Binance has just moved a staggering $1.26 billion worth of Bitcoin (BTC) – and paid just $124.60 in network fees to do so. The news has been making the headlines and is good evidence for the case that decentralized networks can greatly reduce money transfer costs.
#Binance just moved a mind-blowing $1.26 billion worth of #Bitcoin – and it paid just $124.60 in network fees for the service. Tell us again why we need banks and huge fees.#BTC #crypto #cryptocurrency
— Weiss Ratings (@WeissRatings) May 30, 2019
Although sometimes transactions costs can amount to absurd figures for even the most minute transfer amounts, it is not usually the case. Over time, the cost for transactions has slowly been decreasing, showcasing the development that is going into making Bitcoin and other tokens a viable means for global transfers.
Ripple Investors Say Ripple is Better
Some Ripple (XRP) enthusiasts have cheekily pointed out that Ripple could do a better job of facilitating international transfers at even lower costs,
you can transfer the same amount using $xrp only for 0.25 XRP , exchange fee
— Cryptology (@Cryptologysite) May 30, 2019
— Brad Garlickmouss XRP (@gregoire_jobin) May 30, 2019
Ripple has been making a strong effort for it to be seen as a go-to choice for cross-border payments, conducting several pilot programs and greatly expanding the RippleNet. CEO Brad Garlinghouse, speaking to several financial industry insiders, compared Ripple’s xCurrent to SWIFT 2.0.