Cryptocurrency is digital or "virtual" currency that is secured by cryptography and based on a network, or blockchain, that is distributed across a large number of computers. Its decentralized structure allows them to exist outside the control of a central authority (government).
Bitcoin, the first blockchain cryptocurrency to gain notoriety, was launched in 2009 and today is the most popular and widely accepted form of virtual currency. Some of the "largest" cryptocurrencies spawned from Bitcoin, by market cap, includes Ethereum, Binance Coin, and Solana.
Secure, Low Cost, Irreversible: Crypto payments do not require 3rd party verification. This essentially eliminates identity theft and fraud because every transaction is stored across the blockchain general ledger, and he actual payment is stored in a crypto wallet. Crypto transactions are considerably less than traditional transactions (1% compared to 4%). Unlike traditional credit card payments, chargebacks are not possible on crypto payments since the transactions are irreversible.
We Help Businesses Accept Cryptocurrency: Our first cryptocurrency payment integration was developed and launched in 2012, and we've helped hundreds of companies accept cryptocurrency as a form of payment since then.
Blockchain is a distributed (decentralized) database that is shared among "nodes" of a computer network. Data is stored electronically in a digital format which guarantees the fidelity and security of a database record and generates trust without the need for a trusted third party.
Some say the development and launch of blockchain technology is Version 2 of the internet because there is a great push to be free from the control of regulatory authorities and monopolistic tech giants. This "decentralized" redundant version of the internet is currently evolving rapidly.
Even though blockchain is still in its infancy, all types of applications are currently being developed and implemented on blockchain technology, including securing personal and healthcare data, logistics and supply chain tracking, digital art (NFTs), money transfers and lending, insurance, real estate, and even voting.
As with any rapidly evolving technology, we are constantly learning and educating ourselves on how we can help our customers utilize blockchain.
A Smart Contract is an agreement between two people in the form of computer code. The code runs on a blockchain and cannot be changed. Transactions only happen when the conditions in the agreement are met and they are processed by the blockchain. Smart Contracts do not rely on third parties, and transactions are trackable and irreversible.
Smart Contracts and protocols are currently classified into three categories which are Smart Legal Contracts, Decentralized Autonomous Organizations (DAOs), and Application Logic Contracts (ALCs).
Simple Smart Contract Example: My friend Tim wants to buy my car. The agreement (code) is formed on the Ethereum Blockchain using a smart contract. The contract contains the agreement between myself and Tim. When Tim pays me 2 Ether, Tim will receive ownership of the car. There are no commissions or lawyers, or brokers.
Smart Contracts in Real Life: The possibilities are endless for smart contacts. They are currently being used for financial services, insurance services, healthcare, voting, business management, real estate, identity security, and the list goes on and on.
We are currently in beta with our smart contract codebase but hope to offer these services to our customers as soon as possible.
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