October 16, netizen Bitcoin transferred 29 999 BTC ($194 million), while paying a Commission of $0.1 per transaction, which the Bank would cost tens of thousands of dollars.
Bitcoin and Ethereum are often criticized because of the high fees. However, the Bitcoin blockchain has enormous potential to greatly streamline international payments.
Currently, users wishing to save on fees for Bank transfers, are turning to platforms such as Transferwise, as Commission on these platforms is much lower than in banks.
However, even on these platforms for the transfer of the amount in excess of $1 million must pay a fee of more than $7 500. In percentage, this amount is less than 1% of $1 million, and from this point of view, the Commission is not great. However, the network of Bitcoin, which many believe are inefficient in terms of processing payments, the transaction fee valued at $194 million was less than $0,1.
14 Oct economist and renowned critic of the crypto Nouriel Roubini (Nouriel Roubini) said that the cost of processing a single transaction in bitcoin is $60, therefore, to buy bitcoins for a Cup of coffee costing $3, you need to pay $63.
“Thus, the myth of genius, new technology, supposedly to reduce the huge fee the traditional financial system, is complete nonsense,” said Roubini.
In response to this statement cryptocurrency investor and founder of Gender Blocktower Ari (Ari Paul) said that the transaction fee in the network of Bitcoin is less than $0.1 and it is easily verified in the blockchain of Bitcoin.
“The Commission BTC less than $0.10 and easy to check. If you care about the truth, you should publicly correct his statement. If your goal is to confuse people with false statements continue. There is nothing to study. The fee can be openly observed through the many resources,” said Paul.
Cryptocurrencies can destroy offshore banking
Of course, to pay a fee of $0.1 to $1 per transaction $5 or $10 – is inefficient and expensive. However, such an amount of Commission for handling multimillion-dollar transactions, the cryptocurrency provides an advantage over traditional systems.
As soon as the network of public blockchains will be improved through the integration of different solutions to scaling, crypto-currencies will be able to process small payments with higher efficiency.
In the medium term, due to the ability of the blockchain to process large payments for small value transactions is likely that cryptocurrencies will be distributed among investors and companies in the offshore banking industry, which for the implementation of large transactions currently relies on financial institutions.