Once again, the problem of having a central authority was highlighted when a big company like Paypal can change their fee structure in a whim. Paypal has issued a new terms and conditions that will become effective this May 7, 2019, one is Paypal will now keep all seller’s fees when processing a refund, basically what is this saying is that it will punish sellers for buyer's change of mind.
The second is about the international transaction where before Paypal just used to charge a flat fee for this service. However, with the latest terms and condition changes, it has announced that it will now charge a variable fee of five percent. This transaction fee will be no more than $4.99 and no less than 99 cents. What this implies are that the small transactions will carry the burden the most while the bigger transactions will only be charged to a maximum of about $5 fee.
Now when you compare this with crypto transactions, which does not need any mediation and that when you send to a friend next to you or to someone thousands of miles away just cost you the same. That amount is a minimal fee or sometimes close to nothing. With the advent of crypto for payment transactions, I am looking to seeing that these harsh payment fees imposed by big companies like Paypal will soon be a thing of the past.
Visit this news report for more details: https://www.newsbtc.com/2019/04/08/paypal-fee-bitcoin-crypto/
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