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RE: How much did it cost to transfer 289 million USD with BTC? 4 cents!
It may cost 4 cents to make the transfer between BTC and BTC accounts, but Coinbase charged me $15 to convert US dollars to BTC on a $1000. So I think we still have a lot of friction there before we get widespread usage. Someone needs to do it for a lot cheaper, at least in the US.
In my opinion, exchanges are taking advantage of the situation since you can't exchange crypto almost nowhere offline unless you sell it to another person. They can set the fees as high as they want because you have to use their services. Once the competition gets big enough we can expect low fees. Before that we have no other option...