Bitcoin Has Proven To Be 300 Times Cheaper Than A Wire Transfer, Bank Takes 83% Profit

3년 전

Bitcoin's transfer fees are an absolute bargain compared to the banks, especially those in America.

Last year, Bitcoin fees reachs a high of $55. This gathered a lot of attention leading many to conclude that the Bitcoin network was simply too expensive to send money on.

Since that time, with the introduction of SegWit and Lightning Network, the fees have dropped dramactically.

The banks, on the other hand, are not seeing a reduction in fees. They charge $30-$35 on wire transfers depending upon if it is domestic or foreign. This is 300 times more expensive than Bitcoin.

These insitutions also rake in an 83% profit on these transfers.

Click on image to read full article.


Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  trending

You got a 34.18% upvote from @booster courtesy of @steemium!

That is awesome! Bitcoin has really changed the concept of money.

You're forgetting about the large carbon footprint BTC generates per transaction though.


I don't think many people think of this regarding cryptos.


Bitcoin transfers electricity into value, and costs significantly less than the existing financial system. The problem is with how electricity is generated, not the electricity cost of Bitcoin.


any banks daily electricity consumption is more than btc transaction

@ finprep niceeeeeee

I think ... soon it go more Cheaper.

You got a 53.37% upvote from @emperorofnaps courtesy of @steemium!

Want to promote your posts too? Send 0.05+ SBD or STEEM to @emperorofnaps to receive a share of a full upvote every 2.4 hours...Then go relax and take a nap!

  ·  3년 전

You got a 90.15% upvote from @upme thanks to @steemium! Send at least 3 SBD or 3 STEEM to get upvote for next round. Delegate STEEM POWER and start earning 100% from your share, daily payouts ( no commission ).
Quick delegation links: 25SP | 50SP | 100SP | 250SP | 500SP | 1000SP | 2000SP | 5000SP | Custom Amount

You got a 83.62% upvote from @joeparys! Thank you for your support of our services. To continue your support, please follow and delegate Steem power to @joeparys for daily steem and steem dollar payouts!

You got a 70.34% upvote from @oceanwhale With 35+ Bonus Upvotes courtesy of @steemium! Earn 100% earning payout by delegating SP to @oceanwhale. Visit for details!

we cant complain about crypto fees if back fees are sky high. No comparison

You got a 36.85% upvote from @minnowvotes courtesy of @steemium!

Yeah the standard banking market is a scam. I hope crypto replaces every situation where the banking industry has had a hold.

Bitcoin transaction fees have lowered significantly thanks to Segwit.