What Makes Cryptocurrency Payments Infamously Secure

December 14, 2023
October 27, 2023
< 3 min read

Many believe that the cryptosystem is not secure, while the truth is that most blockchain-based ecosystems are much safer than conventional, centralized systems.

Cryptocurrency payments are extremely secure, thanks to various aspects that make them superior to traditional online payments. Here is what they are and why you should consider offering crypto as a payment method on your site.

Blockchain-based crypto security

Blockchains are the underlying systems that make cryptocurrencies as secure as they are. All the transactional and other kinds of data are immutably recorded on them, usually based on decentralized, unanimous consensus. With their widespread adoption, and versatile capabilities, blockchains pave the way towards a world where trusting centralized entities with all the above will not be necessary anymore, and most digital transactions will happen via cryptocurrencies. The aspect that does not differ from centralized systems, however, is blockchain regulation, as most crypto platforms do need to comply with a set of predetermined rules and guidelines.

How is crypto security guaranteed?

Various elements of blockchains and crypto tokens distinguish them from traditional currencies and assets, all of which contribute to their world-famous security. First, decentralization ensures that all transactions happen under completely unbiased surveillance and are recorded exactly as they happened in a tamper-proof manner. Every decentralised network node is fully anonymous, so there’s little to no chance of bribery, conspiracy, or other malicious behaviour.

Moving on to how the actual transactions are recorded, we must discuss hashing and cryptography, which are integral elements of crypto security. Hashing refers to retrieving a predetermined outcome by inserting a block of transactions into a SHA256 function. This function is known because it can only be solved one way around; thus, it’s almost impossible to crack it. Hashing is a part of cryptography, but it’s not the only thing needed for crypto security.

Private and public keys are the other important elements of transactional safety, as they are needed for most transactions. A public key, or address, is a completely unique list of characters that can be used to receive crypto tokens, while a public key is needed for signing off transactions and letting nodes know who initiated the transfer so that they can check its validity.

With these elements combined, crypto security truly hikes to the top of the charts worldwide, and crypto fraud becomes almost non-existent on a transactional level.

Secure cryptocurrencies to pay online with Swaps

Countless crypto tokens offer secure online payments. Accepting Bitcoin (BTC), Tether (USDT), or Ethereum (ETH) as payment methods is extremely secure in terms of transactions and can provide massive benefits to your business both short and long-term.\n\n\nAccept crypto as a payment method with Swaps\n\nWith Swaps’ solutions, accepting crypto as a payment method is easier and simpler than ever. The application procedure is extremely fast, and your website can offer cryptocurrencies in no time and with little coding effort, as all lines are prepared and ready to go. Apply today, and bring crypto security to your audience easier than ever with Swaps.

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