# kaal:claim:3406323-014

**Claim.** Centralized fiat payment systems require consumers to hold an existing banking relationship, while holding and storing cryptocurrencies does not, which gives decentralized payment systems comparative advantages in orders of magnitude.

**Type.** condition  **Support.** argued

**Holds when.**

- payment systems relying entirely on cryptocurrencies

**Source quote.**

> Centralized fiat payment systems and platforms typically require some form of an existing banking relationship in order for consumers to utilize their services. Holding and storing cryptocurrencies does not require a banking relationship.

**From.** Wulf A. Kaal, *Decentralization - A Primer on the New Economy* (2019), IV. Opportunities, page 9

**Cite as.** Wulf A. Kaal, Decentralization - A Primer on the New Economy (2019). SSRN: https://ssrn.com/abstract=3406323

**Verify.** sha256 of source PDF `6293780b57a1ae1de17ec00f99cc94295d4f72ea4d08b17a5c08c44772b221db` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202019%20-%20Decentralization%20-%20A%20Primer%20on%20the%20New%20Economy.pdf

**Topics.** systemic-risk

**Keywords.** payment-systems, financial-inclusion, cryptocurrency, banking-relationship

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3396522-016

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