Post
Topic
Board Bitcoin Discussion
Re: It costs $0.09 cents to send $0.24 cents of Bitcoin? Really?
by
Chopperman
on 25/08/2014, 22:02:33 UTC
Bitcoin payment isn't really viable for restaurant type establishment.
I disagree. A while ago, we took my brother to Ocean Blue Sushi. I forgot what the dollar amount was, but with tip it came to 136.2 mBTC. The Mycelium mobile wallet used the default fee of 0.1 mBTC, which is less than 0.1%. My payment was confirmed in a few seconds by the network, which was reported to the app (Coinbase?) on the restaurant's tablet.

So instead of the restaurant paying about 10c to process your credit card (and you getting about 1c in Credit Card points), you paid about 5c on top of the bill.  Via coinbase, they pay 0% fees to sell the BitCoin to them instantly for $$ (first $1M) 
No wonder businesses are interested, 0% chance of chargeback, and the customer pays the fees.     Unless the businesses gives you a discount for BitCoin purchases, it's not to your benefit though.