How much did it cost to transfer 289 million USD with BTC? 4 cents!
We always have people asking the question why would institutions turn to Bitcoin or crypto in general? Here is one reason that might answer a lot of questions. Paying only 4 cents to transfer almost $300 million is a big deal. Not to mention that a bank transfer this big would take days (if going to another country) and would cost a lot more than just 4 cents.
No questions asked, no frozen transactions, no bankers asking you questions about both the sender or receiver. A rare case where you can actually send your money wherever you want and to whoever you want.
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...
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https://steemit.com/blockchain/@phuocson/next-platform-a-new-model-for-global-retailing-payment
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This post has received a 1.47 % upvote from @booster thanks to: @proofmaster.
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