this post was submitted on 28 Feb 2024
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If you can, please use / switch to Ko-Fi, it has the lowest fees for us
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As a basic principal crypto has the lowest transaction fees. I'm not a lemmy dev so idk what they prefer, but general rule is crypto is cheapest.
I seriously doubt Bitcoin fees are less than PayPal
EDIT: I just checked and the bitcoin transfer fee over the last 3 years was about $1-2, but it has been around $10 the last 3 months. PayPal charges a $2 fee for a $30 payment. The difference is a lot less than I expected.
Oh, and Ruud is a sysadmin of the lemmy.world instance, not a Lemmy dev.
EDIT 2: Ko-fi seems to take a 0% fee on one time transactions.
for small amounts of money, PayPal, cash app whatever is cheap to free, but if you need to send thousands of dollars and convert your currency from USD to Euro or whatever crypto is the cheapest way to do it.
Once you hit the millions mark, strangely enough, it again becomes cheaper to use fiat. For 1,000,000 USD, Kraken Pro's fee rate is 0.18%, or 1,800 USD to buy and 1,800 USD to sell, totalling 3,600 USD plus exchange rate risk. A USD wire transfer usually costs 20-35 USD to send and 0-10 USD to receive.