@rezoanulvibes 20 October 2022 edited more from that month

When The Bank Offers Instant Payment Service, What Does It Mean For Crypto? When you first heard about cryptocurrency, what did they talk about? Some great features in crypto instantly draw your attention, such as fast transactions. And you can do any transaction in cryptocurrency 24/7. It will happen instantly.

To get a service from a bank, for example, depositing money, you need to go to the bank, write the money deposit form, stand in a line, and then wait to get closer to the bank employee. Finally, you hand over the money to the bank employee with a deposit slip, and you get back the slip from the bank. That slip is the document that you deposited money to the bank. So it's done. Not so fast, my friend. Sometimes it takes 3 business days or more to settle the transaction. It seems like a nightmare going through this process. You waste a lot of time and energy that can be used to do something productive. You are very happy to see you can make transactions with cryptocurrency very fast without going through any hustle. When the bank offers instant payment services like crypto, what does it mean for cryptocurrency? People feel more comfortable using the banking service. The fast transactions may not be a selling point for some cryptos.

Even if the bank provides instant payment services, it will not be like cryptocurrency. That will be centralized. On the flip side, when you are in cryptocurrency, it uses the blockchain. Crypto has great features besides fast transactions. Cryptocurrency provides a store of value, censorship resistance, and privacy that you will not get from banking instant payment services. The FedNow Service is coming out and you can talk about whether it is bad or good for crypto. You will get instant payment service with FedNow and it is always open to making transactions even on weekends and holidays. The unique value you get from cryptocurrency and blockchain, will you get it from the FedNow or CBDC? People will choose the best that blockchain and cryptocurrency offer. The more people are aware of it, the sooner we will see mass adoption of cryptocurrency. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post. Image Sources: 1 and 2 https://pixabay.com/illustrations/dollar-money-earn-money-particles-1969930/ https://pixabay.com/illustrations/money-time-is-money-1132279/ Reference: 1 https://www.federalreserve.gov/paymentsystems/fednow_about.htm