What's the difference: Cryptocurrency vs Credit/Debit card transactions?

30 Dec 2021 By PAYCEC

  • Cryptocurrency payments are analogous to wire transfers or cash transactions, where payment is "pushed" directly from one party to another, without going through another financial institution. Payment processing is executed through a private network of computers, and each transaction is recorded in a blockchain, which is public.
  • Credit/Debit card transactions entail the buyer effectively authorizing the seller to "pull" a payment from their account, passing through financial intermediaries in the process. For example, a typical Visa/Mastercard/Amex transaction involves 4 parties: the merchant, the acquirer (the financial institution that enables payments to the merchant), the issuer (the cardholder's bank), and the individual cardholder.

Crypto - Fiat PSPs

Features Cryptocurrency Payments Fiat Payments
Decentralization Decentralization  
Fast Fast Fast
Secure Secure Secure
Chargebacks Chargebacks Chargebacks
Rolling Reserve Rolling Reserve Rolling Reserve
Peer to Peer Peer to Peer  
Irreversible Irreversible  
Privacy Privacy  
Low cost to you and your end users Low cost to you and your end users  
Hassle-free account opening Hassle-free account opening  

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