Today, if you want to send money to a friend or family member in another country, making an international wire transfer via the existing global interbank payment network (SWIFT) could take anywhere from 2 to 10 days, with average total fees of up to $50. Wiring money internationally can be slower and more costly than sending that same amount as cash in a physical package.
If you or the recipient don’t have a bank account , which is still the case for more than 2 billion adults worldwide , you would have to use a company like Western Union which can charge as much as $95 in fees to send $1,000. What’s worse, it’s generally poorer working-class people who are more likely to be unbanked and have to pay these extravagant fees to send their earnings to family members overseas.
With Bitcoin, for the first time in history it’s possible for anyone with an internet connection to quickly and securely send any amount of money to anyone else, anywhere in the world for low or zero fees.
This isn’t just theoretical. It is happening every day on the Bitcoin network.
The largest Bitcoin transaction in history was for more than 500,000 BTC on November 16, 2011. That amount was worth around $1 million at the time and at today’s prices is worth roughly $5 billion. This transaction was transmitted and processed instantly, for $0 in fees, and no government or corporation could have stopped the transaction or tried to add on extra fees even if they wanted to.
Bitcoin allows anyone anyplace to transfer money quickly and cheaply.