At this point we’ve all heard of the notorious CoronaVirus (COVID-19) and its rapid spread from country to country.
As with any virus, there are various ways it can spread aside from actual human-to-human contact. USA Today reported that studies are now showing that payment systems and platforms including ATM’s, various payment tablets, and credit cards have a high potential for transmission. Credit Cards specifically have an above average potential risk for virus transfer.
With regards to physical cash, Chinese banks are now sterilizing before releasing it to customers.
This brings up a viable and noteworthy point; digital payments including those taking place on the blockchain network pose an effective and realistic solution to this problem.
This poses the question; what other advantages do digital payments (specifically Bitcoin) offer? Here are some to consider:
Fees on most all blockchain networks are typically a fraction of credit card or traditional payment processors. There are also no traditional “banking” or maintenance fees to hold a balance.
The user has complete freedom over funds; select digital wallets are completely autonomous of financial institutions, mimicking a physical wallet concept, therefore no third party can oppose or hinder transactions.
Discrete (Semi-Anonymous) Transactions, but 100% transparent at the same time
Unlike any other payment network, every transaction is recorded on a public ledger and open to the public.
Globally Accessible and Restriction Free
There are absolutely no restrictions geographically as to where you can send funds; there is no hindrance on transaction speed and additional fees will not be incurred.
These are only some of the attributes of digital currency that pose clear advantages over traditional payment systems. What will the future hold? Only time will tell!
Stay safe and healthy everyone!
Capital Compliance Experts is IN NO WAY affiliated with any specific cryptocurrency, nor is or has ever endorsed any specific cryptocurrency or digital token or asset. This article is intended solely for informational purposes.Tags: Capital Compliance Experts, Crypto, Cryptocurrency, Digital Payments, Financial Services