Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Articles about Cryptocurrency => Topic started by: Goodcat49 on February 19, 2019, 04:33:39 PM
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The latest credit card fee increases have generated debate over the comparative advantages of using cryptocurrencies such as Bitcoin, Ripple, Ethereum and others.
Some big firms like Overstock, see savings from processing digital currency payments, but this doesn’t sway and convince every user in the cryptocurrency industry, at this particular stage, cards still aren’t an enhanced and healthier alternative for users.
Cryptos Don’t Charge High Processing Fees
Several merchants use minimum purchase amounts to sidestep the high cost of processing fees, hence giving the advantage to cash for small purchases. Being in a position to pay a fraction of a cent for virtually any kind of payment, gives a big advantage to cryptos, to the extent that changing to traditional currency still leaves a more auspicious rate for the recipient than using credit cards.
Cards are Inherently Vulnerable to Theft and Compromise
Credit cards are an integrally insecure method of paying. While using cryptos, recipients only have to show their merchant addresses (public key) and the client has to initiate a payment using a private key. The recipient has no full access to the client’s funds until the payment is completed. But with credit cards, the client grants access to their total balance to the recipient and just hopes that access is not abused. Number theft, scam, card skimmers and others can lead the unsuspecting client to see a major compromise of their funds. To successfully steal cryptos, a thief has to compromise the security of the user, a ting that is more difficult.
Here are some of the reasons as to why credit cards are a mediocre payments technology currently, just a decade when the technology for digital currency payments turn out to be very sophisticated: https://coinidol.com/major-advantages-cryptocurrency/
(https://coinidol.com/upload/resize_cache/iblock/816/900_900_1/816cf194070f9d75d41233abe0eb53b6.png)
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This is slightly untrue because bitcoin used to charge ridiculously high fees at it's peak and the transaction times were slow, even up to a day before it was processed. LN will make it usable though
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I agree with your submission.
Cryptos is easy and very convenient to use unlike credit cards .
Credit cards could malfunction while crypto wallet won't .
It is not convenient carrying credit cards around with you as it could stollen .