrayed in a positive light by mainstream media.One of the positive attribute is on the cost of transaction. A recent research show that bitcoin transactions are 300 times cheaper than a typical bank transfer and that banks can gulp as high as 83% profit from transfer.
Typical bank transfer according to Bank of America official report, costs 30$ for inbound domestic wire transfer, 45 $ for international wire transfers. Compared with bitcoin transactions that is median at 0.1$.(and some times far cheaper),
Bitcoin is clearly more efficient and cheaper, one of the reasons why bitcoin is going to gain more adoption when more persons become aware of this and other unique benefits.

https://www.newsbtc.com/2018/09/18/bitcoin-is-300-times-cheaper-than-wire-transfers-banks-take-83-profit/

Thise who criticize bitcoin for being energy intensive, they don't look at the whole picture. If we compare the energy consumption of bitcoin with energy consumption of the mints worldwide, bitcoin's energy consumption won't even be comparable! Knowledgeable people work in silence, while stupids are usually the one who shouts out of nowhere!

Bitcoin is certainly 100 times better currency for any kind of remittances, be it domestic or international. But due to the confusing legislative structure of bitcoin, people are afraid to use it. Banks are also opposing it because they see a potential revenue loss from the crypto adoption. But the users like us know what's best and we will have to carry forward the legacy.

dothebeats

legendary

Activity: 3542

Merit: 1352

Sadly though, bitcoins aren't used for money transfers but rather as a form of investment. While that doesn't seem too bad, people fail to see the practicality of sending money through bitcoin which will cost them significantly less than your traditional wire transfer. Also, one thing preventing people from using bitcoins for.money transfer is the amount of time and effort it takes to acquire bitcoin. While getting approved for KYC isn't that hard, it still consumes time and the ever fluctuating value of bitcoin gives people the hesitation of using it. There are a lot of factors as to why people haven't switched yet, and it's not exclusive to the amount of fees they're going to pay for a facilitator.

palle11

sr. member

Activity: 2366

Merit: 332

You are very correct, the fees have really dropped. It is very cheap now unlike in the past that I always feel bad when I want to make a transfer because of the high fee. It has reduced now and you will be surprised to be charged below a dollar. It is far better than bank international wire.

sandra_x

member

Activity: 574

Merit: 14

Bitcoin is often criticized as being too expensive in terms of energy consumption (falsely so) but rarely ever portrayed in a positive light by mainstream media.One of the positive attribute is on the cost of transaction. A recent research show that bitcoin transactions are 300 times cheaper than a typical bank transfer and that banks can gulp as high as 83% profit from transfer.
Typical bank transfer according to Bank of America official report, costs 30$ for inbound domestic wire transfer, 45 $ for international wire transfers. Compared with bitcoin transactions that is median at 0.1$.(and some times far cheaper),
Bitcoin is clearly more efficient and cheaper, one of the reasons why bitcoin is going to gain more adoption when more persons become aware of this and other unique benefits.

https://www.newsbtc.com/2018/09/18/bitcoin-is-300-times-cheaper-than-wire-transfers-banks-take-83-profit/

Topic: TOWARDS A BETTER MONEY: Bitcoin transaction fees vs. Bank transaction fees (Read 157 times)