| Table | Nano | Cash | Credit/Debit Card | Payment App | Bitcoin |
|---|---|---|---|---|---|
| Time to Receive | Instant | Instant | 1-3 Business Days | Instant | 0.5+ Hours* |
| Fees (User to User) | Feeless | Feeless | N/A | Feeless | Varies, Avg $10-30* |
| Fees (User to Merchant) | Feeless** | Feeless | ~2%/Feeless** | ~2%** | Varies, Avg $10-30*/** |
| Requirements | None | None | Bank Account | Payment App Account | None |
| Availability | Internet Connection | In Person | Payment Processor | Limited Countries and Internet Connection | Internet Connection |
| Fallible to*** | Multiple Cooperating Independent Entities**** | Government | Bank | Company | Multiple Cooperating Independent Entities**** |
*The Bitcoin Lightning Network will allow Bitcoin to be sent instantly and with low fees, but requires locking up Bitcoin in “channels” prior, which takes at least 30 minutes. Without using the Lightning Network, Bitcoin takes at least 30 minutes to transact. Users may choose to pay less for longer transaction times, up to 48 hours.
**Merchants may convert Nano and Bitcoin to Fiat currencies with <1% total fees (deposit/withdrawal/bank transfer) via crypto exchanges such as Binance, Kraken or KuCoin. Debit Cards and Payment Apps charge additional conversion fees for overseas payments.
***A single entity or multiple cooperating entities that can compromise the system in some irreversible way.
****Entities who have no relation to one another. In Nano, these entities are determined by users. In Bitcoin, these entities are determined by Bitcoin miners. In total, these entities must have a majority say in consensus. The exact mechanisms are not stated here due to their complexity and subjective nature.
To learn how Nano works in more detail, please head to docs.nano.org or ask our communities accessible via nano.org.