Two Charts Show How Different Bitcoin and Fiat Payments Really Are

[madfranks]

This is why bitcoin is valuable, it is a payment system far more efficient and far less expensive for commerce than the fiat alternative.

http://www.coindesk.com/two-charts-difference-bitcoin-fiat-payments/

A bitcoin transaction from one party to another, anywhere in the world, might look something like this:

http://media.coindesk.com/2014/05/bitcointransaction.jpg (http://media.coindesk.com/2014/05/bitcointransaction.jpg)

However, with fiat money, things aren’t so simple. Sending money globally from one party to another is massively complex.
Any party sending money to another one internationally, for example, has to go through a lot of hoops. That procedure often can look something like this:

http://media.coindesk.com/2014/05/GlenbrookCorrespondentBanking.png (http://media.coindesk.com/2014/05/GlenbrookCorrespondentBanking.png)

[madfranks]

It is important to note, that miner fees are voluntary. You don't actually have to pay them, but paying them provides incentives for the miners to compete to verify your transaction, making it faster. Sending money without miners fees sometimes makes the transaction slower. Though, currently the bitcoin miners fees are very low, typical transaction fees are around 0.0001 BTC, which is about 6 cents. Look again at the charts posted above, using fiat money the fees to send $4800 amount to $137.30, while the fees to send BTC would be zero to 6 cents.

https://en.bitcoin.it/wiki/Transaction_fees

[Ares]

It is important to note, that miner fees are voluntary. You don't actually have to pay them, but paying them provides incentives for the miners to compete to verify your transaction, making it faster. Sending money without miners fees sometimes makes the transaction slower. Though, currently the bitcoin miners fees are very low, typical transaction fees are around 0.0001 BTC, which is about 6 cents. Look again at the charts posted above, using fiat money the fees to send $4800 amount to $137.30, while the fees to send BTC would be zero to 6 cents.

https://en.bitcoin.it/wiki/Transaction_fees

Reminds me of that 100,000,000 dollar equivalent transaction that Bitstamp did late last year. They moved that much money, and didn't even pay a miners fee.