4 ms·
I've sent many Bitcoin transactions into the 6 figures of USD recently, and never paid more than $0.25 for a transaction fee. Think about this: What does your
by illumin8 8y ago
I've sent many Bitcoin transactions into the 6 figures of USD recently, and never paid more than $0.25 for a transaction fee. Think about this: What does your bank charge for a wire transfer? Mine wants to charge $37. And how long does it take to complete? Mine takes days.
Compare this to $0.25 and a 10 minute delivery time. It's honestly not even close.
- smaili 8y agoTo be fair, at peak BTC I recall seeing people claiming confirmation times of in the hours.
- illumin8 8y agoYou're taking almost 10 years of fast Bitcoin confirmation times and focusing on a narrowly small number of weeks or months that things were congested...
- kalleboo 8y ago> What does your bank charge for a wire transfer? Free > And how long does it take to complete? Seconds
- illumin8 8y agoI wish I lived in Europe... /sigh
- richardknop 8y agoAs another poster mentioned, this is argument against your bank, not for Bitcoin. Many banks (for example most EU banks) charge zero fees and wire transfers are instant. It's just incompetence of banking system that this is not supported more widely but there are no technical reasons why it cannot be like this globally for all banks. So this is not a long term moat for BTC as banks can just become competent one day and this advantage disappears.
- digianarchist 8y agoThe UK faster payments system is instant. Sorry US/Canada your payments systems are just slow and expensive.
- poolbath1 8y agoThe whole point of Bitcoin was to form an alternative to banks so that they don’t become all powerful. If banks become better actors as a result, that’s good for Bitcoin.
- illumin8 8y agoI've only had experience with the US banking system. It seems like this is much better in other countries.