Cryptocurrencies have multiple advantages to traditional payment rails, which include:
Transaction speed – Unlike credit card payments & wire payments that can take days or even over a week to settle, cryptocurrency payments are settled nearly instantly.
Transaction cost – Cryptocurrency transactions are processed at a fraction of the cost associated with credit card payments or sending a wire.
Accessibility – Easily accessible globally, all that’s needed is an internet connection. No need to set up a bank account or deal with third-party intermediaries.
Transparency – All crypto transactions are recorded on the public blockchain ledger, enhancing transparency and reducing the potential for fraud.
Security – Cryptocurrencies run on a decentralized network meaning that it doesn’t have a central point of failure in the way centralized institutions do.