# kaal:claim:3808867-036

**Claim.** Decentralized payment systems hold a comparative advantage over centralized legacy fiat systems because holding and storing cryptocurrencies requires no banking relationship, whereas centralized fiat payment platforms typically require an existing banking relationship.

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

**Holds when.**

- consumers without existing banking relationships

**Source quote.**

> Centralized legacy 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, *How Decentralized Systems Can Upgrade AI* (2021), V. Decentralized Commerce, page 18

**Cite as.** Wulf A. Kaal, How Decentralized Systems Can Upgrade AI (2021). SSRN: https://ssrn.com/abstract=3808867

**Verify.** sha256 of source PDF `eeccf6d0587bd278a96ce6ac8ec5003e26d161c245f6c94b4144d84f374802eb` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20How%20Decentralized%20Systems%20Can%20Upgrade%20AI.pdf

**Topics.** institutional-design

**Keywords.** payment-systems, cryptocurrency, financial-inclusion, intermediaries

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