An added advantage for merchants (less so for users) was that it was irreversible, removing the threat of expensive charge-backs. In return, consumers benefit from a wider selection of merchants both domestic and international without worrying about exchange fees. Moreover, the details of their transactions are encrypted which protects their personal data.

The improvement in domestic payment methods and the rapid development of alternative (non-cryptocurrency) forms of international transfers, however, has reduced bitcoin’s advantage in this area, especially given its increasing fees and frequent network bottlenecks.

Furthermore, the increasing oversight and regulation to prevent money laundering and illegal transactions have restricted the cryptocurrency’s use for privacy reasons.

In some parts of the world, bitcoin is still a more efficient and cheaper way to transfer money across borders, and several remittance startups make use of this feature. Last year, Coinbase added cross-border transfers and custody services for high-volume clients in Asia and Europe. A recent partnership between crypto exchange Bitex and Uruguay-based banking service provider Bantotal now facilitates direct bitcoin payments across 60 banks in Latin America.

Bitcoin’s cost and speed advantages, though, are being eroded as traditional channels improve and the network’s fees continue to increase and availability remains a problem in many countries.

Also, a number of large and small retailers accept the cryptocurrency as a form of payment, although reports suggest that demand for this function is not high.

Leave a Reply

Your email address will not be published. Required fields are marked *

Royal Rank Achievers

Royal Returns
ROYAL RETURNS,
One George's Quay Plaza, George's Quay,
Dublin 2, DUBLIN,
Ireland. +353 14475929 / +44 20347 60352

info@royalreturns.com

Stay Connected
Our Direction
  • RR Operations

    Nov 01, 2020

  • RR System official Launch

    May 24, 2021

  • Mobile Application

    July 26, 2021

  • Buy and sell crypto Exchange

    December 01, 2021

     
© 2021 Royal Returns. All rights reserved.
Quick Links

ROYAL RETURNS LIMITED incorporated under the Companies Act 2014, and that the company is an LTD

Register Number: 694832
Disclaimer

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. CoinMarketCap does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Translate »