Bitcoin's transfer fees are an absolute bargain compared to the banks, especially those in America.
Last year, Bitcoin fees reachs a high of $55. This gathered a lot of attention leading many to conclude that the Bitcoin network was simply too expensive to send money on.
Since that time, with the introduction of SegWit and Lightning Network, the fees have dropped dramactically.
The banks, on the other hand, are not seeing a reduction in fees. They charge $30-$35 on wire transfers depending upon if it is domestic or foreign. This is 300 times more expensive than Bitcoin.
These insitutions also rake in an 83% profit on these transfers.
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That is awesome! Bitcoin has really changed the concept of money.
time for change.
You're forgetting about the large carbon footprint BTC generates per transaction though.
I don't think many people think of this regarding cryptos.
Bitcoin transfers electricity into value, and costs significantly less than the existing financial system. The problem is with how electricity is generated, not the electricity cost of Bitcoin.
any banks daily electricity consumption is more than btc transaction
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I think ... soon it go more Cheaper.
@ finprep niceeeeeee
we cant complain about crypto fees if back fees are sky high. No comparison
Yeah the standard banking market is a scam. I hope crypto replaces every situation where the banking industry has had a hold.
Bitcoin transaction fees have lowered significantly thanks to Segwit.
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your post has been very nice
So that it is noticeable that in @Venezuela the rates for @transference are still good.