Bitcoin is currently over $54.5K, up over 5.6%, and rising. According to the Technical Analysis (TA) from the Moon, Bitcoin’s next target could be $62K.
Someone recently purchased over $1.3 billion in Bitcoin. Then someone sent $1.3 billion in Bitcoin for a $2.03 transaction fee with no “middlemen.”
Now imagine sending that with fiat, a 1% Bank transfer fee of $1.3 billion would be $13 million!
Bitcoin transaction fees are much lower than those of traditional banks, showing how decentralized cryptocurrencies are. Bitcoin operates peer-to-peer with fees based on factors like network congestion and transaction size. In contrast, traditional banking involves many intermediaries, each charging their own fees. Banks, clearinghouses, and other financial institutions are intermediaries that add to the overall cost of transactions.
Traditional banking transactions are complex and involve a lot of paperwork, regulations, and processing time. These factors lead to increased costs. Bitcoin transactions on a blockchain network are very efficient and have minimal extra costs.
The difference in transaction fees between Bitcoin and traditional banks shows how cryptocurrencies can change financial transactions globally, by being cost-effective and transformative.
