Traditional bank payments sometimes takes certain hours, and sometimes even several days or weeks to scale through due to banks network system. You may also need to pay bank fees, especially if youre sending money to someone in another currency like Italy or Germany.
With the help of fintech banks, fiat transactions are now easier and faster, delays rarely happen, even for large transactions.
Concerning bank delays and network problems, Bitcoin also has its own shortcomings. When the network becomes congested, transactions become stuck and take long hours, sometimes days if the sender refuses to adjust the fee to push the transaction in front or if the network takes longer to unclog, since miners will prioritize transactions with higher fees.
When it comes to explaining Bitcoin as a payment option, cross-border transactions without a central authority are actually what should be the head of discussion, and this is done conveniently, from the comfort of our home. Back in time, when it took stress, paperwork, and signatures, Bitcoin stepped in, and within seconds, payments can be completed and received in a short time.
So many replies have actually taken the words out of my mouth because in reality, the use of Bitcoin for transactions and payments has become more easier, despite the fact that you must pay some amount of network fees to miners to incentivise block inclusion.
However, market volatility could make fees be increased or when so many transactions have crowded the mempool.
The independence and privacy that Bitcoin's use for payments has created makes it a top notch choice also for me, even though we now have these fintech banks that makes things easier when we consider using traditional banking for local payments. There's also the regional consideration because while it may be easier from your end to use Bitcoin for payments, it may be harder from some locations.
The truth is that fintech banks has their limitations and across border payments could be one of them since they are still being monitored by CBN and that's where Bitcoin's effectiveness comes first as top option.
