A study revealed that a redesigned structure with Bitcoin can eliminate all the traditional issues easily to provide more and faster network transactions.
In the present time adoption of crypto and blockchain technology side by side is going on. On one side the crypto industry gives better & unique crypto projects with new use cases with Blockchain technology, on the other hand, many Central Banks are using blockchain technology to create a Digital form of their sovereign fiat currency.
A financial services company, Deloitte, recently released its analysis on Bitcoin, Central Bank Digital Currency (CBDCs), and traditional financial systems.
Analysis entitled State-Sponsored Cryptocurrency, tried to drag the attention of the world toward the technology of blockchain and based crypto-assets like bitcoin.
The analysis noted that traditional payment systems have main 5 types of issues, which include “slow, error-prone and expensive relative to performance in other high-tech industries.”
Note tried to give the importance of Bitcoin totally like a different payment system over private CBDC. According to this analysis, Cryptos like bitcoin are backed by the liquidity trade value but CBDC is not and its values are Centralized by the governments, which can be anything.
Note also pointed out that nations, which will adopt CBDC will get huge advantages as a first mover, but it will not act more perfectly like cryptocurrencies like Bitcoin.
Research pointed out the main 5 benefits of Bitcoin use, which can introduce a better advancement in the fiat-based payment systems.
According to the provided analysis, Bitcoin can easily provide speed, security, efficiency, cross-border payments, and better collaboration with other payment systems.
“With the potential to (…) do it without the day-to-day operational need for a centralized organization, whether commercial or federal, the result could truly be transformational.”
Note also figured out that CBDC can never replace Bitcoin-like crypto assets but still adoption will result in some better options for the people to use in the better payment system.
“(Bitcoin) could ultimately spawn a series of new opportunities that would (…) transform the current payments system into one that is faster, more secure, and less expensive to run.”
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