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/ No, but it means many other things. Just few of them:
1) This is the easiest market in world to manipulate. You can move billions between Your own wallets for free and create an image of "healthy market price."
2) If no one gets money for transfer, then who is going to validate the transfer for free? Its essentially for free already, as mining is ROI negative at most places in world and it will get inly worse with halvening.
3) You underestimate value of security, proportionally cryptos are by far the most risky value transfer method. No other way proportionally so much assets "gets lost, broken, scammed etc" etc.