Because of course there isn't, the current system was based on policy not technical limitations of MySQL. Not to mention that the move in the US from ACH to RTP makes ~free and instant domestic transfers 24/7. Transfers outside the US cost more and take longer because of AML and KYC. A FedWire costs $0.033 in bulk to the depository institution. For reference, an ACH transaction costs banks $0.002 in bulk to the depository institution.
#BITCOIN CORE TAKING UP TOO MUCH SPACE FREE#
Re: wires, domestic US wires are offered free of charge by many institutions, and are instant during regular business hours. Bitcoin in this context is just the intermediary unit which is elided in a wire. This is true because you can't spend Bitcoin for goods and services - generally speaking anyways. You cannot send $10,000 anywhere in the world via Bitcoin for $2-7, you have to first convert the $10,000 to BTC at a local exchange, wait 3 days, pay 1-2%, suffer slippage, pay $2-7, wait an hour, pay 1-2% at the remote exchange and wait for the money to deposit into a bank account. Just so we're not talking past eachother. Converting to USD, you have to consider the BTC-USD exchange rate which has been bouncing around $55K lately. (background for other readers) Bitcoin fees are a function of the transaction size in (virtual) bytes (minimally either ~140 vB or ~240 vB, depending on the type of addresses used), multiplied by the feerate in satoshis per virtual byte. I'm not disagreeing with you - just noting that the quoted Bitcoin fees at any point in time are not reliable, and that the whole process is more complicated than it might appear. As you note, they can be inconvenient or impossible on overnights, holidays, and weekends. Wire transfers/SWIFT/FedWire etc are effectively instantaneous, the fees are 100% predictable, and they are accepted everywhere worldwide for all legitimate business. Your receiver will have the same burdens.
There have been periods where the prevailing feerate has remained over 150 sat/vB ($12 - $24) for 24 hours.Īnd unless you're already in $10K of BTC, you will lose exchange fees and are subject to the forex (equivalent) rate. Bitcoin fees have ranged between $0.79 and $33.00 within the past week (feerates between 10 sat/vB and 250 sat/vB).
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