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Comment by latchkey | Hacker News Reader

> If you think Mastercard and Visa fees are too high, fees are higher on Bitcoin.

Source for this misinformation?

https://ycharts.com/indicators/bitcoin_average_transaction_f...

Remember that for bitcoin value transaction size is not a factor in the transaction fee. So if you want to transmit a billion dollars worth of bitcoin around the world, it is the same exact fee.

Unlike credit card transactions, which are a percentage of size.

Let's also remember that work is being done to do low cost smaller transactions on L2 networks.

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It's all good and well that bitcoin is cheaper than credit cards for billion dollar transactions, but that is not really important for all of us non-billionaires. For smaller amounts, the fixed cost of a bitcoin transaction can make it a significant amount of the total. L2 networks would be nice, but "work is being done" for years now so let's wait to see if they ever get that working properly before touting possible future innovations as a current benefit.

I don't imagine anyone ever uses credit cards for billion dollar transfers anyway, normal banking is good enough for that. I just checked and the business account that I use for contracting has EUR 0.10 flat fee costs per transfer to anywhere in the SEPA region.

> but that is not really important for all of us non-billionaires. For smaller amounts, the fixed cost of a bitcoin transaction can make it a significant amount of the total. L2 networks would be nice, but "work is being done" for years now so let's wait to see if they ever get that working

You gotta get up to speed with these things then. A lot has been happening the past year.

Lightning in it self is used all over the world by small vendors in developing and western countries. And it's a mix of using a service provider for using this (usually in the west) to self custodian where they cannot motivate the cost.

It was one of the big things needed before El Salvador's legal tender roll out.

I can give you more examples if you want.

https://twitter.com/HODLneverSODL/status/1518134911244320769...

https://twitter.com/CoinCornerMolly/status/15323143997629480...

> Source for this misinformation?

It spent half of 2021 in the 10 dollar range.

> Remember that for bitcoin value transaction size is not a factor in the transaction fee. So if you want to transmit a billion dollars worth of bitcoin around the world, it is the same exact fee.

You don't use a credit card to send huge amounts in the first place.

Personally I need to do ten and hundred dollar transactions. One or two dollars for bitcoin would not be terrible for the latter, but it's still a lot more than a debit card ($0.21 + 0.05%), with no advantage to me over debit. I think that's a better comparison than the complex situation credit cards are in.

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