Published
5 years ago on
September 21, 2018
“FedWire fees are estimated based on the size of the individual transactions and total volume of payments, and an additional ‘incentive fee’ discount can be applied for ‘transfers that exceed 60% of a customer’s historic benchmark volume’. US banks can pay as low as $0.32 in fees for transactions over $90,000 – but at least according to publicly available figures, customer fees do not benefit from this discount. By contrast, a Bitcoin transaction worth $90,000 would cost only 75 cents, according to Earn.com data which puts recommended fees at eight satoshis per byte.â€Why haven’t the Bank of America adopted Bitcoin yet? Sadly, it’s not that simple. Whilst these findings do prove that cryptocurrency is better than FIAT currency, this is hardly a revelatory discovery. We know that Bitcoin is cheaper to use than USD and we know that cryptocurrencies on the whole are better, however sadly this isn’t enough to allow adoption to take place. We say it time and time again, but regulation is the key here unfortunately. With regards to regulation though, these findings by the Bank of America could prove to be quite essential for when it comes to actually spearheading an adoption drive. If even the Bank of America are admitting flaws within FIAT transfers and their own transfer systems, perhaps regulators and government officials might listen in a bit. These findings will be read worldwide, and that can only have a positive impact on the global opinion of Bitcoin right? References Cryptovest
