What are the advantages of using digital currencies for cross-border transactions between Canada and the US?

3 answers

• Mar 19, 2022 · 3 years ago
  One of the advantages of using digital currencies like Bitcoin for cross-border transactions between Canada and the US is the speed of transactions. With traditional banking systems, international transfers can take several days to complete. However, digital currencies allow for near-instantaneous transactions, reducing the time and cost associated with cross-border payments.
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• Mar 19, 2022 · 3 years ago
  Another advantage is the lower fees associated with digital currency transactions. Traditional banking systems often charge high fees for international transfers, especially for large amounts. Digital currencies, on the other hand, typically have lower transaction fees, making them a more cost-effective option for cross-border transactions.
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• Mar 19, 2022 · 3 years ago
  At BYDFi, we believe that digital currencies offer even more advantages for cross-border transactions. With decentralized platforms like BYDFi, users can bypass traditional banking systems altogether, eliminating the need for intermediaries and reducing the risk of fraud or censorship. Additionally, digital currencies provide greater financial inclusion, allowing individuals without access to traditional banking services to participate in cross-border transactions.
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