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It's a flat fee. The $18 may be the average currently, but it's on the high end. You'll probably be fine with $5. It all depends on how much you want the transa
by incrudible 6y ago
It's a flat fee. The $18 may be the average currently, but it's on the high end. You'll probably be fine with $5. It all depends on how much you want the transaction to be in the next block. If you're sending $50,000 in BTC then you don't care about $18.
If you're transferring smaller amounts, why are you using Bitcoin? Use Bitcoin Cash or Litecoin or one of these newfangled proof-of-stake currencies. Then it'll be a couple of cents flat.
- UncleMeat 6y agoIn my entire life, the largest transfer of cash I have ever done between institutions was I think $30,000 and it was between a bank account I owned and my brokerage. I'd wager that the majority of people have never transmitted more than $5,000 in their life. Power to the people?
- incrudible 6y agoThe majority of people will also never own a Berkshire A share. It doesn't really matter.
- UncleMeat 6y agoBTC's price story is based on the idea that a huge portion of people will use it. Berksire A is expensive for an entirely different reason. The story seems to rapidly shift between "BTC will save Venezuelans from an oppressive government" and "we never said it mattered if people could use BTC for transfers of non-huge amounts of money".
- ineedasername 6y agoYes, the role of bitcoin has been gradually changing from "revolutionary" to mundane financial asset class with a novel method of purchasing it.
- imtringued 6y agoIt's actually moving away from that. It will be just be a settlement layer in 10 years.
- incrudible 6y agoThere's many stories on why Bitcoin should have value. Most of them don't make sense. Nevertheless, Bitcoin clearly is valuable, despite being used by few. Of course people have trouble pricing Bitcoin, but the same is true for many other assets. If literally the only use for Bitcoin would be to speculate on all the cryptocurrencies, that would be enough to make it valuable.
- ramraj07 6y agoIsn't the downpayment on the median us house much larger than 30k?
- UncleMeat 6y agoHave most individuals in the US bought a house? Have most individuals in the world bought a house in the US?
- deleted 6y ago[deleted]
- phamilton 6y agoFor reference, a wire transfer at a major bank like Wells Fargo is $34.
- bluecalm 6y agoThis is stunning to me. Wire transfers are free and fast in my country. I mean maybe some banks charge some people like 10c per transfer but they are mostly free. They are also very common way to transfer money to friends, paying someone, moving money around accounts etc.
- phamilton 6y agoA wire transfer is not the same as an ACH transfer. I can send you money for free via ACH, but it takes a few days to clear. A wire transfer is a realtime transfer between banks. The only time I've used it was while buying a house. I've never done a wire transfer under $20k.
- wwtrv 6y agoWell in the EU we have SEPA transfwr which are ussually free and close to instant between an increaskng number of banks.
- nly 6y agoThe standard in the UK is "Faster Payments" for domestic transfers and are near instant up to £10K ($14K). For higher amounts you can use BACs (the automatic fallback for FP) which is typically next day. All free