Advocates also like to highlight that the trustless and permissionless blockchain model means that the “revenue” and “profits” from operating its payment network are set by the market. This differs from the traditional financial services industry, which is controlled by a handful of decades-old giants with few competitors and no incentive to cut rates. The only competitive force on PayPal’s fees, for example, are those charged by Venmo or Square’s Cash App. For Bitcoin, fees are pushed down by anyone who chooses to compete for a transaction fee.
