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Cryptocurrency may be the solution to online payment issues

Wednesday 29 July 2015 00:48 CET | News

Cryptocurrency could be the solution to online payment issues and can be considered an important Fintech innovation.

According to an interview with Bitnet founder John McDonnell, the infrastructure for transmitting funds and accepting payments continues to be based on 1950’s era card swipe technology, whereas Bitcoin is probably the biggest innovation in Fintech since the introduction of electronic payments, going back to the magnetic stripe card and Visa.

Bitcoin transactions typically involve lower fees compared to credit card payments. He estimated that real costs account for 8 to 12% of a transaction and that these fees could be minimized in using Bitcoin because the verification is conducted by a network of computers updating the blockchain.


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Keywords: Bitcoin, online payments, digital payments, cryptocurrencies, online payments, Bitnet
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3






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