How does blockchain affect financial services?

28 December 2022 By papmall®

Over the last decade, blockchain has become a hot topic in the finance boardrooms as cash usage declines globally. Another reason comes from the growing demand to pay quickly on a couch, as long as there is internet access. Subsequently, payment services have undertaken their best efforts to offer blockchain and cryptocurrency services, promising more security and convenience to consumers.

The steps vary depending on the payment processor, but users usually scan a QR code on a payment gateway. The gateway converts crypto money from the customer to fiat currency and deposits it to the receiving account in USD, EUR, GBP, or CAD, which will take less than 1 minute to complete. Paying your monthly expenses, such as electricity, water, mobile, landline phone, etc., without any hassle is a perk of living on crypto.

With the right measures in place, freelance cryptocurrency services can be very secure. That said, there is still a long way to go before the world is entirely decentralized.

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