[vinniejames]

I just had to pay $8 to convert USD to another currency. The fee is less than $1, and often less than $0.10 to make an exchange like this via cryptocurrency.

In order to move money out of my own bank account, digitally, into another account, it is impossible to do instantly. Many banks charge a substantial fee, even for a 3 day turnaround[1].

Looking only at card networks, while ignoring the greater banking system is an incomplete view of the potential here.

1. https://www.nerdwallet.com/blog/banking/ach-transfers-costs-... M

[vkou]

> I just had to pay $8 to convert USD to another currency.

That's the cost of the spread.

If you tried to convert $10000 BTC to USD today, you would pay anywhere between -$200 and $200 (Or ????$, if the market decides to go crazy), depending on the exchange rate when your transaction would clear. With a forex transaction through a bank, the bank fixes the exchange rate (And charges you money for it.)

[vinniejames]

That was just the “fee” without even including the spread, which was much more, often +20% depending on the exchange.

Converting $10k BTC to USD would not cost $200 in transaction fees. If that’s how much you’re paying, find another exchange as you’re getting ripped off.

Converting BTC to another crypto currency would barely incur any cost at all.