What are the fees and transaction times when sending money to friends through digital currencies like Bitcoin compared to PayPal?

3 answers

• Dec 30, 2021 · 3 years ago
  When sending money to friends through digital currencies like Bitcoin, the fees and transaction times can vary depending on the specific digital currency and the platform or exchange used. Bitcoin, for example, is known for its relatively high transaction fees and slower confirmation times compared to other digital currencies. On the other hand, PayPal generally charges lower fees and offers faster transaction times, but it is important to note that PayPal transactions are not conducted directly with digital currencies. Instead, PayPal acts as an intermediary, converting the digital currency into fiat currency and then transferring it to the recipient. This additional step can result in higher fees and longer transaction times compared to direct digital currency transfers. Overall, it is advisable to consider the specific digital currency, platform or exchange, and the desired speed and cost of the transaction when sending money to friends through digital currencies.
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• Dec 30, 2021 · 3 years ago
  Sending money to friends through digital currencies like Bitcoin can involve fees and transaction times that are different from using PayPal. Bitcoin transactions typically have fees associated with them, which can vary depending on the current network congestion and the priority given to the transaction. Transaction times for Bitcoin can also be longer compared to PayPal, as Bitcoin transactions need to be confirmed by multiple nodes on the network. On the other hand, PayPal transactions are typically faster and have lower fees, but they involve the use of traditional fiat currencies rather than digital currencies. It is important to consider the specific digital currency, platform, and the desired speed and cost when choosing between using digital currencies like Bitcoin or PayPal to send money to friends.
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• Dec 30, 2021 · 3 years ago
  When sending money to friends through digital currencies like Bitcoin, the fees and transaction times can be influenced by various factors. Bitcoin transactions, for example, often have higher fees and longer transaction times compared to PayPal. This is because Bitcoin operates on a decentralized network where transactions need to be confirmed by miners. The transaction fees are used to incentivize miners to include the transaction in a block. PayPal, on the other hand, operates on a centralized platform and typically charges lower fees and offers faster transaction times. However, it is important to note that PayPal transactions are not conducted directly with digital currencies like Bitcoin. PayPal acts as an intermediary, converting the digital currency into fiat currency and then transferring it to the recipient. This additional step can result in higher fees and longer transaction times compared to direct digital currency transfers. Ultimately, the choice between using digital currencies like Bitcoin or PayPal to send money to friends depends on factors such as the desired speed, cost, and convenience of the transaction.
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