Bitcoin Could Make Credit Cards Obsolete
Por Julio Gil-Pulgar According to some financial experts, Bitcoin transaction fees are lower. In addition, Bitcoin bypasses the unnecessary and expensive financial institutions within which credit cards depend. Therefore, experts believe that Bitcoin’s advantages will encourage merchants to replace credit cards with Bitcoin. Satoshi Nakamoto: Bitcoin Payments Are Similar to Cash Transactions High credit card fees continue to be borne by merchants and ultimately by consumers. Indeed, merchants pay billions of dollars to have issuers process card transactions. The idea of replacing credit cards with Bitcoin is gaining steam among financial experts. For example, Panos Mourdoukoutas, professor and Chair of the Department of Economics at Long Island University Post in New York, forecasts that increasing competition in the retail sector and Bitcoin’s offer of lower transaction fees could induce merchants to replace credit cards with the cryptocurrency. Indeed, mo...