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Why cryptocurrencies are considered as the fastest mode of payment

by Sonal Shukla

Introduction

In our daily life we need to make payments and transfer money to our employees and sometimes our clients send money to us https://immediate-edge.live/ . These transactions of money are mostly done through Bank wire transfers or via e-wallets. If there is a professional transfer of money then there is a probability of bank wire or a debit card transaction being involved. However, as we all know how debit card and Bank wire transfer takes up to 7- 15 days to process your money. So what is the solution for it?

Experts believe that cryptocurrency is the only solutio is upon us and people are using cryptocurrencies more and more these days and it is possible to make crypto payments which are lightning fast. In this article we will be discussing all about the cryptocurrency payment method and if it is the fastest or not. We will also discuss the traditional method that people tend to use more which is much slower than cryptocurrencies and how it can be replaced by cryptos. 

The Traditional Method of Payment

Traditional payment methods which include bank via e wallets debit card credit card prepaid cards and many other payment methods which people use in their day today lives. These payment methods have been redefined and polished again and again but they are still very slow and costly when you try to send money overseas. Not only overseas, even home country based transfers are very slow; it can take up to 1 to 3 days for even the fastest mode of payment available in the traditional payment method system. 

However, there are a few exceptions, for example the UPI payment system invented by the Indian government which can help you transfer money instantly. The UPI payment method is also not omnipotent, you cannot transfer money overseas with the UPI payment method. So the problem of sending money quickly anywhere in the world still persists with all kinds of traditional payment methods available in the world. Here is a list of traditional payment methods that we see in our day to day lives:

Cards: VISA, MasterCard

Pre pay cards: paysafecard

E-wallets: Skrill, Neteller, PayPal

Bank: Bank Wire, Bank Transfer

Crypto: The Lightning Fast Payment System

When we talk about cryptocurrency as a payment method you can already see examples in different industries such as online casino gambling where they already used cryptocurrencies as a mode of payment for their services. When you try to check out money from an online casino using Bank wire it would usually take up to 7 days to 15 days for the money to arrive into your bank account however the second fastest method is awarded when you choose e wallet the processing time is very low and the third party e wallet application helps you get your money within a day. However it is still slower than cryptocurrencies. Yes you heard me right, cryptocurrencies can get you your money within a matter of hours. There have been several cases where the money was transferred into their crypto wallet in the form of cryptocurrencies within an hour by several establishments. Hence from these incidents we can confirm that even the fastest payment method we thought e-wallets are slower than cryptocurrencies. And since everyone seems to use cryptocurrencies these days around the world it is a good way of doing payments and the best alternative for traditional payment methods.

Conclusion

To conclude this article we can say that cryptocurrencies are truly the fastest mode of payment in this world. Their fast payment method is because they are available everywhere in the world, there is a very little fee included, you can use it to send money anywhere in the world, and since they are not affiliated to any government or institution the processing time the recording time and other time that would have been wasted becomes obsolete for cryptocurrencies. 10 cryptocurrencies is a very good alternative for traditional payment methods which are much slower than cryptocurrencies. 

 

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