Why are cryptocurrency payments considered fast? The fact is that on the blockchain network, transactions take place at lightning speed. Of course, it is in the bitcoin blockchain that some transactions can take quite a long time. However, over time, many other blockchains have emerged that are quite powerful, with low fees and very fast transactions. Some of the most popular fast cryptocurrencies can be considered:
- Litecoin with a speed of 56 transactions per second
- Stellar processes 1,000 transactions per second
- Solana is capable of handling 50,000 transactions per second.
As an example, consider the speed of processing payment requests by classic payment methods. Payments from E-Wallets are usually confirmed within 1 hour. Payments between Payment Cards are made in 1-3 days. And if you transfer funds or pay for a purchase using Bank Transfer, you can expect payment confirmation or transfer within 3-5 business days. Thus it is clear that cryptocurrency payments are many times faster than the classic payment systems that exist on the market.
Nobody can censor crypto payments
No one can ban cryptocurrencies. It is simply not possible. The fact is that all cryptocurrencies are decentralised, meaning that they do not have a single centre. Instead, the validators in the network act as a transaction processing centre. Just imagine, the network is served by tens of thousands of computers that process transactions. In order to prohibit cryptocurrency payments, the entire internet must be shut down. A blockchain network can work and function perfectly even when there is only one computer on the network. Can you imagine how clever the technology is? Classic payment systems, unlike cryptocurrencies, have a single centre that manages one payment system or another.
The only downside is that the validators use huge processing power. Having realised that cryptocurrency mining can make money, many enterprising users have started to build individual, powerful computers. They consume a lot of power and generate a lot of heat at the same time. Some mining companies even rent large refrigerators so that the heat generated by the computers does not have a detrimental effect on the world around them.
You can stay anonymous using crypto for casino deposits
Players who dream of playing online casinos using cryptocurrency sometimes fear that someone will trace their transactions. In reality, this will never happen. Your deposits at an online casino using cryptocurrency cannot be traced. The fact is that no one knows who owns the address from which you make deposits.
However, another misconception is lurking in front of you. This misconception is that some online casinos require you to verify your identity. Some users are afraid of this and sometimes just pass by such gambling sites. However, you don’t have to worry about that as there are many gambling sites that do not make it mandatory, take the Casino Howto list as an example. All online casinos essentially obey the laws of the country where they are licensed. Consequently, they have no right to disclose any data. So when you make a deposit in the casino in cryptocurrency, you will remain incognito. But passing the verification won’t make things worse, because your details will only be known by the online casino.
Commissions are much lower in comparison to traditional payment methods
All of us have ever had to deal with money transfers online. Whether it’s to top up a Payment Card or to pay for an item. In any case, in one way or another, you have come across the fact that the payment system charges a fee. However, it is worth mentioning that classical payment systems charge much higher commissions for transferring funds or paying for goods than cryptocurrency payments. The point is that for classic currencies, fees are charged in order to maintain a large staff and cover operational costs. If you take cryptocurrency, the fees are charged by validators to cover the costs of keeping the network running.
Let us look at one of the most popular payment systems-Skrill, for example. This payment system, in addition to the standard fee for payment of goods, also imposes special fees for lack of activity in the amount of 5 USD, for violation of the service rules in the form of 150 USD, or an incorrect transaction of up to 25 USD. However, at the same time, cryptocurrency payments are also charging a few cents for an incorrect payment. And the most incredible revelation is that when you transfer funds from one wallet to another, you will also spend a modest amount of up to 1 USD. For example, some exchangers sometimes transfer their assets from one wallet to another. So, these amounts are in the hundreds of millions of dollars. And the commission for one such transfer is no more than 100 USD. This is a negligible amount of commission for such an amount of transfer.
