Cryptocurrency Accepted for Payments

As from today, TAG Consultancy will be offering its clients the ability to pay their fees using the following cryptocurrency, or “crypto”:

1. Bitcoin (BTC)
2. Litecoin (LTC)
3. Ether (ETH)

Background into cryptocurrency

Crypto-assets are digital assets recorded on a distributed ledger, i.e. the blockchain. They don’t physically exist but have value. In many cases, they pose a challenge to established beliefs about money, economic relationships and investing.

Cryptocurrencies, such as bitcoin and ether, constitute the earliest and best-known examples of crypto-assets. The space continues to grow and evolve, producing new types of assets that are commonly called tokens.

Whilst the word “cryptocurrencies” is often used as a blanket term for all crypto-assets, it specifically means crypto-assets that are meant to constitute a peer-to-peer alternative to government-issued fiat currency (like EUR, USD, GBP); a general-purpose medium of exchange independent of any central bank. These were the first types of crypto-assets to emerge, rising to prominence with the launch of Bitcoin in 2009.

A full list of all the cryptocurrencies can be found here

Advantages of using Cryptocurrency as a payment mechanism

Lower transaction fees: transaction fees are almost always lower with Crypto than with credit cards and other commonly used methods of payment.

Instant payments: The time taken to make a transfer will in many instances be quicker than when using traditional methods, particularly when transferring across jurisdictions.

Fraud reduction: Whilst fraud will always be inherent within the financial system, the technology behind cryptocurrency helps to address fraud risk. This is because transactions made on a blockchain are transparent and cannot be changed.

Accessibility: Whilst we may live in a connected world, transacting across geographic and political borders can be complicated when using traditional financial systems. Cryptocurrency allows access across dissimilar boundaries and serve the underserved.

Decentralisation: Blockchain technology offers a truly decentralized framework for stakeholder governance, putting decision-making powers in the hands of individuals, not central authorities with no real skin in the game.

Immutability: The immutable nature of the blockchain’s general ledger eliminates the chance for internal actors to manipulate data to their benefit.

Transparency: Unless privacy coins are used, the blockchain’s transparent nature allows anyone to review every single transaction and then make decisions based on observable activity.

Security: Blockchain transaction records are distributed over a network of computers, so there’s no single point of failure. That makes it extremely difficult for hackers to infiltrate.

TAG Consultancy will provide a number of services which can be paid for specifically with cryptocurrencies. In addition, TAG Consultancy provides advisory and Gibraltar DLT licensing services for companies involved in the blockchain industry.

Please click below for our services:

DLT Licensing services

Blockchain advisory services