Cryptocurrency: the trump card in finance

Banking CIO Outlook | Friday, January 25, 2019

Cryptocurrencies are used as fee playing cards and personal financial institution accounts. The transactions take place between two e-wallets and are kept in public ledgers. They offer a multitude of ways to earn a form of interest with little effort and customers the protection of their information and holdings. Technology advancement has changed today’s financial organizations’ ways of functions. Cash is going down the drain and gives no added advantages. It holds debit and credit card charges, ATM, switch, trade, overseas, and minimal steadiness charges. But a crypto account demands no other charge except only transactional one. Following are some of the advantages it offers today:

Sensitive information: Banks and financial organizations deal with huge amounts of personal data about their customers in traditional ways that hold risks in terms of holding privacy. Cryptocurrency transactions, however, provide an alternative by limiting the amount of transaction data to mere numbers that are termed as wallet addresses and transaction IDs.   

International use: Use of this digital currency is not bounded by borders and offers cost-effective transactions across the world. Retailers take the leverages and are able to expand their businesses without making big amount transactions. People use this currency while traveling because it adds an extra layer of security and is used as a remote source of emergency funds that can be used accessed without any ID or bank account.

Ecommerce: The digital currency has made e-commerce transactions easier. Here traders supply shoppers the selection to pay with dozens of cryptos. Bill handlings with it are easy and fast and service provider transaction charges are lower than fiat transaction charges.

A growing market: The successful crypto payment gateways are processing in billions through transactions annually. The providers of it are serving millions of vendors in hundreds of countries and integrated with millions of users. The market is expected to grow more as integrations and partnerships between cryptocurrencies payment processors and fiat payment processors are in the works. 

Check out: Top 10 Payment and Card Solution Providers - 2018(BASYS ProcessingCheckbookChosen PaymentsECARD).

Commercial use: Cryptos are beneficial for the countries that are weaker financially. Citizens of these countries use this currency more than the others. The merchants in these places are more open toward adding cryptos as a method of payments.

Transactions and handlings using cryptocurrencies are ensured with strong cryptography. This brings more trust of customers on organizations and businesses.  

Weekly Brief

Read Also