Bitcoin and cryptocurrency transactions generally incur an average fee of around $6.95, translating to approximately 0.07% of the transaction value. However, this fee can rise significantly during periods of high network congestion, making it variable. In comparison, credit card transaction fees for merchants usually range from 1.5% to 3.5%, with an average fee of about 2.5%. While these fees are lower than the upper end of the credit card range, they can still represent a substantial cost, affecting the prices consumers pay.
Contrary to the claim that bank wires are “free,” outgoing domestic wire transfers typically incur fees between $15 and $50, with incoming transfers averaging around $15. International wires can be even more expensive, with fees ranging from $15 to $45 for incoming transfers and $25 to $50 for outgoing ones. Although checks and cash do not have direct transaction fees, they entail indirect costs related to handling, processing, and security measures for businesses.
Bitcoin and crypto payments cost 2% to use while Credit cards are 4%, but sending a bank wire is “free”
So bank wires, checks and cash remain the winners when transacting? pic.twitter.com/8GXcqs658d
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) October 21, 2024
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Bitcoin and Crypto Payments:
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Credit Card Transaction Fees:
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Bank Wire Transfer Fees:
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Checks and Cash: