Transaction fees: Is Crypto actually better than the Fiat System?

Hello there,

We say that cryptocurrency is better than the Fiat system but this is not 100% true. With respect to transaction fees, I feel fiat is better. Especially when it has to do with ETH, some transaction fees are just outrageous.

I mean the cost of buying, selling and withdrawing crypto on some exchanges and platforms are way too high. I remember a friend of mine who bought some amount of Ethereum on Luno to transfer to an exchange and ended up paying close to 10% if not more of the amount in question. How sad!

Conventional banks don't charge people for depositing funds and they only charge a little amount for making transfers and withdrawals. But the reverse is the case for crypto transactions; one pays highly for buying, depositing and withdrawing on majority of the crypto platforms.

Wallets like Trust Wallet charge very high transaction fees and sometimes, I regret storing some of my assets there. To move your assets like 1UP from Trust Wallet is now an expensive process. I've just decided to let my 1UP remain there for now.

I think if the transaction fees on ETH blockchain continue to stay this high, some persons may just have to avoid transacting with ETH. I'm not saying there shouldn't be transaction fees but it should be minimal compared to the fiat system.

Thanks goodness for HIvE, one doesn't have to pay that much for withdrawals and transfers. This is the better way to gaining mass adoption. There's need for so many factors to be considered if we must achieve the mass adoption crypto is gearing towards. Factors like excessive transaction fees is a problem.

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blanktasukaki (48) 4 years ago

Well, they certainly aren't perfect for micro transactions. However say I'm going to send a hundred thousand dollars over to my partner, crypto currencies will be a better alternative.

$0.00

tomlee (70) 4 years ago

Then, if we really want every person to adopt crypto, micro transactions should be considered.

Well, yes, there are many crypto currencies focused on scaling issues an such.

Exactly, like hive