Hi hivers, if you are looking for he information regarding "Crypto Payments vs Traditional Card Payments," then you have landed in the right place. There are both convenience and challenges when it comes to payment. Crypto payments are an innovative alternative to traditional card transactions and other payment methods. So here one comparison is neededand I am ready to compare them.
There are lots of intermediaries when we talk about anything related to traditional finance. intermediaries like card network companies, banks, governments, and payment processors, and these intermediaries are there when it comes to transactions using a card. Yes, they are fast but not instant. Also, there are high fees, but there is no middleman when it comes to cryptocurrency payments, so all the extra fees are already out of this. This is a direct deal with the sender and receiver using blockchain technology. Transaction fees depend on the blockchain network you are using. For example, if you are using Ethereum, then you have to pay high gas fees, but when you use a blockchain network like Hive, then are no fees and faster.
When it comes to privacy, without sharing personal details, you can't even make one step in traditional finance. so let's say you are making payment using card then you have to provide name, card number and more which means card is open for identity thef and fraud on the other hand, cyrpto is not depends on your kyc or any details of you because it is all about wallet address to wallet address transaction it is not written on wallet address that who is transferring the money. So I believe there is more privacy with crypto. But one thing you have to keep in mind is that once you send funds to the wrong address, you lose the funds forever.
Centralized institution approval is a must in card payments because a card is a part of traditional finance; it is not a part of crypto. However, there is a problem with developing nations and regions where banking is not available, so in this case, crypto is a diamond for them because you just need an internet connection on your smartphone, and you are eligible to transfer value.
After analyzing all these things, it is proven that crypto is winning in payments, and there is no competition between crypto and any other payment system because they are outdated. Thanks for stopping by. I am signing off.
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For me one of the most important aspect is the privacy, I don't want the government to know how I use every single dollar!
Payment with cryptocurrencies and their adoption has taken a great boost, which is why what is mentioned in your publication is that the commissions in traditional finance are high, whereas in cryptocurrencies, since it is a direct exchange, those intermediaries are eliminated, as well as the commissions.