As from today, TAG Consultancy will be offering its clients the ability to pay their fees using the following cryptocurrency, or “crypto”:
- Bitcoin (BTC)
- Litecoin (LTC)
- 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.
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