This has to be changed

xuanling11
Coinmonks
Published in
5 min readNov 5, 2022

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Photo by Linus Nylund on Unsplash

Electronic money transfer has a long history.

The first known electronic money transfer happened in 1871 through the Western Union under telegram technology.

Interestingly, it was charged 3% of transaction fees.

Fast forward around 151 years later, the credit card processing fee is around 1.5% to 3.5%!

https://www.forbes.com/advisor/business/credit-card-processing-fees/

And web2 innovation does not make any significant improvement!

Transaction through online payment services range between 2.5% to 3.5%!

That makes you wonder why it costs so much even after technological innovation.

https://www.forbes.com/advisor/credit-cards/history-of-credit-cards/

What makes the transaction so costly? And should technology bring down the cost at all?

Crypto fee is fractional of payment processing since there are less intermittency to charge fees from.

For example, Bitcoin has an average transaction per $100 is about $1.45 but Dogecoin is about 0.0025DDoge, which is insignificant.

While there are many ways to save money by using a credit card, the process of applying for one can cost you thousands. It’s important to understand how much it will cost you to use your credit card, so that you can make the best decision for your specific needs. A credit card costs money to create, manage, and use. It doesn’t provide access to special features or services that no other credit card offers. These are all paid for with the account holder’s personal cash balance. The cost of creating and maintaining a credit card is astronomical, so far beyond the reach of most people who want to use a credit card. Thankfully, there are ways around this preventative measure and get the most from your credit card. Read on for more info on…

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