Bitcoin is often criticized as being too expensive in terms of energy consumption (falsely so) but rarely ever portrayed in a positive light by mainstream media.One of the positive attribute is on the cost of transaction. A recent research show that bitcoin transactions are 300 times cheaper than a typical bank transfer and that banks can gulp as high as 83% profit from transfer.
Typical bank transfer according to Bank of America official report, costs 30$ for inbound domestic wire transfer, 45 $ for international wire transfers. Compared with bitcoin transactions that is median at 0.1$.(and some times far cheaper),
Bitcoin is clearly more efficient and cheaper, one of the reasons why bitcoin is going to gain more adoption when more persons become aware of this and other unique benefits.
https://www.newsbtc.com/2018/09/18/bitcoin-is-300-times-cheaper-than-wire-transfers-banks-take-83-profit/Thise who criticize bitcoin for being energy intensive, they don't look at the whole picture. If we compare the energy consumption of bitcoin with energy consumption of the mints worldwide, bitcoin's energy consumption won't even be comparable! Knowledgeable people work in silence, while stupids are usually the one who shouts out of nowhere!
Bitcoin is certainly 100 times better currency for any kind of remittances, be it domestic or international. But due to the confusing legislative structure of bitcoin, people are afraid to use it. Banks are also opposing it because they see a potential revenue loss from the crypto adoption. But the users like us know what's best and we will have to carry forward the legacy.
