As per reports, Coinbase, a cryptocurrency exchange, posted that most of the remittance fees for international transactions in the United States would not be applicable if cryptocurrency is used for these transactions, stated Cointelegraph.
As reported by Cointelegraph, “The US average fee rate of 6.18%, means Americans’ average yearly spend is likely to close to $12 billion on remittance fees” stated the exchange’s research. It is also expected that transactions made with cryptocurrencies are faster than the traditional ones.
Sources revealed that transactions made with cryptocurrency are expected to cost less compared with the traditional payment system. It is estimated by Coinbase that money transacted through Bitcoin (BTC) and Ethereum (ETH) is 96.7% cheaper than the usual remittance methods, added Cointelegraph.
It is expected that about six percent of United States senior citizens possess cryptocurrency. With the rise in these rates, crypto-based international exchanges can keep a track of the fees handled by the global financial industry, Cointelegraph concluded.
(With insights from Cointelegraph)