When it comes to transferring money between your accounts, Bitcoin really is king. Recently, someone transferred $193 million in Bitcoin for a meager 65 cents. To put that into perspective. Bank of America (BoA) is charging a fee of $45 for a transfer of $90,000. When you consider the fact that Bank of America is only charged 83 cents to process a payment by the Federal Wire Service, you quickly realize that it’s making 87.2% profit on every transaction.
The Bank of America has already applied for more blockchain patents than IBM, leading many to view it as the most forward-thinking bank in America. Despite its numerous blockchain applications, BoA still remains 6000 times more expensive to use than Bitcoin when it comes to money transfers.
Bitcoin is Still Expensive
Some Bitcoin users still complain about the transaction costs, and rightly so. There are many other cryptocurrencies out there that have far lower transaction fees than Bitcoin. According to data from BitInfoCharts.com, over the last 24 hours Bitcoin’s average transaction fee was $0.43. During the same time period, Ethereum’s average transaction fee was $0.27, Ripple’s was $0.0005, Bitcoin Cash’s was $0.01, Litecoin’s was $0.04, and Monero’s was $0.57. This puts Bitcoin as the second most expensive cryptocurrency to transact in out of the six popular cryptos we’ve listed.
Banks Remain on the Fence
The Central Bank of Europe came out and said that it isn’t considering a Central Bank cryptocurrency. This is due to the fact it could potentially destabilize the Eurozone and its banking sector. Mario Draghi – President of the European Central Bank – said that cash is still king in Europe and will remain king for some time to come. Unlike digital payments, cash has no transaction fees for the users – and it’s also highly untraceable. This makes it the perfect partner for criminals and people who don’t wish to pay transaction fees or taxes.
Cryptos Surge in Popularity
People are beginning to revolt against the system and private banking. Society is tired of the rules and controls put on their money. This is causing more people than ever before to turn to cryptocurrencies as a way out from the tyranny. Due to this, more companies are accepting cryptos as payments and these companies are more than happy to help people escape from the tight control banks place on people’s finances. More Stamps Global has begun accepting cryptos on its website, giving users the ability to book their holidays using cryptos. Banks are notorious at blocking cards when it comes to booking travel, by using cryptos you can alleviate that headache.
The banking sector is coming under scrutiny, as cryptocurrencies continue to provide low-cost financial solutions. With lower transaction fees and the ability to hold your own money, cryptocurrencies are surging in popularity, especially in countries where the fiat currency is crashing.