According to an interview with Bitnet founder John McDonnell, the infrastructure for transmitting funds and accepting payments continues to be based on 1950’s era card swipe technology, whereas Bitcoin is probably the biggest innovation in Fintech since the introduction of electronic payments, going back to the magnetic stripe card and Visa.
Bitcoin transactions typically involve lower fees compared to credit card payments. He estimated that real costs account for 8 to 12% of a transaction and that these fees could be minimized in using Bitcoin because the verification is conducted by a network of computers updating the blockchain.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now