Loading...
Search results:


February 28, 2017

Benefits and worldwide acceptance of cryptocurrencies, the digital assets that people exchange using crypto-secured transactions

Benefits and worldwide acceptance of cryptocurrencies, the digital assets that people  exchange using crypto-secured transactions

Cryptocurrencies like bitcoins, litecoins, or peercoins are digital assets that people can exchange using cryptography to secure transactions. Today, several hundred digital currencies exist; today’s major cryptocurrencies are summarized in the following table.

100,000 merchants worldwide accept bitcoins.

# Objectives Date Merchant acceptance Symbol Total
1 Bitcoins 2009 100,000 XBT 21M
2 Litecoins 2011 - LTC 84M
3 Peercoins 2012 - PPC Unlimited

The benefits of cryptocurrencies. Cryptocurrencies have three main benefits. Their ledger is not centralized but community-maintained. They are less prone to chargebacks than payment cards. And they are a push-type payment method.

Benefit Description
Community-maintained ledger The timestamping schemes allows the community to maintain the ledger without a third party. The safety, integrity, and balance of the ledger is maintained by the community assuming that the ledger is maintained honestly.
Less prone to charge back Cryptocurrencies are not as vulnerable to chargebacks as credit cards are because the sender cannot counterfeit or reverse cryptocurrencies arbitrarily.
Push payment Cryptocurrencies are push payments, which means that the cryptocurrency holder sends the right amount to the merchant.

Acceptance of cryptocurrencies. In terms of acceptance, some major online retailers, such as Over- stock, Expedia, Newegg, and Shopify stores, accept bitcoins as currency. However, new payment service providers are accepting cryptocurrencies too.

References

  1. Wikipedia. Bitcoin
  2. Wikipedia. Litecoin
  3. Wikipedia. Peercoin

Credits : Image by Лечение Наркомании from Pixabay