Cryptocurrencies as payment processors

Crypto Currencies have come to the point where people have actually accepted that they are now part of the payment and receiving processes that we have, this was not previously so because many people were skeptic about the survival of the digital currency, using them as a means of payment and receiving money is something that we all know has already become very popular especially with the fact that the Forex brokers today have automatically incorporated it into their platform.

Advantage.
1. It is very easy to process.
2. Transaction hardly experience anything like delays.
3. It is one of the best means to make payments.

Disadvantage.
1. There are cases where you could lose your crypto currencies.
2. Transactions become difficult every time there is network congestio

A Review on Crypto currencies


A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography. It typically does not exist in physical form like paper money and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.

Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, over 6,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.

Some Famous Crypto Currencies:

Altcoin
Bitcoin
Litecoin
Ethereum
XRP
Tether
Bitcoin Cash
Bitcoin SV
Dash Coin

There are so many Crypto Currencies out there and counting so in the future you will see a lot more to come because payments will be made through these crypto currencies.

The concept of cryptocurrency first appeared in 2008 through the study of Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto. The study proposes an online transaction system, without the need for intermediaries, through blockchain technology. Blockchain is claimed to be able to provide fast transaction processing, minimum fees, and free from counterfeiting.

The way blockchain works can be compared to a general ledger keeping. The difference is, the blockchain ledger is publicly accessible. Therefore, anyone can know what and when a transaction occurs. Transaction recording and validation can also be carried out by anyone who contributes as a node, a computer that is used to solve the mathematical algorithms required to record transactions. Each node records transactions independently to reach an agreement for the transaction to occur so that mistakes, forgery, and reversal of records can be prevented. A collection of recorded transactions is known as a block. As a contribution incentive, the node that successfully blocks the block will receive coins which can be used as a transaction tool. The process of creating blocks by nodes is known as mining, while the coins that are obtained are called cryptocurrencies. Thus, blockchain is a decentralized transaction system that does not require a money minting authority or a transaction verifier.

As a form of blockchain implementation, Bitcoin was born as the world's first cryptocurrency. As reported by businessinsider.com, Bitcoin was originally only mined until it finally began to be exchanged in 2010. Since then, the value of Bitcoin has continued to change until it is currently valued at between US $ 6,000 - US $ 10,000. The popularity of Bitcoin has sparked the development of other cryptocurrencies with various features, ranging from faster transaction processing to higher privacy. Even so, Bitcoin remains solid as the most popular cryptocurrency. Like the US Dollar in the financial market, Bitcoin acts as a foreign exchange reserve in the cryptocurrency world.

Cryptocurrency is a digital currency that is used for virtual transactions on the internet network. Secret passwords that are quite complex serve to protect and maintain the security of this digital currency.
The word "cryptocurrency" comes from a combination of two words, namely "cryptography" which means a secret code, and "currency" which means currency. The concept of cryptography has actually been known since the days of World War II. At that time, Germany used cryptography to send secret codes so that the opposing party could not easily read them.
Unlike conventional currencies which are centralized, digital currencies are in fact decentralized. Neither party is present and acts as an intermediary in a transaction. Payments in digital currency take place from sender to recipient or peer-to-peer.
However, all transactions carried out are still recorded and monitored in the cryptocurrency network system. Cryptocurrency miners are required to record these transactions and earn commissions in the form of usable digital money.

Pros: The most significant thing about Cryptopay is it's simple User Interface, well it's interactive, user friendly and cost efficient in either way. Using a Cryptopay is just like using the most of it, users can easily access their crypto assests, exchange them with USD, Euros or even Pounds without any hassle of extensive fees. Well you can order a Card for Bitcoin, which works as likely as a visa card called Cryptopay debit card. Also you are able to load fund using Bitcoin(BTC) in debit card. Since, Cryptopay has it's own exchange platform, you can easily transfer your Bitcoin to Fiat currencies like USD, EUR or GBP or even vice versa. There's also a way to fund out your assests or the money to the bank directly through Cryptopay. You can easily integrate your bank account in Cryptopay platform, and withdrawals to bank accounts are much more easy to conduct experiencing a less transaction fee. The Cryptopay mobile application is based on both Android and IOS platforms, users can download it for free from their respective app stores.

Overall: I have been using Cryptopay for about 23 months, overall the features was good, but the fees for each transactions are so high, it would be difficult for me to allot a specific fund for each. And I am also quiet unsatisfied with the verification system of Cryptopay, as the verification is required for bank transfer which was difficult for me to submit my ID card, proof of residence, utility bill or a bank statement. It was just inconvenient for me to submit these confidential online, just to use the bank transfer feature in Cryptopay.
Pros: Cryptopay is a digital payment wallet providing services around many countries; I like its extended services to almost all regions. With Cryptopay users can buy Bitcoins using USD and Euros, users can simply receive, send, store or simply hold the assets, the built in exchange is the plus point for Cryptopay users. Users can link their bank account to Cryptopay, as it supports both Fiat and Cryptocurrency. Users are able to buy, sell and store funds in the wallet, and can also move their funds to bank account, and convert it into EUR, GBP or simply into Bitcoins.