The latest credit card fee increases have generated debate over the comparative advantages of using cryptocurrencies such as Bitcoin, Ripple, Ethereum and others.
Some big firms like Overstock, see savings from processing digital currency payments, but this doesn’t sway and convince every user in the cryptocurrency industry, at this particular stage, cards still aren’t an enhanced and healthier alternative for users.
Here are some of the reasons as to why credit cards are a mediocre payments technology currently, just a decade when the technology for digital currency payments turn out to be very sophisticated.
Several merchants use minimum purchase amounts to sidestep the high cost of processing fees, hence giving the advantage to cash for small purchases. Being in a position to pay a fraction of a cent for virtually any kind of payment, gives a big advantage to cryptos, to the extent that changing to traditional currency still leaves a more auspicious rate for the recipient than using credit cards.