Cryptocurrency Q&A
What are the disadvantages of traditional payment system?
What are the disadvantages of traditional payment system?
KpopHarmonySoulMateRadiance
Tue Jan 14 2025
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6 answers
866
The traditional payment system has several disadvantages. It often involves slow processing times, high transaction costs, and limited accessibility. Additionally, it lacks the convenience and flexibility offered by modern digital payment solutions. Security concerns and the potential for fraud also pose significant risks.
6 answers
Federica
Thu Jan 16 2025
Transaction costs pose a significant challenge in traditional payment systems.
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Maria
Thu Jan 16 2025
Banks and credit cards, for instance, impose high transaction fees on users.
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SilenceStorm
Thu Jan 16 2025
These fees can become a burden, especially when conducting cross-border transactions.
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JejuJoyfulHeartSoul
Wed Jan 15 2025
The percentage of these fees can be as steep as 5% of the total transaction amount.
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FantasylitElation
Wed Jan 15 2025
Such high costs make it impractical for individuals to use these systems for small transactions.
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