When we started BitLeague a few years ago, it was with one primary goal: to provide more bitcoin accessibility for more people. As bitcoin is a valuable asset and by no means cheap, we wanted to build a platform that would allow investors of all backgrounds to experience the value of the world’s most popular cryptocurrency in a way that they could sustain.
To do that, we built with “free” in mind. Today, we offer zero-fee trading experiences, the highest guaranteed returns in the industry, and loan rates that start as low as 3.99%.
We were committed to providing absolutely zero bitcoin to fiat transaction fees from the start — but it’s only as of late that other companies have started to follow suit. Still, not everyone’s on the bandwagon. There are behemoths that still believe in charging their customers for using their own bitcoin holdings — and, frankly, we believe that’s just wrong. Bitcoin was built by the people, for the people, and charging the people for their own holdings is akin to the way the traditional banking system has operated for years.
Bitcoin to fiat transaction fees are dead, and here’s why:
- There’s absolutely no need for them.
We’ve written pretty extensively about our not-at-all-secret way of guaranteeing massive returns for our clients year after year. Well, it turns out the reason we can guarantee such high returns is the same reason we don’t have to charge our clients a fee to move their own money. Many bitcoin investment platforms enjoy tremendously valuable relationships with larger institutions constantly in need of bitcoin. These institutions are willing to pay top dollar for bitcoin loans, and, in turn, the platforms pocket the profit. Think buying wholesale, and selling retail. Platforms like ours simply pass a large portion of that profit over to our clients in the name of returns, and save the rest to help cover expenses we’d normally accrue from things like bitcoin trading. Any platform that enjoys this type of relationship with high value institutions could very easily do the same. Yet many platforms continue to pass fees onto their customers.
2. They cheapen the integrity of bitcoin.
Bitcoin was launched as a concept that relied on a strong user commitment to deregulation. Unlike fiat, which can easily be traced, manipulated and corrupted by governmental entities, institutions with an agenda, or just about any group with enough power, bitcoin is deregulated and decentralized. Transactions can happen anywhere, anytime, and between anyone. Charging people for using or transferring their bitcoin holdings is eerily similar to what traditional banks do — and what good is the autonomy, anonymity, and freedom in bitcoin if we start behaving the same way traditional banks do? Bitcoin price isn’t regulated by a governmental entity. There is no Federal Reserve that can simply create more bitcoin when the 21 million coins runs out. So why should users have to pay for exchanging their own holdings? If every other aspect of bitcoin is built for the people, why change it with fees? Charging people for their own bitcoin when you really don’t have to upsets what bitcoin is all about.
3. They destroy the user experience
Do gold miners have to pay tax on what they find? Sure. But is there a limit on what they can do with their gold? Do they have to somehow censor what they use their gold for in order to avoid some kind of fee? Absolutely not.
Like gold, bitcoin is a product that isn’t created and destroyed by the hands of some government — and adding transaction fees to your bitcoin activity feels a lot like censorship. The bitcoin user experience hinges on freedom, independence, and the right to do what you want with your holdings. Platforms can make profits on loans, institutionally, and in other ways, but we believe charging their users for their own holdings is certainly not one of them. We feel that a large part of what makes bitcoin so attractive to so many people is the fact that its use is completely autonomous. It doesn’t need an entity to work, or a governing body to dictate how it’s used. Its use is completely up to the user. And that extends to how often its traded, sold, or purchased.
On our end, we’ll never take one bit of a client’s bitcoin as a penalty, even if they decide to pull out of a contract with us. It’s not ours to take to begin with. We started our platform that way, and we’ll never change it. Bitcoin to fiat transaction fees are dead, and we’re living proof that companies really can still be sustainable without them.
Explore the absolutely free BitLeague platform for yourself at www.bitleague.com!