"Cross Border Payments and Remittances With Cryptocurrencies"

Hello, dear friends! Well, come to my post. How are you all? I hope you will be doing well, by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to share my knowledge with you about the topic "Cross Border Payments and Remittances With Cryptocurrencies" in this Steem Alliance community. So let's start without any further delay.

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Friends as we all know that by the passage of time the crypto currencies are revolutionizing the whole world. From trading, investing, staking, and doing cross-border payments, all these things are happening within the crypto world with the help of digital currencies. As we know, money is one of the basic needs of humans, and when that money is present in the digital form of crypto currencies, it brings a lot of benefits for us.

Cryptocurrencies have innovated payment methods and made a lot of things easier for us, especially cross-border payments. So different platforms offer cross-border transactions that are backed by the government, institutions, firms, and some digital exchanges such as Binance, Coinbase, etc. The crypto currencies make the transaction easier, faster, quicker, transparent, and reduce fees.

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This is because crypto currencies are based on decentralized blockchain technology, which means that they aren't controlled by a single authority or entity. All the transactions through digital currencies are recorded online, which is visible to everyone using that platform. These aspects make the nature of cryptocurrencies borderless.

This is because they aren't bound to any traditional banking systems or private institutions, which makes the payment methods easier, as the banking systems are bound to government policies and geographical institutions, which delay the validation and securing of transactions. Also, they cost very high fees for transaction validation, but the payment through cryptocurrency has solved all these things.

Furthermore, in cross-border payments, traditional banks, payment processing, and many other entities are involved, which charge the fees of transactions separately, but when we make payments through cryptocurrency, it takes us far away from all these issues. This is because these currencies add value quickly to the transactions, which removes the involvement of all the other entities and reduces fees.

But besides having all these advantages, cross-border payments through currencies are not 100% effective due to various issues such as security, market volatility, and other uncertainties. In this regard, one of the challenges faced in making payments through cryptocurrency is market volatility. Yes, as we all know, the crypto market is highly volatile and fluctuating.

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Due to which their prices may fluctuate after shorter intervals of time, the prices of crypto currencies may increase and decrease suddenly, which may produce issues during payments and validating transactions. Besides, the users may face issues regarding security because many malicious actors, such as frauds, hackers, and other negative people, are present in the market, which can create problems.

In addition, some technical issues, such as network upgrades and power outages, may also cause a delay in validating transactions because, during that interval of time, the network may become unavailable. Also, it may lead to the downtime of the network, which may cause problems during payments.

In conclusion we can say that the Cryptocurrencies have a potential in doing Cross Border Payments And their borderless nature make that process cost effective, quicker, transparent and very easily accessible to everyone. But still in these terms improvements are required such as security, transparency and reliability of the networks which offer cross border payments methods. So in that article we have discussed about the role of Cryptocurrencies in cross border payments and some of the challenges. I hope it will be helpful for you.

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Written by @abdullahw2

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Thanks All 💗

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