Crypto 101

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Is it safe to pay with Crypto?

Cryptocurrency is considered more secure than credit and debit card payments. This is because cryptocurrencies do not need third party-verification. When a customer pays with cryptocurrency, their data isn’t stored in a centralized hub where data breaches commonly occur. Rather, their information is stored in their crypto wallet. Additionally, the blockchain general ledger is used to verify and record every transaction, making it extremely difficult, if not impossible, to steal someone’s identity.

For example, Bitcoin’s use of a distributed ledger technology, commonly known as blockchain, gives owners a record of all their transactions that cannot be tampered with because there is no single point of failure. Bitcoin’s DLT transparency means all transactions are available to the public, but the individuals concerned remain anonymous so there is no possibility of a data breach as with traditional financial systems. Credit and debit cards continue to be the primary source of fraud reports; navigating payments through this avenue makes steering clear of those dangers much simpler.

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What is Crypto? 

“Crypto” or Cryptocurrency is a class of digital assets underpinned by cryptographic systems. A central feature of cryptocurrency is that it is not issued by any central authority such as governments or banks but rather based on a network distributed across a large number of computers. As a result, they enable secure online payments without the use of third-party intermediaries.

Payments are sent and received using a cryptocurrency digital wallet. Additionally, each transaction is checked using a validation technique, such as proof of work or proof of stake. These measures make counterfeiting or double-spending with these virtual currencies essentially impossible. Some experts believe that blockchain and related technology will disrupt many industries, including finance and law. The first and still most prominent cryptocurrency is Bitcoin, which we choose to employ here.

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