coins101
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October 04, 2016, 04:21:25 PM

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Fees are not the problem, nor a barrier to entry.

https://bitcoinfees.21.co/
..

All you have to do is look at your nearest bureaux de change to understand that fees are 100% the issue.

Nearly all bureauxs de change will advertize zero fees. Even many remittances providers claim zero fees on international transactions. Why? Because the masses are easily fooled. They see zero fees for these services, credit cards, banking, paypal, etc and they assume it's a free lunch. So they fill their boots on these services.

Having deployed a currency product aimed at consumers, I can, with 100% certainty, tell you this is the case.

General consumers have no clue that all the profit margins are made on the currency conversion; and if they try to check it, the rates are too confusing to work out, so they just look a the big sign that says zero fees and off they go.  The average remittance value is $200/month, and its sent by people, on average, with little or no education.

Fees are a deal breaker for mass adoption. Which, to stay on topic, is a deal breaker for Bitcoin demand and therefore its price; especially in one of its biggest markets: $600bn/year remittances.

You don't have any clue what're you talking about!


After spending $100k on focus groups to identify appropriate fee structures for remittances, I can assure you adverts like this highlighting zero fees are no mistake:







So, I can assure you of this: you have no clue about consumers perception of fees.