How Crypto Payments Are Revolutionizing The World
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With increasing digitization, there is a greater need for quick transfer of wealth. While the current payments infrastructure can keep up with the increasing demand for throughput, going through intermediaries is a significant roadblock.
Cross-border payments in fiat currency, in particular, are still highly cumbersome. Banks charge hefty transaction fees for payments to other countries, and the settlement can take several days. It also requires a lot of paperwork, which can be difficult and time-consuming.
The reason for such a lengthy and costly process is the need for security that, in traditional finance, is dependent on relying on trusted third parties. We need a more robust, secure, and trustless approach to this.
Cryptocurrencies have emerged as a viable solution to this problem. Cryptocurrency allows for fast and secure peer-to-peer transactions across borders with minimal transaction fees.
Blockchain's distributed ledger technology (DLT) reduces the risk of double-spending and fraud, providing a secure and trustless payment infrastructure.
Also, using smart contracts allows for automatic and instant settlement of payments.
A survey by Mastercard revealed that 4 out of 10 people are willing to use digital assets (cryptocurrencies) to pay for products and services.
So, what makes crypto an attractive proposition for remittances?
Programmability refers to the ability of smart contracts to automate payments based on predetermined conditions. This eliminates the need for manual intervention, resulting in faster and cheaper transactions.
Conventional fiat currencies are not programmable. Meaning that, for example, if you
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