B'KARA,MALTA / ACCESSWIRE / November 16, 2018 / While many people have readily accepted cryptocurrencies, a large population is still wary of it. Moreover, the population keen on cryptocurrencies is plagued with several questions when it comes to transferring cryptocurrency. An investor may also consider crypto transfers to be expensive. An African company named KuBitX is seeking to resolve fears among investors when it comes to transferring assets. They have incorporated several features in their exchange which will improve transactional speeds, latency, security and user interface. However, transferring cryptocurrencies has turned out to be a simpler and cheaper alternative. For instance, on 16th October 2018, a Bitcoin user moved 29,999 BTC worth about $194 million with a $0.1 transaction fee.
If in case the user had done the transfer, using Paypal, the transfer would've cost $5.3 million in transaction costs. According to a World Bank report, remittance fees for payments to Africa are more than 20% higher than any other region. Moreover, the federal reserve charges a maximum of $0.82 for the use of their platform for transferring currencies internationally, and the banks that use them resell that service for up to $45 they make 5500% profit on that deal.
A fee of $0.1 is levied when transferring cryptocurrency between exchanges and addresses. The transaction takes a few seconds or is almost immediate in some cases. The crypto platform makes minimum profits and takes only a small percentage of the fee. Although the costs shoot up when trading volume is increased, measures were put in place to avoid such a recurrence. The average international crypto transfer has been recorded at $31. On the other hand, the average fee being charged by Bank of America average is $45.
With an increased demand in the number of people investing in crypto assets, many ventures are working to provide users with an extraordinary experience using cryptocurrencies in their daily activities for payments, purchases and so on.
KuBitX will start its public sale on 20th of November. Moreover, it has partnered with Modulus Global. Modulus Global powers Nasdaq and many other banking and financial institution platforms around the world. With such an exemplary vision, the organisation will definitely bridge the gap between digital and traditional financial services.
Media Contact:
Name: Obi Ezenwugo
Email: obiefuna.ezenwugo@kubitx.io
Website: https://kubitx.io/
TG Group: https://t.me/kubitx_official
SOURCE: KuBitX
View source version on accesswire.com:
https://www.accesswire.com/528299/Traditional-Transfers-Vs-Crypto-Transfers
