in ailing system

Top payments for withdrawing money – savings banks levy fee

In times of low interest rates, banks prefer to reach down rather than up: In the last few days, the already intact or future collection of fees at ATMs at 40 of the 400 savings banks in total caused a great media response.

Creating new pillars for Bitcoin evolution

Thus the Internet portal reports after a search that approximately 20 savings banks want to have something extra already with the first time money take off: One can bypass this by the change on another account model. But this is directly connected with higher overall monthly Bitcoin evolution contributions.

With the remaining 23 banks one is asked only then to the cash to the cash if one would like to lift more than two and/or five times in the month money. Pay money for the weekly purchase? Additionally then for the cinema at the weekend, or the ice in the city park? That makes one euro per payout!

Can’t you believe it? The Sparkasse Wittgenstein, the Stadtparkasse Grebenstein and the Stadtparkasse Grebenstein show you how.

The ailing system
With a technology from the middle of the last century (exactly, the 50’s, that’s no joke now) little can be accomplished. Savings bank federation president Fahrenschon is eager thereby each service of his subordinated savings banks a suitable price to give. This ailing system is time-intensive, old and the whole structure must be paid also somehow.

Going with the Bitcoin evolution

One Euro here for withdrawing cash. There 15 – 40 cents for an online transfer and at the end wait 24 hours for a SEPA transfer – but only on weekdays, because if the employer pays his salaries on Friday at noon, then the money for the employees arrives in the account on Monday.

All the more surreal is this whole Bitcoin evolution development for all those who have already come into contact with digital currencies. Here, transactions are possible in real time! Bitcoin, the biggest example of digital currencies, currently takes a bit of a „long“ time, but is generally fast moving.

Due to the current block size debate, it can take a little longer, but basically no traditional service provider can keep up. In the best times, the Bitcoin network managed to securely confirm transactions within 10 minutes (a secure confirmation is one level higher than the „normal“ confirmation of incoming payments), for a long time 13-15 minutes were considered average. Because of the debate mentioned, we see such times only on weekends, due to slowdowns in the network it takes well and often half an hour.

But that’s not all by far! Bitcoin payment processors like to speed up the process to real time, Ethereum, the second largest blockchain, needs only a few seconds up to a maximum of two minutes. Can the SEPA transfer keep up with this?

Offer alternatives
If you see such comparisons, you might get angry that you have to pay for your transfer in the carriage speed.

The alternative looks like this:

Bitcoin, Ethereum and Dash are currently leading the field of crypto currencies. To create an account, a so-called wallet (English for wallet / portmoneé) costs nothing! No matter how long you have it.

Only the transactions cost money, so if I send money to another person. The transaction costs [in dollars] can be seen in the picture above. These costs are distributed to millions of computers in the network, which meticulously check the validity of every single transaction at high speed so that no fraud can occur. So in euros we see transaction costs (or „transfer costs“ if you compare that to traditional banking) of:

71 cents for Bitcoin (unfortunately currently at a record high due to the block size debate, otherwise always way down, as the graph on the left shows)
14 Cent for Ethereum
5 cents for Dash
And with it I can send money to everyone in the whole world! The prerequisite is that the other person has a wallet for the same digital currency as me. But even if he has another digital currency, with services like ShapeShift I can overcome this hurdle myself. So it doesn’t matter if I send something to my colleague two cities away or if my parents send me something for my holidays in China: It costs a fraction, no matter how much money I send and it is incomparably fast there!

Accounts for everyone, efficient, secure, decentralised – that’s already more!