Since the turn of the millennium, the payments industry has been one of the most interesting markets thanks to services like PayPal (PYPL), Skrill, and Apple (AAPL) Pay. On the other hand, cryptocurrency platforms such as BitCoin, BitGold, OneCoin and many others have provided an alternative to what has been for several centuries known to be the primary means of exchange. Money as we know it could be replaced by cryptocurrency payments in the next several years if the trend in the payments market maintains its current course. So why do people think that cryptocurrency will take over the payments market in the near future?
The main reasons are ownership and control.
There are several benefits associated with using or trading with cryptocurrency. However, there is one that stands out as the most probable reason why the world might be swayed towards the cryptocurrency market as the evolution of the payments industry continues. Ownership and control are the two things that most payment structures cannot guarantee.
Banks, institutions and online payment platforms such as PayPal have very strict caveats, which they can use at any one point to freeze your account or hold your funds. On the other hand, cryptocurrencies, as reseolve.com, a platform dedicated to educating people about cryptocurrency points out, are decentralized, which means that “the holder of the money controls it – not banks, not any other institution.â€
Two of the biggest concerns that the cryptocurrency market faces are regulation and security. However, if everyone understood clearly the process involved in generating new cryptocurrencies, most of these fears would be swept aside.
How is the security?
The security of online payments is said to be guaranteed by various encryption and algorithmic permutations that scramble data in such a way that hackers would not have it easy when they attempt to steal your information.
Cryptocurrencies, on the other hand, are not linked directly to your bank account, which means that as far as the risk of losing your money goes, it can never go beyond what you have put in your online wallets.
