What are the advantages of using cryptocurrencies for online payments instead of traditional Visa payments?

3 answers

• Dec 29, 2021 · 3 years ago
  One of the main advantages of using cryptocurrencies for online payments is the increased security and privacy they offer. With cryptocurrencies, transactions are encrypted and recorded on a decentralized ledger called the blockchain, making it extremely difficult for hackers to manipulate or steal funds. Additionally, cryptocurrencies provide users with the option to remain anonymous, as transactions are not directly linked to personal information. This can be particularly beneficial for individuals who value their privacy and want to protect their financial information from being accessed by third parties.
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• Dec 29, 2021 · 3 years ago
  Another advantage of using cryptocurrencies for online payments is the lower transaction fees compared to traditional Visa payments. Cryptocurrency transactions often have minimal or no fees, especially for peer-to-peer transactions. This can save users a significant amount of money, especially when making international payments. Traditional payment methods, such as Visa, often involve various fees, including currency conversion fees, processing fees, and transaction fees, which can add up and increase the overall cost of online payments.
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• Dec 29, 2021 · 3 years ago
  At BYDFi, we believe that one of the key advantages of using cryptocurrencies for online payments is the ability to bypass traditional financial institutions. With cryptocurrencies, individuals have full control over their funds and can make direct peer-to-peer transactions without the need for intermediaries, such as banks. This not only eliminates the need for third-party approvals and delays but also reduces the risk of funds being frozen or seized. Additionally, cryptocurrencies operate on a global scale, allowing for faster and more efficient cross-border transactions compared to traditional payment methods.
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