Payments Revolution Won’t Happen on Slow Blockchains
Summary
Stablecoins are a type of digital money that can move instantly and cheaply across borders using blockchain technology. They could enable machines, like cars and appliances, to pay each other automatically in small amounts, creating new ways for devices to do business without human intervention.Key Facts
- Stablecoins are digital dollars that use blockchain technology for fast, low-cost payments.
- They offer near-instant money transfers compared to traditional systems like credit cards or SWIFT.
- Traditional credit card fees often take about 3% of each transaction, costing businesses a lot.
- Faster payments improve cash flow by delivering money immediately rather than days later.
- Machines connected to the internet could soon transact with each other continuously and automatically.
- Examples include electric cars paying for parking or charging by the minute and home solar panels selling power to neighbors.
- This could lead to trillions of small machine-to-machine payments every day.
- Industries like energy, telecom, cloud computing, and media could change their business models to use real-time, micro-payments instead of subscriptions or bills.
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