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