A Comparative Study on Crypto vs Traditional Payment Systems in Coimbatore

Abstract

The rapid evolution of digital finance has transformed the way payments are processed globally, leading to a growing comparison between cryptocurrency-based payment systems and traditional payment systems. Traditional payment systems, such as banks, credit cards, and online payment gateways, have long been the backbone of financial transactions, offering reliability and regulatory oversight. However, these systems often face challenges related to transaction speed, high processing costs, and centralized security risks. In contrast, cryptocurrency payment systems leverage blockchain technology to enable decentralized, peer-to-peer transactions that promise faster settlement, reduced transaction fees, and enhanced transparency. This study compares crypto-based payment systems and traditional payment systems across three critical dimensions: speed, cost, and security.