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How safe are cryptocurrency payments?

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How safe are cryptocurrency payments?
Source: Pixabay

Cryptocurrencies, according to the dictionary, are “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.”

If all of that sounded like a foreign language to you, you aren’t alone. Put more simply, cryptocurrencies are digital funds that allow you to make purchases and trade funds in a decentralized state. This means without the confines that come with using a bank.

Think of it as peer-to-peer sharing for money!

Though you may be hard pressed to find physical financial entities willing to take crypto seriously, you might be surprised to discover how insanely popular this digital financial market has become. In fact, in 2018 it was found that over 18 percent of US students have owned cryptocurrency at one point, and those numbers seem to be growing!

What are The Benefits of Crypto

  • Prevent Identity Theft: Using traditional spending methods as a credit card put you at risk of having your identity stolen. ATM skimmers are a common way for people to get your card information and drain your bank account before you ever even realize what is happening. With Cryptocurrency, your purchases involve sending specific digital amounts of money with no attached or required additional information. There is nothing there for criminals to latch onto in an attempt to steal your identity.
  • Avoid Buyer Fraud: Many people who sell items or services online have dealt with the frustration of unwarranted charge-backs from purchaser looking to get something for free. Fortunately, this is not possible when dealing with Crypto.
  • Lower Transaction Fees: Unless you are using a third-party service to maintain your bitcoin wallet, there are no transaction fees for crypto purchases.
  • Fund Safety: When you keep your money with a real bank you risk losing it in the event of an economic crash. Since crypto doesn’t use banks, this can be avoided.

How Does Paying in Crypto Work?

Cryptocurrency operates on a technology called blockchain. The blockchain is a decentralized public ledger that uses what is effectively peer-to-peer sharing to maintain financial transactions. There are sometimes up to 5 million networks involved in the processing of these transactions depend on the type of crypto you purchase.

Once you have purchased cryptocurrency you will need to maintain it in a digital wallet. Since crypto is not a tangible form of money, these digital wallets help maintain your crypto amounts before and after transactions.

Once you have your wallet set up and are prepared with coins to spend, you are set to go. Not every online store or service allows the use of cryptocurrency, but those that do function similarly to regular credit card purchases. During standard checkout procedures you will see crypto as a payment option and will be given directions there on how to make your purchase.

You might be surprised to hear that even some travel sights and airlines are accepting crypto purchases now, which really show how popular it is becoming.

Dangers of Spending Cryptocurrency

Some of the benefits of Crypto also double as their dangers. Remember how we mentioned that purchasers can’t reverse their orders from you without cause? Well, this also means that you, as a purchaser, cannot reverse transactions that are made with crypto.

The anonymity of purchases can also make it harder to resolve any cases of fraud against you.

One of the biggest dangers of crypto is that it is currently a huge target for cybercriminals. Since the currencies are anonymous and not linked to personal info, it is the perfect target for those who want to take money from others without being tracked down.

This is why it is so important to focus on security measures for using cryptocurrency.

Security Measures for Using Crypto

Use a Reputable Wallet

Using a reputable wallet for your cryptocurrency is vital to ensure that your transactions are monitored correctly. You would hate to make a purchase and see double the amount you spent missing from your wallet!

Use a VPN

Virtual private networks are the pinnacle of digital security. Using top rated VPN services is a great way to ensure the safety of your digital currency. These services encrypt your data, provide you anonymity, and create a secure tunnel for all data to pass through.

Double Check Addresses

An easy measure to help secure your crypto transactions is to double check the address you are sending your transactions to.

Two-Factor Authentication

Always use two-factor authentication to ensure that your cryptocurrency isn’t accessed by unauthorized users. Two-factor authentication protects you by making it so a hacker would not only have to ascertain your password, but also a time-sensitive code.



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Guest Post

Recruit’s funding division, RSP, announces investment partnership with COTI blockchain enterprise.

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Recruit’s funding division, RSP, announces investment partnership with COTI blockchain enterprise.
Source: Market Across

Recruit, a Japanese-based investment enterprise with a $50 billion market cap, announced that its next major blockchain investment will be in COTI. COTI is a revolutionary, block-less and miner-less blockchain designed to solve many of the scalability issues faced by cryptocurrency. Recruit has established a blockchain specific Blockchain Tech Fund in response to the growing number of opportunities within the blockchain space.

What is Recruit?

Recruit is an international investment leader offering a stake in all stages of business investment opportunities across a variety of tech industries. The company has a particular interest in blockchain, fintech, robotics, AI, and business application services. Companies including BitFlyer, Shift, Udacity, and 99Designs have benefited from strategic investment partnerships with Recruit.

Source: Market Across

Source: Market Across

Recruit created its Blockchain Tech Fund specifically to address the enormous potential of blockchain technology. To support the unprecedented expansion of blockchain-based technological advances, a high level of support from traditional investment partnerships and business models is necessary.

The Recruit Blockchain Tech Fund provides rapid funding of auspicious blockchain technology projects. RSP funding is available throughout all stages of project development, from seed round through growth and expansion.

The Blockchain Tech Fund uses token fundraising to support new business model development in its investment partnerships. This strategy effectively promotes blockchain business expansion as well as mainstream blockchain adoption.

Appeal of COTI

COTI, or Currency of the Internet, offers a unique and promising solution to a global issue using blockchain technology. This issue is scalability.

Regardless of technological advancements, traditional blockchain structures have proven incapable of scaling to meet the needs of a global market. This is particularly true as blockchain expansion continues to move into mainstream business fields.

COTI is based on a Directed Acyclic Graph [DAG] protocol. This structure eliminates both blocks and miners, drastically reducing size and energy expenditure. According to COTI’s website, the platform seeks to provide transaction services at a lower cost than even fiat payments.

Using COTI, organizations can build unique payment solutions. By digitizing a currency of choice, payers and payees can save time and reduce the significant cost of transaction services.

Further bolstering its security capabilities, COTI stores funds in offline, cold wallets, safe from hacking and cyber attack.

COTI and RSP

As COTI and Recruit move toward similar end-goals, promoting and developing the expansion of blockchain technology, both companies recognize the potential for widespread blockchain benefit.

Shahaf Bar-Geffen, COTI CEO, stated,

“We’re pleased to have made it on the radar of the RSP Blockchain Fund and its larger mission of making leading blockchain projects known to the world at large. This is a notable accomplishment for COTI and further anchors our belief in the enormous potential of the technology market in East Asia.”

Source: Market Across

Source: Market Across

Blockchain industry stands to see tremendous benefit from this partnership, as both parties seek to further the expansion and growth of blockchain throughout the traditional business enterprise.

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