Just read Bitcoin is 300 Times Cheaper Than Wire Transfers, Banks Take 83% Profit

Bitcoin is 300 Times Cheaper Than Wire Transfers, Banks Take 83% Profit

Yet, banks are pocketing 83 percent profit on every wire transfer. According to Bank of America’s official data, the $302 billion bank charges $30 for outbound domestic wire transfer and $35 for outbound international wire sent in foreign currency. Bitcoin is 300 Times CheaperThe transaction fee of Bitcoin reached its peak in November and December of last year, when the demand for cryptocurrencies demonstrated unprecedented levels. Already, since January, the transaction fee of Bitcoin has substantially declined to less than $1. The median fee of Bitcoin hovered at around $0.1 per year, which is only 40 percent of the base fee of Fedwire and 300 times cheaper than the wire transfer fee of major banks in the US.

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Wednesday, September 19, 2018