#cryptocurrencypayments

What Is Cryptocurrency? Cryptocurrency, in short Crypto. It is a virtual currency that doesn't rely on banks to verify transactions and which is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. "Crypto" refers to the various encryption algorithms and cryptographic functions such as elliptical curve encryption, public-private key pairs, and hashing functions. Cryptocurrencies don't have a central issuing or regulating authority, rather a decentralized system monitored and organized by a peer-to-peer network based on Blockchain to record and verify transactions. This system enables anyone and anywhere to send and receive payments seamlessly. Read the full article

Stripe was among the first digital payments processors to deploy a tool for merchants to accept cryptocurrency payments. This happened in 2015 and for many of us, it was a sign that cryptos are here to stay. Well, Stripe joined the dark side this April, when it dropped support for crypto payments. But why? According to the COO of Stripe, Claire Hughes Johnson, blockchain-powered payments offer close to nothing. Johnson described them as overhyped, sluggish, and having to real life use. We cannot but agree with the point that they are indeed slow. Once a blockchain network is congested it is unable to process transactions on time. Scalability is an issue we are all familiar with. Hughes Johnson admitted that sometimes merchants had to open a second pending transaction because crypto prices had fluctuated severely between the start and the end of the first transaction. This makes her think if blockchains and cryptocurrencies are practical at all: “The killer app for Bitcoin out there today is ransomware,” hinting that cybercriminals are the only ones taking advantage of these new technologies. Some might find Hughes Johnson too harsh but my advice is to take off the pink glasses. The reality is that blockchain technologies are nowhere near conquering the world. What disruption when Visa and MasterCard settle their transactions faster despite being old technologies? Distributed ledgers might have great potential but so far, they fail to live up to the expectations, especially in the finance sector. Johnson’s reality check continued when she dumped DLTs stating they are overhyped. “I do think we’ve reached that jump the shark moment where you just say ‘da-da-da blockchain’,” she insisted, further claiming that the US Securities and Exchange Commission has every right to crack down on fraudulent blockchain projects. Even more sobering was her assessment that blockchain technologies are not catching up with already mainstream tools in the next decade or so. However, we have to note that we already see how blockchain technologies prove beneficial in several areas such as charity and supply chains. For instance, NANO donations are helping out people in Venezuela, which is in the deepest recession in modern times. Read the full article

Stripe was among the first digital payments processors to deploy a tool for merchants to accept cryptocurrency payments. This happened in 2015 and for many of us, it was a sign that cryptos are here to stay. Well, Stripe joined the dark side this April, when it dropped support for crypto payments. But why? According to the COO of Stripe, Claire Hughes Johnson, blockchain-powered payments offer close to nothing. Johnson described them as overhyped, sluggish, and having to real life use. We cannot but agree with the point that they are indeed slow. Once a blockchain network is congested it is unable to process transactions on time. Scalability is an issue we are all familiar with. Hughes Johnson admitted that sometimes merchants had to open a second pending transaction because crypto prices had fluctuated severely between the start and the end of the first transaction. This makes her think if blockchains and cryptocurrencies are practical at all: “The killer app for Bitcoin out there today is ransomware,” hinting that cybercriminals are the only ones taking advantage of these new technologies. Some might find Hughes Johnson too harsh but my advice is to take off the pink glasses. The reality is that blockchain technologies are nowhere near conquering the world. What disruption when Visa and MasterCard settle their transactions faster despite being old technologies? Distributed ledgers might have great potential but so far, they fail to live up to the expectations, especially in the finance sector. Johnson’s reality check continued when she dumped DLTs stating they are overhyped. “I do think we’ve reached that jump the shark moment where you just say ‘da-da-da blockchain’,” she insisted, further claiming that the US Securities and Exchange Commission has every right to crack down on fraudulent blockchain projects. Even more sobering was her assessment that blockchain technologies are not catching up with already mainstream tools in the next decade or so. However, we have to note that we already see how blockchain technologies prove beneficial in several areas such as charity and supply chains. For instance, NANO donations are helping out people in Venezuela, which is in the deepest recession in modern times. Read the full article

Luckily, merchants accept cryptocurrencies outnumber cafes and restaurants. Again, you can use coinmap to track down local retailers that would happily accept your digital gold. Pay attention that the Brisbane International Airport accepts crypto payments for a few months already. Online stores can lend a helping hand as well. If you get stuck, don’t be stubborn, cash out and get a meal :) Read the full article