International Bitcoin Transfers 1,000s of Times Cheaper than Banks

CryptoVest.com did a study that showed international transfers of Bitcoin were 1,000s of times cheaper than international wire transfers of USD.

Their study showed that Bank of America charged about 6,000 times what it would cost to send money internationally via Bitcoin (see Bank of America rates of international wire transfer).

Essentially, CryptoVest shows that Bank of America charges $45 a transaction while $0.46 cents is the average for Bitcoin. That is 1,000x if you ask me, but the article says 6,000x (whatever, not the point).

That said, Bank of America isn’t out of the norm. Most banks charge rates similar to Bank of America (see an example list).

Add to that that crypto transactions are quick and you can make them whenever you want and without permission, it really shows a real world global use-value for crypto.

Not only that, but its worth considering that Bitcoin doesn’t have the cheapest rates of any crypto, nor does it have the fastest transaction times.

What this means is, while fiat dollars have their own perks and banks have a ton of uses, when it comes sending small amounts of cash around the world quickly and at any time you want, crypto is the clear winner.

Although some seek to replace the monetary system with crypto, to me this clearly shows how to two systems can meld together. On that note, XRapid is a great example of this.

NOTE: The article points out that large international wires between banks cost the banks very little, a fee which is on par with Bitcoin rates (but still higher than say XRP or XLM rates). However, customers don’t benefit from this… so like, point being, for customers sending small amounts of money, crypto is clearly better. Meanwhile, a few crypto systems beat out any fiat transfer system that doesn’t have near zero fees.

NOTE: When I say “study” I mean, “some people with a blog looked up Bitcoin TX rates and Bank of America wire transfers, did the math, and blogged about it.” Still though, its empirically verifiably true that global crypto transactions, especially for small amounts of money, beat out banks in terms of fees.