From Bitcoin vs. The Banks to a tempting offer from Ripple, here’s a look at some of the stories breaking in the world of crypto.
An advisor at McAdam Financial says a recent experience at Bank of America highlights a key selling point of cryptocurrencies. Pat Chirchirillo says the bank charged him $10 for making more than six transfers in a single month. The banking fee is far more than the cost of transferring the same amount of funds using cryptocurrencies like Bitcoin. Chirchirillo’s crypto estimate: 30 cents for six transfers combined.
Bank of America just charged 10 dollars because I made more than 6 transfers between savings and checking this month. 6 transfers with crypto would cost about 30 cents. That’s 3,233% more expensive
— Pat Chirchirillo (@PatChirchirillo) January 30, 2019
According to BitInfoCharts, the current transaction fee on the Bitcoin network averages $0.17, which would add up to $1.02 for six transfers, just shy of 90% cheaper than Bank of America.
Ripple and XRP
Ripple CEO Brad Garlinghouse says he’s open to hiring the outgoing CEO at Swift, Gottfried Leibbrandt.
At the Paris Fintech Festival, the two joined a panel on the future of cross-border payments. Leibbrandt talked about the legacy he will leave at Swift. When he finished, Garlinghouse said, “Ripple is hiring!” teasing the possibility that Leibbrandt could join the San Francisco-based blockchain and crypto payments startup, an outspoken rival.
Garlinghouse has said Ripple plans to replace Swift, which is the current standard for cross-border payments between banks and financial institutions.
Organizers at the biggest Ethereum-based hackathon in Denver,