Traditional banking methods are favored by many online users because they feature as established organizations which are relatively stable, trustworthy, and universally accepted. Bank wire, debit cards, credit cards, e-Wallets, and other payment methods are generally trusted since they are part and parcel of our cultural zeitgeist. We can visit these banking institutions, credit agencies, lenders, and talk to agents, customer service representatives, and personnel to resolve questions, queries, or complaints. Many people prefer face-to-face communications with their lenders, banks, and credit agencies.
Since banks have large networks of branches and ATMs, and reciprocal agreements with other banks, it is much easier to access funding (deposits and withdrawals) nationwide than it is with cryptocurrency-based options which are limited in that regard. While traditional banks charge higher fees (owing to higher costs of operations), they offer added security and peace of mind when transactions are processed. For example, any unauthorized use of a credit card (hacking, theft, loss) will not become a burden for the account holder – the funds can be fully recovered and paid for by the credit card company.
It is true that usage fees, maintenance fees, and transfer fees are much higher with traditional banking methods, but there are notable exceptions in this regard. For example, if you were playing at Casino.com, you could select virtual payment options such as www.casino.com/ca/payment-methods/ecopayz to process your transactions at reduced costs, and greater efficiency than traditional banking methods. It is definitely worth scouting around before summarily dismissing traditional banking options in favor of blockchain-based cryptocurrency methods.
The safety and security of options such as ecoPayz is assured by way of fully licensed operations, courtesy of the FCA (Financial Conduct Authority). This ensures the integrity of transactions at all times. Additionally, this payment processing solution is also 256-bit encrypted, using TSL, or SSL encryption technology, to protect against any unauthorized infiltration of communications, or data for transactions. The separation of servers is yet another way in which financial information is protected. By prioritizing client safety, using a mix of traditional banking options and cutting-edge online innovation, users get to enjoy the best of both worlds.
Crypto Payments Options?
A cursory analysis of the benefits of cryptocurrency vs conventional payments methods makes for fascinating reading. The cryptocurrency boom accelerated in recent years, owing to the merits of this contrarian payment processing solution. Among others, popular options like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and Dogecoin offer the following benefits:
- Cryptocurrency options cut out the middleman, effectively allowing for 1-to-1 transactions. This has the advantage of reducing confusion, improving clarity, and maximizing accountability. In cryptocurrency transactions, there are simply two parties privy to the transfer and receipt of the funds.
- Safe and secure transactions via cryptocurrency transfers are assured. As soon as you have initiated a transfer, it cannot be stopped. This guards against fraudulent transactions which can take place with traditional money transfers. By preventing account tampering, blockchain-based crypto transactions guarantee payment and receipt of funds.
- Cryptocurrency ensures greater confidentiality with asset transfers. With traditional banking systems, parties to a transaction are required to interact with banks, lenders/borrowers, and/or credit agencies. With crypto, only the bare minimum of data is transmitted between sender and receiver. This ensures enhanced privacy, security, and integrity of transactions.
- Transactions fees are significantly lowered when all the middlemen are removed from the equation. With crypto, there are no fees to maintain account balances, pay credit card companies, pay banking fees and so forth. Of course, third-party companies such as crypto wallets may impose small fees to hold your crypto, but overall it is significantly less.