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Ya, agreed. I think this statement sticks out the most: Of all of those choices, handing 2.5% to banks to move bits around the Internet is the worst possible ch
by mbesto 13y ago
Ya, agreed. I think this statement sticks out the most: Of all of those choices, handing 2.5% to banks to move bits around the Internet is the worst possible choice.
Regardless of whether its a bank or a credit card processing company, why is it the "worst possible choice" to give it to them? Who are we to judge who gets $1 when we are the ones who chose to spend the $1 in the first place?
- waterlesscloud 13y agoCurrently our choice is to pay the fee to the banks for convenience they provide. If it's possible to provide the same convenience without the banks and with much lower fees, is that not an improvement?
- sliverstorm 13y agoDoes bitcoin actually provide those lower fees? Hold on, I know you are about to say "yes of course!". But what about the cost of mining? Mining is not analogous to transaction fees, but it is a cost of bitcoin.
- foley 13y agoPlus indirect fees due to the exchange rate volatility.
- otterley 13y agoThe fee isn't just a "convenience" fee. A significant proportion of the 2.5% overhead is fraud insurance.