when it comes to banking institutions, transferring large amounts of money comes with a hefty transaction fee.
TransferWise a UK based multi-billion dollar firm that allows its users
to send small to large payments with substantially lower fees. Even on
such platforms to transfer $1 million it costs around $7,500 for transaction
fee.
However, a bitcoin user on October 16 moved 29,999 BTC worth $194 million with
a surprisingly low fee of just $0.1. Blockchain has the ability to large payments at a cost
similar to that of a small transaction.
Does this mean crypto has the ability to crack offshore banking market?
https://www.ccn.com/194-million-was-moved-using-bitcoin-with-0-1-fee-true-potential-of-crypto/ Currency transfer fees have always been and will be one of the highest prances against the banks.This is also one of the reasons why banks are hostile against Cryptocurrencies.