Home Coins Bitcoin (BTC) Industry leaders say blockchain makes payment services more efficient

Industry leaders say blockchain makes payment services more efficient

Industry leaders say blockchain makes payment services more efficient

With online payments company Wirecard undergoing insolvency proceedings this month, mainstream financial services like VISA, PayPal, and Mastercard are rushing to fill the digital payments void, and be one of the first to offer crypto payment cards, stated experts in the crypto industry.

During an interview with Cointelegraph, Jerry Chan, CEO of blockchain service provider TAAL, and Rod Hsu, President & Co-Founder of virtual currency platform Coincurve, both agreed that the competition could be just what the industry needs to shift the way that digital currencies are being used as a method of payment or technology.

But Chan goes beyond the need for mainstream crypto awareness and points out blockchain can make payment services even more efficient:

“Payment technology is actually already quite efficient. (…) The cost of credit cards is on fraud prevention and insurance, and this cost is borne by the merchants and their banks.  Blockchain platforms that are transparent, immutable, and do not support coin mixing or hiding technologies like Bitcoin SV can largely eliminate fraud, thereby reducing this cost to merchants.”

CoinCurve’s Hsu said that the current payment ecosystem involves various roles in the process. This includes clearinghouses, banks, or intermediary payment service providers and it increases the fees and efficiency of settlement:

“Blockchain is a ubiquitous and global public ledger. Therefore, sending digital currencies across the table or around the world, settlements go directly onto the chain with no intermediaries keeping fees low with an almost real-time settlement visible on this public ledger.”

Whether the use of Bitcoin (BTC) can be considered as a method of payment or technology, rather than a store of value to its survival or not, Hsu says that store of value can only go as far as being speculative without the property of serving as a medium of exchange. He also adds:

“This means if we are to see Bitcoin as a global currency, adoption of Bitcoin as a payment instrument is vital as it must fundamentally serve the purpose as a medium of exchange.”

TAAL’s CEO thinks that the lesson from Wirecard’s case for the crypto industry is that financial regulations “are in place to protect the public from exactly these sorts of massive frauds and public consumer losses.”

On the other hand, Hsu summarizes that the crypto sector should learn about “transparency” after the Wirecard’s case, and adds that blockchain is, again, an immutable and open technology to fully audit the flow of funds “at any point in time.”

First published here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,550FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.29
CHF
1.09
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.72

Most Popular

Dfinity unveils ‘open algorithmic governance system’ as final milestone before launch

Dfinity, the much-hyped and long-anticipated blockchain-based cloud computing project, today unveiled a token-based governance system that will be used to control its “internet...

BuySellVouchers Indirectly Gives the Opportunity To Shop in the Popular Retail Chains With Bitcoin

It is looking like good times in the retail industry as BuySellVouchers gives a solution that allows users of the platform to shop...

Canadian Firm 3iQ’s Bitcoin Fund Listed on Gibraltar Stock Exchange

The Gibraltar Stock Exchange said Tuesday that it listed a new bitcoin fund belonging to 3iQ Corp, a Canadian investment fund manager...

Chainalysis and Texas firm win million-dollar IRS contract to crack Monero

On Wednesday, the IRS awarded two $625,000 contracts looking for tracing tools for privacy token Monero and Layer 2 protocols. The winners were...
bitcoin
Bitcoin (BTC) $ 10,763.33
ethereum
Ethereum (ETH) $ 357.14
ripple
XRP (XRP) $ 0.241277
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 228.72
bitcoin-cash-sv
Bitcoin SV (BSV) $ 178.28
litecoin
Litecoin (LTC) $ 46.26
eos
EOS (EOS) $ 2.58
binancecoin
Binance Coin (BNB) $ 28.96
okb
OKB (OKB) $ 6.13
tezos
Tezos (XTZ) $ 2.21
leo-token
LEO Token (LEO) $ 1.26
cardano
Cardano (ADA) $ 0.100739
monero
Monero (XMR) $ 100.59
stellar
Stellar (XLM) $ 0.073273
chainlink
Chainlink (LINK) $ 9.90
huobi-token
Huobi Token (HT) $ 4.63
tron
TRON (TRX) $ 0.026353
usd-coin
USD Coin (USDC) $ 0.999315
dash
Dash (DASH) $ 67.96
neo
NEO (NEO) $ 19.11
iota
IOTA (MIOTA) $ 0.279923
nem
NEM (XEM) $ 0.116776
zcash
Zcash (ZEC) $ 61.42
maker
Maker (MKR) $ 546.63
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.41
vechain
VeChain (VET) $ 0.013266
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.64
kucoin-shares
KuCoin Shares (KCS) $ 0.866747
waves
Waves (WAVES) $ 2.48