Good afternoon dear users, today we decided to compare two types of payment systems. What would more details to understand the difference between banks and Bitcoin, the whole comparison process will be described on the example of buying lunch. It should be noted that the rate of Bitcoin may change, at the time of writing the article the rate is ~ $585. So, let's start:
The process of paying for lunch using your Bank card:
- You buy your lunch for $20
- Your Bank check your credit cards
- The money sent on the restaurant account, also Bank charges fee of 3%
- Including the fee the restaurant gets $19.40
It is also worth remembering that you will also have to pay credit fees or charges for using the card, the rate may differ depending on the Bank.
The process of paying for lunch with Bitcoin:
- You buy lunch for 0.34 BTC
- A specified amount of Bitcoins goes directly to the seller (restaurant) and the transaction is confirmed by the network (how the process of confirmation can be found here)
- The restaurant gets 0.34 BTC
- Buyer also pays Commission in the amount of 0,0001 btc (miners – those who processed the transaction)
In the case of Bitcoin, the fee is 0.3% which is 10 times more economical and more profitable.
Also do not forget that when using a Bank card, between you and "vendor" is an intermediary in the form of the Bank. In the case of Bitcoin, there are no intermediaries. Today, we showed you the difference between Bitcoin and banks. What you choose is up to You.