Right now, the simple answer is no – crypto cannot deliver on similar privacy to cash. There are currently too many issues that prevent crypto transactions from replacing the fiat transactions of the current payments landscape. Notably, the fluctuation in the prices of cryptocurrencies makes it unlikely they can be a “main” payment option for most. In addition, any merchant transacting in crypto will need to convert crypto into fiat, relying on an over-the-counter (OTC) service to access liquidity. This means that anyone accepting crypto will either have to be, or partner with, a local regulated exchange that can tap into larger trading volumes – and most exchanges with sufficient liquidity are enacting know-your-customer (KYC) provisions. Further, these payment layers add hidden fees for consumers and create more spots where data could leak.
Related posts
-
Hong Kong Professor: China’s Crypto Mining Ban Shifts Businesses to US
Professor Wang Yang, vice president for institutional advancement and... -
Crypto Analyst Says Next Bitcoin Target Is $78,700 If BTC Breaks This Resistance
An analyst explained that the next target for Bitcoin could be $78,700 if BTC could cross... -
Nycrypto Labs raises $800k to launch Tidus, a crypto everything app
This app will be the first multi-chain, multi-layer, non-custodial wallet to offer in-app lending, borrowing, swapping,...