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Sunday, November 18, 2018

Why crypto isn't going anywhere: Binance transferred $600,000,000 - and it cost them $7. Here's what it would cost using traditional methods...

There's no way around it - the use case for cryptocurrency isn't theoretical, and it's proven every day.

Some examples larger than others, this being one of the larger ones.  Binance transferred Bitcoin funds totaling $600 million in value into cold storage (secure offline storage).

Next time someone says cryptocurrency is pointless, and that they "just use PayPal" point out that the fee on this transaction would cost them over $17 million dollars using PayPal - and even though they're not transferring hundreds of millions of dollars, just for fun add up those $5-$20 fees over the years, the total may surprise them.

PayPal's $15.2 billion in annual profits aren't coming out of thin air, they come from taking a large chunk of other people's income.

The next largest competitor would be Square Cash, at their 1.5% fee the total would amount to a still-massive $9 million.

Binance's cold storage wallet can be viewed at here.
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Author: Adam Lee 
Asia News Desk