Bitcoin Has Proven To Be 300 Times Cheaper Than A Wire Transfer, Bank Takes 83% Profit

in #bitcoin4 years ago

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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You got a 34.18% upvote from @booster courtesy of @steemium!

That is awesome! Bitcoin has really changed the concept of money.

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

@ finprep niceeeeeee

I think ... soon it go more Cheaper.

You got a 53.37% upvote from @emperorofnaps courtesy of @steemium!

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we cant complain about crypto fees if back fees are sky high. No comparison

You got a 36.85% upvote from @minnowvotes courtesy of @steemium!

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.

your post has been very nice

So that it is noticeable that in @Venezuela the rates for @transference are still good.

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