Bitcoin transaction fees cheaper than Banks — $10,000 at 1 cent!
With these rates, you can now send $10,000 worth of Bitcoin for a transfer fee of fewer than 10 cents. We take a look at the trends..
As reported recently, fees are now lower than traditional banks. This is absolutely huge for the industry. With Lighting network also coming into play soon, we could be seeing the new world currency as we know it since now only the speed of transaction times are challenging.
In February 2018 while Bitcoin remained at the same price as today ($8K~) — average transfer fees were 4 times larger (above 4$).
We also see back in November 19th 2017 when Bitcoin finally broke the $8K mark, average transfer fees were above $7.
Today, March 28th 2018, Bitcoin floats around $8K while the average transfer fees sit comfortably at $1.1. This trend has now been validated and means we as a network are getting better, more efficient and show signs that banks are in trouble.
Transaction time trends
We are also seeing an average transaction time reduction trend if you take a look at the highest times over the past two years. There is a clear sign networks and miners are being more efficient even though there is more liquidity in the market than ever before.
Today, we are hovering just above the 10 minute averages from 2013 when the price was around $400. We are at $8,000 and still maintaining similar speeds which are getting faster despite massive trading volumes of above a 10,000% increase.
Transfers will soon be instant
What does this mean for the future?
The trend shows us that technology and exchanges are becoming more and more efficient, cheaper with all the benefits that come with Cryptocurrency such as:
- 100% voluntary and non-coerced or forced upon people
- Users/owners are free to do with it what they will and use it in whatever way they like
- Fraud/counterfeiting (which are standard practice in banking/government finance systems) are completely impossible
- No central entity means no single point of failure and a distributed mining/accounting system means an incredibly resilient and powerful network (The Bitcoin network outperforms the top 500 supercomputers combined | ExtremeTech)
- Inflation (creation of money) happens at a stable rate and halves every four years, creating a limited supply of 21 Million Units — this solves a problem that central banks and governments have created
- Free transfer and free to hold — this solves the problem that banks created
And much more..
In the future, will we completely erase money?
Its very possible if the trends keep going in the right direction. There are no signs of Blockchain technology slowing down and quite the opposite, with many industries such as the Healthcare industry adopting the technology. With Crypto also on the rise — technology will just keep getting better and better. Perhaps Bitcoin may not last forever but there will always be new and improved versions of Cryptocurrency which eventually will take over.
Perhaps governments may eventually build their own.. Perhaps Bitcoin will be improved and eventually adopted by all worldwide companies. Its still unclear but one thing is certain, Cryptocurrency is here to stay.