Post
Topic
Board Announcements (Altcoins)
Re: [ANN] Lucyd - Welcome to Lucyd, the new Augmented Reality World
by
Lucyd
on 13/12/2017, 15:13:37 UTC
Will using blockchain lead to an increase in transaction costs?

Hello, actually it's the opposite--blockchain makes value transfers and transactions significantly less expensive. For example, let say you wanted to wire a few hundred dollars to your friend elsewhere in the country. With traditional fiat transfers, you would pay Western Union or a bank $20+ for this (5% or more). On a blockchain network, the transfer fee is much closer to 1%, because of the reduced cost in transmitting cryptocurrency vis-a-vis fiat. So by powering our smartglasses with a blockchain network, it will be as fast and as inexpensive as possible to send value.