How Do Cryptocurrencies Differ from other Forms of Payment?

[kipara 0]

There have the question that I always asking myself but i never found the solution. Thats is cryptocurrencies was created in order to be using as payment method, but what's the different with cryptocurrency payment and fiat currencies online payment here?.

Because both of them are paid through online payments.

[tienda 8776]

I think the cryptocurrency differ from the others forms of payment like e-currency of fiat money...etc, the difference here that with fiat money payment is not anonymous but with cryptocurrebncy payment is anonymous, we need to know the means of CRYPTO is secret code.

[Zaino34 0]

There are many differences between payment with encryption and other currencies, the most important of which is that payment in encrypted currencies is unknown and preserves our identity and cannot be revealed in comparison to other methods.

[AkaCrafterCZ 1140]

Cryptocurrencies are fully decentralized and ran by the community, no one else can get to our funds or modify our payments. Cryptocurrency sending can be fully anonymous. Cryptocurrencies can also have limited supply, unlike fiat currencies that can be printed infinitely.

[IamLeader12 682]

The difference is that the cryptocurrency has anonymity, and even if you get the cryptocurrency from someone, they won't know who actually owns that wallet. (to which they sent the cryptocurrency)

[Ms.o 3322]

Fiat currency is legal tender backed by government and that government controls the supplies and put taxes on it,while crypto is decentralized,no government,no taxes. However,both of them are considered as money or currency where you can purchase goods and services.

[Syedbesharat 5423]

10 hours ago, kipara said:

There have the question that I always asking myself but i never found the solution. Thats is cryptocurrencies was created in order to be using as payment method, but what's the different with cryptocurrency payment and fiat currencies online payment here?.

Because both of them are paid through online payments.

The difference is very great where we have to wait in line for our number and other gives us easy access to our account for transaction.We can easily send big amount from small fee to one place to another place.The bank will take time and extra charges for transaction.We can send it to many account from one .We can get money also from foreign country.The time is our hand where we can fast transaction from extra fee.

[korazon 589]

Its about blockchain technology that makes the difference here between cryptocurrency and other payment system we are currently using with fiat.

 

Cryptocurrency is faster payment, transparent and decentralize unlike the paypal and the likes which are controlled by entities which they can stop/dispute the payment going to someone else wallet which means NOT decentralize and its not transparent.

[rekter 8129]

16 hours ago, kipara said:

There have the question that I always asking myself but i never found the solution. Thats is cryptocurrencies was created in order to be using as payment method, but what's the different with cryptocurrency payment and fiat currencies online payment here?.

Because both of them are paid through online payments.

There has been great answers already. I want to add that with fiat currencies you need to a bank account and sometimes wait for days to get that money to transfer on different bank account. With crypto is easy as sending an email. No one oversees your account and transactions can be instant. Or at least very fast.

Edited April 11, 2020 by rekter

[bliznec 22268]

Maybe cryptocurrency has a certain code that can bring corresponding income from investing. This code can only be regulated by the creators, or they are regulated by trading volumes. Most likely here are the differences. 

[George10 9932]

One different that i see between these two payment systems is that, cryptocurrency payments can cross boundaries within short time without any single administration like banks while digital fiat has to be checked and authorized by the banks to cross borders and it takes time to be cleared.

[magd 5231]

Payment addresses are made for each currency, according to certain calculation algorithms and sequences, so that addresses do not duplicate, so we find that the bitcoin wallet address is different from the address of the Digcoin wallet. As for digital payment, it is via proofs of personal data and is linked to the central market, unlike payment with decentralized encryption, which depends on the address Your wallet

Edited April 12, 2020 by magd

[Zues 1069]

23 hours ago, kipara said:

There have the question that I always asking myself but i never found the solution. Thats is cryptocurrencies was created in order to be using as payment method, but what's the different with cryptocurrency payment and fiat currencies online payment here?.

Because both of them are paid through online payments.

I think that there is some special code to the cryptocurrencies that allows them to do certain job. And you can try to search or ask for help of others when it comes to different payment methods through online. 

[CryptoMaxim 2372]

Such payments only differ in anonymity in contrast to Fiat money. And the payment itself with cryptocurrency also has a value like Fiat.

[Ridam 7455]

Well if you transfer money  from one  place to another through the normal payment service, the transaction is recorded in database of the companies that you using like paypal and it's not seen to other. But if uou transfer using Crypto it is available to all and it's recorded using the blockchain technology.

[johant123 1559]

6 hours ago, George10 said:

One different that i see between these two payment systems is that, cryptocurrency payments can cross boundaries within short time without any single administration like banks while digital fiat has to be checked and authorized by the banks to cross borders and it takes time to be cleared.

Yes, absolutely, at least for some coins (like XTZ or XLM). I also believe that crypto currencies will be the future for money transfers, both between financial institutions and for peer to peer payments (e.g. someone in Germany wanting to send money to someone in Thailand). That is also my main concern for Bitcoin; transactions take too long (and I don't see a permanent fix), and the price is too unstable (and that is worse the longer transactions take).

[Upright 2688]

Anonymously the Crypto coins differ on this as the exact location of the sending asset can't actually be gained easily and that of the the I'd if the users or the issuer of who sent the coin and who received, this forms of payments..

[pablomarwan 3082]

There is no shame in asking and learning more. There is a difference in several characteristics. First, digital currencies take time to reach the destination.
The difference in the speed of the original is that the sending of banknotes is faster than the digital currencies because it takes my last time. There is difficulty in retrieving digital money if you do not convert it into money in the local currency format

[Brand1 1336]

 

Frankly, I don't think the difference in digital currencies and banknotes in online shopping is that digital currencies are fast-paying, unlike banknotes that need time to pay through.

Edited April 12, 2020 by Brand1

[Whited35 15285]

Most of the traditional payment techniques are time consuming and personal information sharing in nature but if you locate the cryptocurrency payment, it is highly encrypted--none of your personal information will be shared to the public. 

[BTC Future 3946]

On 4/11/2020 at 10:43 AM, kipara said:

There have the question that I always asking myself but i never found the solution. Thats is cryptocurrencies was created in order to be using as payment method, but what's the different with cryptocurrency payment and fiat currencies online payment here?.

Because both of them are paid through online payments.

I can tell you about Bitcoin and nothing else, as the rest altcoins are mostly there as cash grabs and just cloned Bitcoin idea and code to profit. 

Read the Bitcoin whitepaper first of all here: https://bitcoin.org/bitcoin.pdf

While doing so you will understand why it has changed the core of the whole transactions system by cutting the middle man (banks) and giving financial freedom to the people that use it.

With Bitcoin you can sent any amount of money, to anyone, anywhere in the world, with a small fee. Bitcoin does not need your bank to authorize the transaction. It is not based on any centralized authority. The transaction will go through the decentralized network that runs on consensus rules. No account will be frozen or confiscated. No government can block accounts of their opposition. It is way bigger than you imagine.

Edited April 13, 2020 by BTC Future

[Syed Al Mamun 876]

 I think main difference is anymous system. If you transfer or use the third party or government can't mark or identify the location and name of the owner.

[Rezort 846]

Cryptocurrencies is much more than just electronic payment, there are a lot of new cryptocurrencies which have technology that develops our world in some way.

[bentayebsalah 2280]

The matter differs greatly in many concessions between payment through fiat currencies or FIAT and cryptocurrencies, including fees, speed of payment, confirmation of payment, as well as protection

[Whited35 15285]

If you take an account of cryptocurrency payments, every transactions are confirmed by the blockchain but other traditional methods may not use this sort of automated process at all(I am talking about the major cases this does not mean that traditional payment methods are not automated).