1. When using Cryptocurrency, it would need the wallet owner’s authorization.
Part of the main quintessential distinction between Cryptocurrency and a credit card is that with the Cryptocurrency, it requires the user’s complete authentication before it allows usage.
2. Credit cards are fundamentally susceptible to security breach and fraudulent tendencies.
Credit cards are so unsafe because of the way they function when being used. On the other hand with Cryptocurrency, for receiving payment transactions, the seller must display a destination address, which is a public key, when the buyer would start the payment process using an exclusive access to the wallet.
3. Cryptocurrencies do not have downtime and time consuming registration procedures.
Basically, setting up new accounts or getting a new credit card entail procedures, extensive paperworks and a lot of time.
4. Credit cards require personal identification, relatively adds to the hassle of getting into.
Continuing with my previous point, credit cards is associated to your identity and any supporting documents about you.
5. Cryptocurrencies do not record your every transaction and sell it to advertising companies.
Customer data is being collected by the credit card companies in a certain way and sell it to advertising companies for profits.
6. Peer-to-peer technology is something unheard of by the credit cards.
This is one of the best features of the Cryptocurrency, the capability to process transactions for businesses and personal accounts using the same way of processing.
7. Majority of Cryptocurrencies have crazy low transaction fees.
Speaking of the best features of the Cryptocurrency, this is one of them, it is what made the Cryptocurrency gained popularity in the first place.
8. Credit card companies can, at random update, increase fees.
The Cryptocurrency’s advantage here is that because it’s decentralized, no one could ever change the terms of its operation, and the fees as well obviously.
9. Cryptocurrencies cannot be banned or quickly brought down.
Still going on about the fact that they are decentralized, if a node went down, the whole operation is relatively unaffected.
(Jet Encila is a journalist, editor and freelance writer from the Philippines)
Check out the original article here.