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Comment by dxhdr | Hacker News Reader

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dxhdr·

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

Mastercard and Visa charge a percentage (?!), Bitcoin is a fixed amount per transaction.

Plus Bitcoin won't deny your ability to make a transaction.

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American express may be the best damn card that's not accepted anywhere I transact my business so in the end it doesn't matter how good American express is. It's a piece of plastic for the good it does me. Same with all crypto. Even if I was invested fully, there's still approaching zero of the number of purchases that I make that would ever be viable using crypto. The gold standard answers in this chat about big purchases are even more egregious. The ability for big money exchange without recourse spells disaster. The ability for big purchases which could be cheaper on crypto platforms also subjects that stored value to huge value shifts daily. Maybe in countries that are even more screwed up than crypto volatility there may be some sort of hedge assuming leaders don't lock you up for using them.

> Plus Bitcoin won't deny your ability to make a transaction.

Visa will not steal all my money.

> Mastercard and Visa charge a percentage (?!), Bitcoin is a fixed amount per transaction.

No, Bitcoin transaction fees are dynamic. https://bitinfocharts.com/comparison/bitcoin-transactionfees...

That doesn't invalidate what I said, although maybe I should have said "flat" instead of "fixed" to be more precise.

You pay a flat fee per transaction with Bitcoin, you pay a percentage fee with Mastercard and Visa. Yes, the Bitcoin fee changes with time based on a market. The Mastercard and Visa percentage changes based on how much they like you.

A flat fee isn't necessarily cheaper. A $25 fee on a $1 transaction is equivalent to a 2500% fee.

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