CREDIT CARDS vs BITCOIN: Are Traditional Credit Cards Becoming Outdated?

in hive-126009 •  last month 

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In this extraordinary period in which it is necessary to reduce contacts with people but also with objects that pass from hand to hand such as money, even the most suspicious people of electronic payment methods are starting to use less cash for daily payments, preferring credit cards where possible.

The pandemic is giving a boost to the use of technology and electronic systems in general in any sector but above all in the daily lives of all citizens, an example is the increase in online purchases even in those countries, like mine, where there was not a great propensity for e-commerce.

So the way we shop is evolving, freeing us from the addiction of cash that becomes more and more virtual, everything happens quickly thanks to credit cards, but also to online accounts that allow you to pay via app directly from your mobile.
From now on it will also be easier for Crypto currencies to be able to spread and go beyond the fans of the sector but to be considered another valid and alternative payment system by a much wider audience.
And the moment will soon come when we will realize that even physical credit cards are already obsolete when payments can be made in Crypto with a simple QR code.

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It is clear that this depends on the number of businesses both online and offline that will accept payments in crypto currency and this is related to their mass diffusion.
The greater the demand for wanting to purchase products and services using crypto wallets, the greater the number of merchants willing to offer payment alternatives in digital currency.

Using our crypto addresses directly to make payments certainly has the advantage of having very low or even absent fees compared to traditional credit cards, this is because intermediaries are eliminated.
Unfortunately, there is a small system flaw that for the moment cannot be overcome and that is once a payment in crypto currency has been made, the transaction cannot be canceled, as it could happen with credit cards.
For this reason, commercial exchanges through digital currency are still viewed with skepticism and rechargeable credit cards in crypto currencies made available by the most famous crypto exchange platforms are spreading like wildfire.

Instead of a bank account, we need to have a cryptocurrency wallet in which we keep our coins and which we can dispose of however we want.
By purchasing through a cryptographic card, the exchange from cryptographic currency to fiat currency will take place automatically and pay for our purchases without having to do anything.

However, for those wishing to pay directly in bitcoin, you can take a look at Coinmap which since 2013 has been making its map available in which the spread of electronic money throughout the world is reported coinmap , but today there are many other apps that offer this service like, HereBitcoin, Bitcoin Map and discover that it is also possible to pay the bill at a restaurant, a hotel room or even bills.

However, we are experiencing a wonderful period of change in the financial sector as well the developments of blockchain technology will not end to amaze us.

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Credit cards are here to stay but soon we will integrate it with crypto.