The rise of crypto payments

The world of cryptocurrencies is expanding each day. Until recently, cryptocurrencies like Bitcoin and Ethereum were unknown to the general public, and financial systems refused to accept them as payment. However, the situation has significantly altered, and crypto assets have become a vital component of the modern economic system. Global governments have started legalizing cryptocurrency, and several governments are exploring CBDCs.

Crypto payments are expected to grow in popularity over the next few years. Regardless of the impediments posed by some nations or corporate lobbies, it is evident that future economies will accept Bitcoin payments.

What is crypto payment?

Products, services, and subscription fees purchased with cryptocurrencies such as Bitcoin, Ethereum, and others are referred to as cryptocurrency payments. To conduct a crypto payment, the business must provide the buyer with their public address as well as the amount to be paid. The transaction can be completed by the customer using their crypto wallet. Innovative crypto payment trends such as Automated crypto payments, Fiat-to-crypto and crypto-to-crypto conversion, and Crypto donations are gaining popularity.

Crypto payments are distinguished from traditional methods by their excellent levels of privacy combined with fast transactions, low transaction fees, and blockchain peer-to-peer technology.

While it is difficult to predict whether the current crypto boom will remain the same for the coming years, we will undoubtedly see a rise in crypto payments.

Accepting crypto payments can be a unique selling point for any business in this day and age. Major firms such as Microsoft, PayPal, and Amazon have accepted crypto payment methods for their products and services. More and more mainstream businesses, brands, and even governments are incorporating cryptocurrency into their business models. Uber CEO on Friday confirmed that the app might eventually accept crypto as payment.

Uber to Accept Bitcoin When It Becomes More Environmentally Friendly

Uber, the world's largest ride-hailing service, announced today that it would take several types of cryptocurrencies, including Bitcoin, as payment in the future.
"We are having conversations all the time [about cryptocurrency]," he said. "I think right now what we see with Bitcoin, and some of the other cryptos are that they are quite valuable as a store of value", said Dara Khosrowshahi, Uber's CEO.
The trading process is costly, but it is also harmful to the environment. I believe we will lean more heavily on crypto when the trading mechanism gets less expensive and more ecologically friendly.

Bitcoin is frequently chastised for its energy use and its environmental impact. Mining is a process that includes enormous processing rigs racing to solve complex math problems to secure the Bitcoin blockchain and create new Bitcoins.
"Is Uber going to accept crypto in the future? Absolutely, at some point. This isn't the right point. But we will."

Uber, the world's largest ride-hailing service, announced today that it would take several types of cryptocurrencies, including Bitcoin, as payment in the future.
The trading process is costly, but it is also harmful to the environment. I believe we will lean more heavily on crypto when the trading mechanism gets less expensive and more ecologically friendly.

Bitcoin is frequently chastised for its energy use and its environmental impact. Mining is a process that includes enormous processing rigs racing to solve complex math problems to secure the Bitcoin blockchain and create new Bitcoins.

BlockFi to Pay $100M Penalty to SEC, making it largest crypto enforcement

BlockFi, a cryptocurrency lending platform, has agreed to pay the US Securities and Exchange Commission and numerous state securities regulators $100 million to settle ongoing investigations.

BlockFi will also stop accepting new high-yield accounts for most US customers, according to a Bloomberg article based on anonymous sources.

How does BlockFi work? Customers can earn high-interest rates by depositing Bitcoin, Ethereum, and Tether into BlockFi's savings accounts. The corporation then lends the money to others at even greater interest rates. However, the Securities and Exchange Commission (SEC) claimed in November that these BlockFi Interest Accounts, which may earn 5 to 10%, are unregistered securities.
State and federal regulators are also looking into other crypto lenders, including BlockFi competitor Celsius. After the SEC threatened to sue, Coinbase cancelled its intended high-yield Lend programme in September.

If accurate, the $100 million settlement would be one of the most significant cryptocurrency enforcement actions ever.

The Securities and Exchange Commission penalised BlockFi for $24 million in 2019 for its involvement in arranging the EOS initial coin offering, a pittance compared to the $4.2 billion raised. Telegram, a messaging platform, paid an $18.5 million fine and reimbursed $1.2 billion to investors after its botched TON token launch in 2020.

Coinbase Trading Vulnerability Exposed By White-Hat Hacker

On Friday afternoon, cryptocurrency exchange platform Coinbase was warned of a vulnerability in its trading systems by the pseudonymous white-hat hacker "Tree of Alpha," and trading on its new Advanced Trading platform was briefly suspended.

Around 6 p.m. UTC (1 p.m. ET), @Tree of Alpha drew the attention of Coinbase leadership by tweeting that they had discovered a "potentially market-nuking" issue and were submitting a HackerOne report. HackerOne administers Coinbase's big bounty program.

Anyone here can get me a direct line with someone at @coinbase , preferably management or dev team, possibly @brian_armstrong himself?

I'm submitting a hacker1 report but I'm afraid this can't wait. Can't say more either, this is potentially market-nuking.

DMs open.

— Tree of Alpha (@Tree_of_Alpha) February 11, 2022

Following the initial statement, Tree of Alpha posted a follow-up tweet stating, "No actual Coinbase storages (cold or otherwise) are impacted."

Within two hours following the Tree of Alpha's initial tweet, the Coinbase Support Twitter account reported that Coinbase was suspending trading on its new Advanced Trading platform due to technical issues. While the service will remain operational, users would only be allowed to cancel existing purchases and not place new ones. The Advanced Trading service is only offered to a limited audience.

Coinbase CEO Brian Armstrong expressed his gratitude for Tree of Alpha's support in a public tweet, stating, ".@Tree_of_Alpha you're awesome - a big thank you for working with our team. Love how the crypto community helps each other out!"