Altcoins Talks - Cryptocurrency Forum
Local => Philippines (Tagalog) => Usapang Presyo => Topic started by: jings009 on September 21, 2018, 10:43:03 AM
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Data from Bank of America shows fiat transfers are 6000 times more expensive than Bitcoin transactions.
Bitcoin transactions are 6000 times cheaper than traditional fiat transfers – at least according to Bank of America (BoA)’s own rates. Despite common criticism that cryptocurrency transactions remain too expensive, data from BoA shows that an international wire transfer in US dollars costs $45 per transaction, compared to an average transaction fee of $0.46 for Bitcoin (data from Bitinfo charts).
All Bank of America transactions are processed through the Federal Reserve’s money transfer network called FedWire. The Fed charges a maximum processing fee of 82 cents for using the network – which puts the margin for Bank of America transactions at 98% or more.
FedWire fees are estimated based on the size of the individual transactions and total volume of payments, and an additional ‘incentive fee’ discount can be applied for “transfers that exceed 60% of a customer’s historic benchmark volume”. US banks can pay as low as $0.32 in fees for transactions over $90,000 – but at least according to publicly available figures, customer fees do not benefit from this discount.
Read more https://cryptovest.com/news/bitcoin-transfers-6000-times-cheaper-than-bank-of-america/