Brandi Reynolds, CAMS-Audit
The new virtual asset payments can be a great game changer in the entire financial market area, especially over traditional payments. Below are three main benefits offered by these virtual asset payments.
Safeguarding the Money Remittance Business
The big change made by blockchain technology along with digital assets constructed on top of that, such as cryptocurrencies have been safeguarding money remittances. Utilizing blockchain technology for money remittances allows for quick, safe, and inexpensive remittances. Traditionally, cryptocurrency transactions have lower transaction costs than traditional payment methods.
Cryptocurrency Cannot be Deflated or Inflated
Cryptocurrency is decentralized, meaning it can’t be deflated or inflated due to the choices of a central government. However, not having a central bank control cryptocurrency adds to its volatility as no central force can step in to correct the markets (although this can differ by coin type).
Gives the Most Flexibility and Convenient Solution to the Banking Industry
We have been hearing a lot regarding digital banking and branchless banking which might still be ongoing in the future. We are seeing current conventional banks making attempts to get into this new area as virtual asset payment has taken the entire market by offering the most flexible and convenient solution.