Random Blog on Crypto (Part 25) : How can cryptocurrencies be used in cross-border payments?

engrsayful (78)modCOMMUNITY MODin Tron Fan Club • 10 months ago

If I just talk about the beauty of cryptocurrency than I must say about the future of cross border payment. It is very significant improvement in the financial world in terms of cross border payment. Before the initiation of cryptocurrency it was very difficult due to the slow rate high cost and some other various of intermediate is and regulatory complianceis. Now with the help of cryptocurrency it is faster cheaper and much more efficient. It is the best alternative in traditional international money transfer system now a days. The current cross-border payment system is often associated with high fees, long processing times. Cryptocurrencies have the potential to revolutionize this process. And this is possible with the help of this wonderful blockchain technology along with the smart contract. So let's talk about some wonderful features of cryptocurrency in case of cross border payment today.

1. Reduced Transaction Costs:

This is obvious that the fee is very low in case of cryptocurrency in cross border payment because it is done peer to peer transaction without the need of any Intermediaries so it is not only fast but also the fee is very low compared with any of the traditional system of cross border money transferring and payment.

2. Faster Transaction Settlement:

It is not about the fee but the transaction is very smooth and fast. With blockchain technology, cross-border payments can be completed within minutes. In urgent situation it is so so handy.

3. Improved Accessibility:

This is the borderless solution because you can buy, sell any of the cryptocurrency from any part of the world without any need of converting your crypto into the suitable Fiat. The accessibility is unlimited from any part of the country without any barrier of cross border. Cryptocurrencies offer a borderless solution. Individuals in regions with limited access to traditional banking services can easily participate in cross-border transactions. As long as users have an internet connection and a digital wallet, they can send and receive cryptocurrencies globally.

4. Transparency and Traceability and security:

Along with above mentioned three cool features it is transparent traceable and secured enough that is the beauty of the transaction system of cryptocurrency with the help of blockchain technology and smart contract.

Line Break Steem.png