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> I’d also paid $40 in Bitcoin fees, such as levies for transferring the currency between Coinbase and my digital wallet. My Visa, by contrast, is paying me—$20
by datadata 4y ago
> I’d also paid $40 in Bitcoin fees, such as levies for transferring the currency between Coinbase and my digital wallet. My Visa, by contrast, is paying me—$20 in cash-back rewards.
This doesn't mention that Visa rewards are subsidized by a ~1-3% fee that is payed by the vendor, and paints the picture that somehow Visa is away something for nothing. [1]
[1] https://www.vox.com/the-goods/22454885/who-pays-for-credit-card-rewards https://www.vox.com/the-goods/22454885/who-pays-for-credit-c...
- cuteboy19 4y agoAll this talk of visa and Bitcoin always makes me appreciate the marvel that UPI is: Instant free money transfers to any bank account from any bank account. Unfortunately both Bitcoin and Visa have highly entrenched incumbents who would never allow this kind of thing to happen.
- el-salvador 4y agoWe have two main Interbank transfer networks in El Salvador: The state owned one, which is free and takes less than 15 minutes. The bank owned network, which costs from $0 to $2 depending on the bank and is instant.
- 0ldskool 4y agodon't forget the 19.99% or higher interest paid by users of visa cards who cant or forget to make payments.
- el-salvador 4y agoFees are even higher in El Salvador. > This doesn't mention that Visa rewards are subsidized by a ~1-3% fee that is payed by the vendor, and paints the picture that somehow Visa is away something for nothing. [1] The fees start at 3% for the formerly local bank network, and to up to 5% for the bank that has the AMEX exclusive agreement in El Salvador > don't forget the 19.99% or higher interest paid by users of visa cards who cant or forget to make payments. And up to 39.99% APY for introductory credit cards in El Salvador.