Sucking blood in term of finance: $33 Billion of Remittance fee
Someone tweeted about some crypto shilling:
The World Bank estimates that 7.57% of each remittance transaction goes toward transfer fees. This means that the fee levied on remittance going to the developing world will likely amount to more than $33 billion in 2017.
To have a more vivid idea of how much does $33B worth in term of crypto:
- Total marketcap for crypto is $209B now and the all-time-high was about $800B. $33B is close to 15% of all the crypto combined.
- It is 60% more than what Ethereum worth($21B)
- It is 83% more than what Ripple worth($18B)
- It is 164 times bigger than what Steem worth($200M)
The fee alone could make 164 more project that worth the same as Steem while the project like those could largely aim to eliminate the traditional bank fee. Mind-blowing.
These blood-sucking fee are mainly the feeder to bank and banker and somehow I can relate their dislike towards the crypto. Whales already are sending multimillion worth of coins globally with a few cents of fee, if not free at all. Stop whining on your red crypto investment portfolio and think about that for a second.
Blockchain is ground-breaking, and I'm certain banks are on the ground.
Posted from my blog with SteemPress : https://fr3eze.vornix.blog/sucking-blood-in-term-of-finance-33-billion-of-remittance-fee/
But you can't buy bread and oil in Bangladesh, India, Philippines and Indonesia using most of the cryptocurrencies. The transaction fees are charged for stability and security of fund transfers.
Posted using Partiko Android
Yeah of course crypto is nowhere to compare with bank and cash or else we won't be hoping for the mass adoption.
This is only true with traditional money. Is Bitcoin not safe enough? Is Bitcoin charing 7% of trx fee? Blockchain the very answer for solving security and trust issues with transaction.
Bitcoin had a massive 30% drop in value just last year, most fiat currencies don't suffer from this volatility.
Posted using Partiko Android
Well, you are talking about volatility, but we were on transaction cost. Bitcoin is absolutely volatile.
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banks have always made money and held on to it in return for services of doing nothing! (other than politics and lobbying.. which is sad)
what makes it worse is that some people are so brainwashed they think governments and banks are an absolute necessity.
doing nothing or doing something that can be done for free if not for a cent. People see what they see and believe what they have to believe, environment is so important for one's perspective.
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