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Progression of Cryptocurrency Payments

This presentation is about the progression of crypto payments.

Sanchit
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Progression of Cryptocurrency Payments

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  1. PROGRESSION OF CRYPTOCURRENCY PAYMENTS

  2. Introduction Cryptocurrency, is a digital currency which is encrypted. Encryption is a digital code which is unlocked through a unique key for access. These cryptocurrencies work on blockchain technology to make transactions over the internet possible. Bitcoin was the first cryptocurrency which was introduced and is now joined by more cryptos like Ethereum, Litecoin, etc.

  3. STAGES Following were the stages in the progression of cryptocurrencies:

  4. PC-BASED PROGRAMS It included a simple mechanism like that of sending an email. The pseudonym Satoshi Nakamoto used this PC-Based Program to transfer 10 Bitcoins to Late Hal Finney.

  5. CRYPTOCURRENCY PAYMENT PROCESSORS Payment processors makes the payment of cryptocurrency feasible. The first cryptocurrency payment processor which was used for transactions was BitPay.

  6. ACCEPTANCE OF THE CRYPTO PAYMENT BENEFITS Crypto payment provided benefits like low transaction fees and unparalleled security. It further made people doubt free about the risks and security therefore it led to the acceptance of cryptocurrency as a method of payment.

  7. ADOPTION BY MAJOR COMPANIES Some of the major companies that accepted cryptocurrencies as payments were Wordpress & Microsoft. This helped change the perception of people towards crypto payments. PayPal partnered with platforms like BitPay, GoCoin & CoinBase to accept payments for selected digital commodities like music and video games. It was the biggest achievement for cryptocurrency.

  8. CONCLUSION So we can say that the progression in cryptocurrency as payment methods has evolved from time to time. The only challenge Crypto Payment methods face is how it can be made available to offline stores.

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