Cryptocurrency payments average 0.07% in fees, far cheaper than credit cards’ 1.5%-3.5%.

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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.