You can not compare Bitcoin with banks the speed of transactions. Why?

The network of Bitcoin miner, the Commission will be the same no matter transfer you a hundred dollars or a million. On October 16 in the blockchain of Bitcoin has registered a virtually instantaneous transaction with a volume of 194 million dollars, the fee for which was only 10 cents. In the case of legacy banking systems for processing such a huge amount would take weeks of paperwork and complying with many requirements and standards. The study of Castle Island Ventures partner and co-founder of Coinmetrics.io nick Carter has revealed that is not quite correct to compare Bitcoin and other cryptocurrencies with centralized banking systems such as PayPal for speed of transaction processing.

The following graph from Carter shows that centralized systems with plastic cards and Bitcoin cover different markets. While operators of credit and debit cards are mainly concentrated on a large number of small payments, users of Bitcoin tend to conduct larger operations.

Source: CCN

Compare warm with soft?

As a rule, transactions in BTC is very large. It’s hard to say an exact figure, but if you take the average, each transaction has a few thousand dollars. The median transaction exceeds one hundred dollars.

In November 2015, Chinese billionaire Liu Ican bought a painting worth $ 170 million with the help of credit cards American Express. And still the payment would not reach up to 24 million Bitcoin transactions even in the past month. It should be noted that the absence of large credit card payments may be due to internal limitations of the payment gateways. As a rule, each transaction is limited to ten thousand dollars. In rare cases the limit may reach 100 thousand.

Writes CCN, these payment systems for a variety of purposes and different audiences. If the banking system and credit cards are more often used for frequent, small transactions, Bitcoin allows you to transfer large sums of money at very high speed and low Commission. Plastic cards just won’t let me because of the need to meet regulatory requirements.

The details of the formation of the Commission in the network of Bitcoin read here. More data look at cryptodata.

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