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Simply explained: Advantages of paying via Bitcoin and Co – Part 2

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Bitcoin and the block chain technology behind it do not offer any advantages for you and the society? Not at all! 

In the first part of the mini-series, we have already explained what you need to get started in the crypto world and what advantages the abandonment of a bank offers, especially for developing countries and crisis areas.

In the second part we show you advantages that can help you in your everyday life. So be curious!

You want to learn more about the topic? Here is an overview of the mini series:

Part 1: Payment via Bitcoin and Co. in crisis areas and developing countries

Part 2: How Bitcoin and Co. can revolutionize your payment behavior

Part 3: Bitcoin and Co. as a flexible and stable means of payment

 

There are no national borders for crypto currencies

This statement is to be taken literally, because transactions via Bitcoin and Co. are carried out regardless of the location of the sender and recipient. In other words, it makes no difference whether you send Bitcoin or other crypto currencies to a friend a few streets away or pay a merchant on another continent. Both the associated costs of the transfer and its duration are the same in both cases. 

Send your Bitcoins and Co. easily to any country in the world.

 

Speed of light instead of slow motion

And wow, how fast the Blockchain can be! The conventional bank transfer can wrap up if you use modern block chain networks!

Because instead of waiting several hours or even days for the receipt of payment, even the “primary rock” of the crypto world, the Bitcoin, handles a bank transfer in only about 60 minutes – and is still infinitely slow compared to “modern crypto currencies”. For example, if you use the EOS network or Ripple (XRP), you can send money from Europe to Asia or other parts of the world within seconds. Not only the speed is impressive, but also the costs involved…

Fascination Blockchain – in no time from New York to Tokyo or rather to Berlin?  

 

Around the world with a few cents

This advantage may sound strange to you at first. After all, you usually don’t have to pay anything for your bank transfer. Even paying at the cash desk with a bank or credit card is free of charge for you. True, but the merchant you pay to will be asked to pay for it. The advantages of using a credit card can cost the merchant several percent of the turnover. 

This is not the case with block chain technology. Here, the person who wants to make the payment pays. At the supermarket checkout, you would therefore have to pay for the transfer yourself. Considering the fact that using the right block chain network results in ridiculously low costs, this is basically irrelevant.

Cost per transaction

Bitcoin: 2,62 USD
Ethereum 1,67 USD
Bitcoin Cash 0,005 USD
Bitcoin SV 0,0003 USD

It becomes even more interesting if you want to transfer money internationally. Have a look at the cost tables of your bank. You will be surprised how expensive an international money transfer can be for you. 

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