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"costs so much to transfer btc" That's not true. The typical credit card processing fee ranges from about 1.3% to 3.5%. Average international remittance fees a

by mrb 4y ago

"costs so much to transfer btc" That's not true. The typical credit card processing fee ranges from about 1.3% to 3.5%. Average international remittance fees are about 7%. For comparison the average Bitcoin fee is about $1 right now, so 1% on a $100 transaction. So Bitcoin compares favorably to its competitors.

mdorazio 4y ago
1) why are you comparing to credit cards? The average ACH transfer costs zero dollars. 2) why did you pick $100 as your basis? If I try to buy a $5 sandwich in Bitcoin and have to pay 20% transaction fee that is not a good platform for transactions. I like some parts of crypto, but transaction fees on most coins right now are not one of those parts.
- louloulou 4y ago
  > 1) why are you comparing to credit cards? The average ACH transfer costs zero dollars. As far as I understand ACH doesn't work globally > 2) why did you pick $100 as your basis? If I try to buy a $5 sandwich in Bitcoin and have to pay 20% transaction fee that is not a good platform for transactions. Or use lightning and pay a fraction of a cent transaction fee
  - FireBeyond 4y ago
    Ahh, Lightning. The network that is simultaneously "here and available and usable, right now" when convenient, and "still a few years away", when that argument is convenient.
    - louloulou 4y ago
      Maybe just try actually using it yourself so that you know what you're talking about, rather than being confused by random people on the internet.
ipython 4y ago
So for that bitcoin fee, I get fraud protection too? So as a consumer I can challenge a fraudulent charge? And the money, it doesn’t leave my account until I say so? Oh wait no? I get none of those guarantees? Just a “good luck! Buyer beware!” No thank you. I’ll stick with my credit card. If I want to pay for something semi anonymously I’ll use cash.
- Spivak 4y ago
  No and you know that. Bitcoin is semi-anonymous cash and it and it’s ilk are basically the only cash you can send digitally. You should stick with your credit card, that was literally always allowed.
  - ipython 4y ago
    Right but the comment I responded to was comparing transaction fees. I pay zero transaction fees for using cash. I am willing to pay some small percentage to help protect me from fraud (and I have used that protection). Why would I pay a fee AND assume all the risk?

by mrb 4y ago

mdorazio 4y ago

1) why are you comparing to credit cards? The average ACH transfer costs zero dollars. 2) why did you pick $100 as your basis? If I try to buy a $5 sandwich in Bitcoin and have to pay 20% transaction fee that is not a good platform for transactions. I like some parts of crypto, but transaction fees on most coins right now are not one of those parts.

louloulou 4y ago
> 1) why are you comparing to credit cards? The average ACH transfer costs zero dollars. As far as I understand ACH doesn't work globally > 2) why did you pick $100 as your basis? If I try to buy a $5 sandwich in Bitcoin and have to pay 20% transaction fee that is not a good platform for transactions. Or use lightning and pay a fraction of a cent transaction fee
- FireBeyond 4y ago
  Ahh, Lightning. The network that is simultaneously "here and available and usable, right now" when convenient, and "still a few years away", when that argument is convenient.
  - louloulou 4y ago
    Maybe just try actually using it yourself so that you know what you're talking about, rather than being confused by random people on the internet.

ipython 4y ago

So for that bitcoin fee, I get fraud protection too? So as a consumer I can challenge a fraudulent charge? And the money, it doesn’t leave my account until I say so? Oh wait no? I get none of those guarantees? Just a “good luck! Buyer beware!” No thank you. I’ll stick with my credit card. If I want to pay for something semi anonymously I’ll use cash.

Spivak 4y ago
No and you know that. Bitcoin is semi-anonymous cash and it and it’s ilk are basically the only cash you can send digitally. You should stick with your credit card, that was literally always allowed.
- ipython 4y ago
  Right but the comment I responded to was comparing transaction fees. I pay zero transaction fees for using cash. I am willing to pay some small percentage to help protect me from fraud (and I have used that protection). Why would I pay a fee AND assume all the risk?