What are the advantages of using cryptocurrencies instead of Euro or Swiss Franc for international transactions?

3 answers

• Dec 27, 2021 · 3 years ago
  One of the main advantages of using cryptocurrencies for international transactions is the speed of transactions. Cryptocurrency transactions can be completed within minutes, regardless of the distance between the sender and receiver. This is in contrast to traditional banking systems, which can take several days or even weeks to process international transactions. Additionally, cryptocurrencies are not subject to the same bureaucratic processes and regulations as traditional currencies, allowing for faster and more efficient cross-border transactions.
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• Dec 27, 2021 · 3 years ago
  Another advantage of using cryptocurrencies is the lower transaction fees compared to traditional banking systems. Traditional banks often charge high fees for international transactions, especially for large amounts. Cryptocurrencies, on the other hand, have significantly lower transaction fees, making them a more cost-effective option for international transactions. This can be particularly beneficial for businesses and individuals who frequently engage in cross-border transactions.
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• Dec 27, 2021 · 3 years ago
  At BYDFi, we believe that using cryptocurrencies for international transactions offers several advantages. Firstly, cryptocurrencies provide a higher level of security and privacy compared to traditional banking systems. Cryptocurrency transactions are encrypted and recorded on a decentralized blockchain, making them highly secure and resistant to fraud. Additionally, cryptocurrencies offer greater privacy as they do not require the disclosure of personal information during transactions. This can be especially appealing for individuals who value their privacy and want to protect their financial information from being accessed by third parties.
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