Benefit of non additional charge

[m2017]

Have we ever considered the advantages of Bitcoin's insignificant fees? I utilized Coinbase in the UK to send some coins to my younger brother, and the transaction was completed successfully in less than 15 minutes which is like instant transfer.

Yes, it is true that in comparison with the traditional banking system, transactions on the BTC-network look like “magic” (although, as you know, this is still the fastest of cryptocurrencies), because a transaction anywhere in the world is carried out in a matter of minutes while lying on the couch.

Previously, I had to wait three working days for Western Union to validate my transaction. With Bitcoin, the days of going to the bank and waiting in line have vanished, and I can now send something to him without incurring any additional fees.

Even the banking sector has undergone great changes (in most countries) since then. Now almost all banking transactions are carried out in a few clicks in the app from a smartphone (depending on the country of residence and the development of the local banking system).

In the past, I had been using Western Union to do this, but the extra fees were ridiculous, so I didn't have to complain because I didn't know about bitcoin. I'm happier now that i could save some extra charges.

You're missing out on these extra costs (double conversion):
at 1st. stage fiat - bitcoin (you personally);
at 2nd. stage bitcoin - fiat (your little brother).

At each stage you pay a commission. But even despite this, bitcoin looks like a very convenient thing, and most importantly, independent of traditional systems, outside the influence of governments, sanctions, bans and other bullshit from which only the most ordinary citizens suffer. In general, we can consider this an international currency for everyone.

[Lucius]

I wonder what the OP thinks today (if by any chance he looked at transaction prices), because this is one of those times when everyone is looking for an alternative, whether it's a bank, a money transfer service or altcoins. Almost $150 for high priority is the highest I've ever seen, and that's obviously something we'll remember this halving for.



Credits to @nutildah to capture this.

[johnsaributua]

You send with coinbase yes maybe fellow users so it is faster and cheaper, usually cex is like that, although I use the next cex but I think the mechanism is not too far sir. By the way why don't you send to local cex in your brother's region? in my country for local cex already support e-wallet or conventional account for payment method and receive funds from convert crypto assets, it's useful even though it's charged a little tax but it's very useful, DYOR.
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Indeed, sometimes there is a consolidation or sideway phase in the bitcoin journey rely that even after good news, but bitcoin is the only crypto asset that is very good and even this year I am sure that many companies or individuals will become richer because they have bitcoin. I realise that bitcoin has become an asset that is recognised even some countries have it. Who doesn't want bitcoin, especially if the fee for sending between addresses with the blockchain is back to normal, it will certainly make it easier and get more attention for those who are waiting for the sats /byte to drop . I also sometimes take advantage of this momentum.

[CryptopreneurBrainboss]

With Bitcoin, the days of going to the bank and waiting in line have vanished, and I can now send something to him without incurring any additional fees. In the past, I had been using Western Union to do this, but the extra fees were ridiculous, so I didn't have to complain because I didn't know about bitcoin. I'm happier now that i could save some extra charges.

Good you're enjoying the benefits of Bitcoin but you still aren't enjoying the full benefits because you could have easily sent that same amount of Bitcoin that you needed to send to your younger brother with less charge, I know the fees are lesser than Western union and that is making you comfortable with it but when you send Bitcoin from your private wallet that isn't centralized like the exchange you mention, you can use a lesser fee and the transaction will still be as fast as it was when you used coinbase exchange (might even be faster).

Coinbase exchange has a service fees that they charge you for withdrawal and they're no difference from banks. You don't have privacy when you make use of exchange for this transactions and they're traceable since exchange make use of a central service and keeping record for all transactions done on their exchange, it might mean nothing to you for now but it can be use against you in the future.

You know the governments aren't fully onboard with the use of Bitcoin and other altcoins since they consider to be unregulated. There are many non custodial wallets that you can use, you don't have to use the typical hardware wallet but make sure when you're doing a transaction it should be from your personal wallet and they should be non constodial for maximum privacy (anonymity).

[Saint-loup]

Have we ever considered the advantages of Bitcoin's insignificant fees? I utilized Coinbase in the UK to send some coins to my younger brother, and the transaction was completed successfully in less than 15 minutes which is like instant transfer. Previously, I had to wait three working days for Western Union to validate my transaction. With Bitcoin, the days of going to the bank and waiting in line have vanished, and I can now send something to him without incurring any additional fees. In the past, I had been using Western Union to do this, but the extra fees were ridiculous, so I didn't have to complain because I didn't know about bitcoin. I'm happier now that i could save some extra charges.

You didn't mention where your young brother is living but yes, it's one of the most useful use cases of cryptocurrencies. Unfortunately withrawal fees and transaction fees are rather high for Bitcoin, or transactions could take several days to be confirmed otherwise. But unfortunately if your brother has no way to directly buy something he needs in Bictoins, he will need to convert his funds in fiat money and to withdraw them to a banking account. He will need to pay fees on top of the ones you've paid to buy your Bitcoins and to send them to him. So it's not totally free and sometimes it could even be cheaper to use Paypal or similar services.