The future of payments: Why cryptocurrencies are here to stay

economictimes.indiatimes.com:

challenges the very foundations of traditional finance. As we navigate this complex landscape, one question persists: Can cryptocurrencies truly reshape the future of finance and payments or are they merely another fleeting trend in the vast sea of technological advancements?Shattering financial norms Cryptocurrencies provide a solution to the limitations of traditional financial systems in our increasingly borderless world. Foreign exchange fees, long transfer times, and high transaction costs have long been pain points for businesses and individuals alike. While conventional wire transfers can take up to 5 days to settle, cryptocurrencies like Ethereum, Stellar, and Solana offer transaction times ranging from mere seconds to a few milliseconds. This enhanced speed not only improves business flexibility but also facilitates improved cash flow. Transaction fees further exacerbate the challenges faced by businesses operating in traditional financial systems.

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Consider this scenario: You want to send Rs 1 lakh to your friend in the US. In a traditional financial system, the transaction cost, including fees, could add up to a hefty Rs 10,000. However, cryptocurrency solutions such as Arbitrum and Polygon charge less than $0.10 per transaction, and networks like Solana settle for less than a cent. This significant difference in transaction fees makes cryptocurrency payments an incredibly attractive