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ACH takes "business" days. Bitcoin takes hours, 24/7.
by capableweb 6y ago
ACH takes "business" days. Bitcoin takes hours, 24/7.
- Robotbeat 6y agoIt takes days to a week to clear a Bitcoin transaction unless you want to pay a much higher fee than you would for a small or medium sized ACH. And that’s with still very few Bitcoin transactions (single digit transactions per second). If everyone started trying to use base Bitcoin, transaction fees would skyrocket but transaction rate would remain just 7/second.
- dralley 6y agoACH is in the process of being replaced with a system that handles transactions within a couple of seconds.
- grey-area 6y agoFaster payments takes seconds, 24/7.
- quesera 6y agoACH costs $0.20 for next-BD settlement, or a little more for same-BD settlement. Bitcoin costs 50-100x that: $10-15-20 for "small number hours" settlement. A Bitcoin transaction with a fee of $0.20, might settle after several days, but would more likely expire from the mempool before confirmation. And the really fun part is the unpredictability! ACH isn't perfect. But Bitcoin is completely inappropriate for the common ACH use case.