Coinbase research says that Americans who send money abroad incur transaction fees totaling more than $12 billion annually. Using digital currencies will reduce these costs by 97%.
In addition to high commissions, US residents are forced to wait until the funds reach the recipient. An international bank transfer takes ten days, while sending funds on the blockchain will reduce this time to ten minutes.
The sender must pay not only for the transfer of money, but also for their conversion into the currency of the recipient’s country. Coinbase emphasized that transferring funds, for example, in bitcoin, significantly reduces transaction costs. BTC fees are now around $1.5, while Ethereum fees have dropped to $0.75.
Analysts noted that the average bank commission for transferring funds abroad is 6.3% of the amount. That is, the transfer in bitcoin and ether is 97% cheaper, the authors of the study summarized.
In March, Coinbase published a report on the adoption of cryptocurrencies in the global market.
According to David Doung, head of the research unit, the collapse of the banks in the United States forced many investors to reallocate their portfolio in favor of bitcoin.
