Cost! And speed! I did a transfer wise last week and it cost me $15 in fees. What is this, ethereum?(a joke cos ethereum is too expensive to be useful for the retail user). I could have sent BTC and it would have been quicker and cheaper.
BTC fees does not include the conversion from currency1 -> btc acc 1-> btc acc 2-> currency 2. Where conversion from 1 currency to another would be more expensive than the BTC fees itselve.
From which currency to which currency did you transfer?
I would rather remit funds by BTC any day, but not everyone at the other end has the competency to handle this yet. One day.
Also, it took days to clear. Most of that time was waiting on the local side for cash to clear. BTC settles every 10 minutes, with a 60 min window for 6 confirmations for security. The markets are 24/7. For countries where withdrawals from exchanges hit the bank account quickly, it can be in the order of days faster…
I notice that earn is also reporting way way too high numbers. The fact is you can send 1sat/vbyte right now and it will confirm. 7 cents. Anyone actually using BTC will agree with me here.
Look at the mempool. If it’s empty, BTC is super cheap. It is empty right now and frequently is on weekends.
1,7$ at the moment, which isn't much. I used to remember it much higher.
But for me, a wire transfer is free though ( Belgium - European transfers, also suppliers swallow transaction fees)