Learning the friendly way

A consistent member of the top 10 biggest cryptocurrencies by market cap, Cardano has earned itself an impressive position in the market. The innovative project was developed by a team of brilliant minds, including the co-founder of Ethereum, Charles Hoskinson, and aims to be the next generation of Ethereum. Let's explore what Cardano is and why has become a popular cryptocurrency. 

What is Cardano?

Cardano is the blockchain platform that has taken the industry by storm since its launch. Alongside its cryptocurrency, ADA, Cardano provides developers with a platform on which to build decentralized applications (dapps) and smart contracts. Through a more scalable and sustainable model, Cardano seeks to improve on Ethereum's offering and propel the blockchain and crypto industry into a more eco-friendly future. 

Cardano uses a Proof-of-Stake consensus to facilitate the network and is considered to be a third-generation blockchain platform (Bitcoin being the first, Ethereum the second). Unlike other blockchain platforms, Cardano does not have a whitepaper and instead relies on rigorous academic and peer-reviewed research. The platform has numerous ties with universities around the world, contributing to the funding of the development of blockchain research. 

Who created Cardano?

Cardano was first conceptualized in 2015 and later launched in September 2017 by Ethereum co-founder, Charles Hoskinson. His goal was to build a highly scalable and energy-efficient smart contract platform. After leaving the Ethereum team, Hoskinson grouped together a team of expert engineers and academics and set out to build a layered blockchain platform from scratch. 

Today, the platform is developed by a group of organisations that each focus on different elements of the business. The first is the Cardano Foundation which is responsible for standardizing, protecting and promoting the protocol technology. Input-Output Hong Kong (IOHK) focuses on building technological solutions centred around financial inclusion, while its sister company Emurgo is a global initiative designed to "support developers, startups and enterprises in developing blockchain solutions".

Together these companies assist in the growth and development of Cardano. While regulatory news and Bitcoin may be behind many altcoin price swings, Cardano has done well to establish its value in the crypto market and build a community that supports its goals.

How does Cardano work?

Through a Proof-of-Stake (PoS) mechanism known as Ouroboros, Cardano provides peer-to-peer transactions, dapp development and the creation of smart contracts. The layered architecture makes this possible, with one layer, known as the Cardano Settlement Layer (CSL) responsible for validating transactions and maintaining the ledger of balances while the Cardano Computing Layer (CCL) is responsible for the execution of all dapp computations via smart contracts. 

The separation of these two layers allows the platform to offer lower fees, less network congestion and faster transactions. When thoroughly tested in 2017, Cardano was able to process 257 transactions per second (TPS), a large jump from Bitcoin's 4.6 TPS and Ethereum's 15 - 20 TPS. 

Through its network of validators (known as a miner on a Proof-of-Work mining network) who each hold a stake in the network, Cardano is able to deploy smart contracts, facilitate the peer-to-peer exchange of value and provide the building blocks for dapp and token creation. 

What is ADA?

Let's first cover where the name came from. ADA is a nod to the person regarded as the "world's first computer programmer", the 19th-century mathematician, Ada Lovelace. Cardano on the other hand was named after the 16th-century Italian polymath Gerolamo Cardano. Each phase in the project's development is named after famed historical characters pertaining to maths, physics and literature.

While ADA can be used as digital cash to conduct payments, the cryptocurrency has a wider range of uses. The native token to the platform's operations, ADA, can be used to facilitate transactions, as a store of value, to participate in staking functionality, and to pay transaction fees on the network. 

ADA will also be used as a governance token in the future, allowing its holders the ability to vote on upgrades and changes on the platform. This is in line with Cardano's intentions to make the network entirely decentralized and community-driven, incorporating an automated treasury system that would oversee and execute all funding required. 

Cardano's Roadmap

Another interesting element to the Cardano network is that all five development phases are consistently worked on at the same time, as opposed to moving on to the next once one is complete. 

Of the five phases, each focuses on specific functionalities:

Byron - foundation (completed)

Shelley - decentralization (completed)

Goguen - smart contracts

Basho - scaling

Voltaire - governance

Where To Buy Cardano (ADA)

If you're looking to add ADA to your cryptocurrency portfolio, you can conveniently and securely buy the token through your Tap app. If you haven't done so already, simply download the app, complete the quick identity verification step and load your account with funds (crypto or fiat) with which you can buy ADA. The cryptocurrency will then be deposited into your unique ADA wallet, available for your perusal.

Harnessing a wealth of security strategies, fintechs and banks employ several safeguarding measures to protect your hard-earned money. But, as one might expect, fraudsters continually strive to discover ways to exploit these protections.

In this article, let's delve into the tactics used by criminals to attempt to manipulate you into authorising card transactions inside the Tap app. These aren't transactions that originate from your usual activity, instead, they are crafty attempts at transactions initiated by nefarious individuals looking to exploit your finances.

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Stolen card schemes
The initial phase of this deception involves a criminal acquiring credit or debit card details. Such information could either be procured during genuine organisation data breaches or through responding to deceitful texts or emails, which is widely known as phishing or smishing. These messages often pose as credible businesses. In certain cases, they could even resort to physically stealing your card.

There are some preventive measures you can take to safeguard your personal and financial data: 

1. Cultivate a healthy scepticism when it comes to text messages or emails containing links, especially those urging for payment details or requesting account login.

2. Instead of immediately clicking on links in messages that appear to be from “reputable companies”, consider an alternative method. Use Google to search for them independently (without using the provided link in their message) to ensure their credibility. Conducting your own research can effectively protect you against possible scams.

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Safe account fraud schemes
Scammers get creative to try to trick you out of your money. A common trick is to make you worry about your bank account's safety. They might call you, making it look like it's from a real bank or fintech pretty convincingly — a trick usually known as 'spoofing.'

During such a call, they might ask you to approve a card transfer, suggesting it will move your money to a 'secure place' as protection. To sound convincing, they might even tell you that any payment you can see on your app isn't real and is instead a 'test' of your account's safety.

However, it's crucial to remember that legitimate financial institutions will never prompt you to relocate your finances or process payments to ensure your account's security. Instead, they already have stringent security measures in place to protect your money.

If you receive such a call, take a moment and think. You're better off hanging up and checking things out. Tap support and security team will never call you over the phone. It's always smarter to take a moment to be safe than regret being in a hurry later.

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Impersonating refund scams
An additional technique employed to deceive individuals into authorising a card payment through their app involves fraudulent calls wherein the caller pretends to represent an online store. Picture this: You receive a call with the caller claiming an unauthorised purchase has been made using your card. 

Naturally, your immediate reaction is denial, because you didn't make that purchase.

But here comes the twist. The tricksters would insist that in order to rectify the error and process your refund, you need to confirm the payment in your app. It sounds counterintuitive, right? That's because it is!

In both instances, the authenticity of these scams lies in the detailed knowledge that the fraudster already possesses your card – they have all the information required to initiate a payment (refer to the previous section named 'Stolen card schemes'). 

The illusion of their credibility sparks a false sense of security, leading you to authorise the payment. Unfortunately, when you authorise the payment within the application, you're effectively granting permission for the funds to be debited from your account.


How criminals try to bypass security measures
Criminals continually seek ways to evade security measures, particularly those designed to protect online financial transactions. One such protective measure is 3DSecure, deployed to fortify the safety of your online card transactions. 

3DSecure functions by prompting the cardholder to authenticate certain transactions using their Tap application. This verification process ensures that the individual carrying out the payment is indeed the card's legitimate owner and not an unauthorised party.

Intriguingly, scammers have constructed a strategy to bypass this safeguard. Their preferred method is a telephonic approach, attempting to manipulate unsuspecting individuals into authorising transactions on their behalf.

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What steps can I take to safeguard myself?

When finance meets technology, the world is your oyster - until you encounter a scam. Spotting a scam is your first line of defence. If a random individual approaches you, pressuring you to approve a card payment through your app, hug your inner sceptic. This rings alarm bells for a scam. Should you find yourself in such a pickle, don’t hesitate - hang up, firmly dismiss it, and message the Tap support team to report the incident.

Fortifying your financial fortress is an easier task than before, thanks to the accessibility of financial apps. The Tap app puts the power of financial security in your hands - literally! Located under the 'Cards' tab, you'll find a freeze card toggle. A quick press of this nifty control will lock your card, thus preventing unauthorised transactions.

Just like you wouldn't let a stranger inside your home, it's wise not to accept card payments that you never asked for. This could leave you susceptible to scams, meaning your hard-earned money risks vanishing into thin air.

Despite your best efforts, if you find yourself entangled in a fraudulent scenario - don’t despair. Our customer service team is there for you. Contact them through the Tap app live chat or via email immediately. 

Finally, pay a visit to the security section of our blog, where you will find tips to be armed with extra tips for dodging scams as you proceed on your personal finance journey. Remember, stay savvy, stay safe, and keep nurturing your financial know-how.

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It's 2024 and you've decided to get involved in the crypto industry and find out what the fuss is all about. You've made a smart choice, and we're pleased to welcome you. In this step-by-step guide, we'll be showing you a simple overview of how to complete the following:

• Create an account
• Deposit funds
• Buy Bitcoin, Ethereum or any other cryptocurrency
• Sell a cryptocurrency
• Withdrawal funds

Investing in digital currencies can feel daunting at first, but once you've made your first purchase, transaction, or sale, you'll see that using cryptocurrencies is simpler than expected. Be sure to keep an eye on market prices, as volatility in the crypto industry can go through waves, and educate yourself on the coins that you wish to purchase. Whether you're a trader/investor in the UK, EU, EEA, or USA, everyone can gain access to the crypto markets through the Tap mobile app.

In this article, we're going to show you the ropes, guide you through the process and explain step-by-step how to gain the skills to successfully operate in the crypto space and increase your investment portfolio. No previous trading experience is necessary (stocks or crypto).

Step 1: create an account

The first and most important decision to make before buying cryptocurrencies is determining where to buy them from. With plenty of options available on the market and plenty more news stories about them, it's imperative that you select a trustworthy and reliable source.

The Tap mobile app ticks these boxes and proves so by being licensed and regulated by the Gibraltar Financial Services Commission. The platform has over 300,000 registered users, at the time of writing, operates in 28 countries across the globe, and has been nominated multiple times for PAY360 Awards (previously the Emerging Payments Awards). 

To create an account on Tap, simply follow these steps:

• Download the Tap mobile app from either the Apple or Google Play store.
• Create an account by filling in the relevant information. If you make a mistake, simply go back and alter it before moving to the next step.
• Once the account is set up you will be asked to complete the KYC / identity verification process. Simply follow the onscreen prompts and submit the required information. 
• You will receive an email confirmation once your account is all set up. 

Step 2: deposit funds

In order to buy cryptocurrency through the Tap app, you will need to deposit funds. This can be done in both crypto and fiat currencies, however, we will focus on the fiat deposits today. 

• Select the Cash option in the top horizontal menu.
• Select the fiat currency you would like to deposit, your options are US dollars, Pound Sterling, or Euros. 
• We're selecting GBP, then select one of the options: deposit or debit card top-up. 
• Fill in the relevant information and perform the transaction. 
• Once the funds have cleared they will appear in the relevant Cash wallet. 

Step 3: Buy Bitcoin, Ethereum, or any other cryptocurrency

Now for the exciting part! It's time to buy digital currency. For the sake of this tutorial, we're going to show you how to buy Bitcoin, however, the process is consistent across all cryptocurrencies. 

• In the top horizontal menu, select Cryptocurrencies.
• Choose the cryptocurrency you would like to purchase. 
• Once in the crypto wallet, select the blue Buy button. 
• You'll be given the option to decide how to pay, simply scroll to the bottom and select Pound Sterling (or the crypto or fiat currency that you deposited).
• Enter the amount that you would like to purchase.
• Select the Execute Trade button.
• Once the transaction is completed, the funds will appear in your Bitcoin wallet. 

Step 4: Sell A Cryptocurrency

Now that you're familiar with how to buy crypto, it's high time you learned how to sell. 

• To sell Bitcoin (or any other cryptocurrency), go to the relevant wallet in the Crypto section.
• Select the blue Sell button. 
• From here you can decide whether you'd like to sell the cryptocurrency for another cryptocurrency or for a fiat currency. In this example, we'll sell BTC for GBP. 
• Select the Pound Sterling option and enter the amount of BTC you'd like to sell.
• Proceed with the Execute Trade button.
• The funds will then be available in your Cash GBP wallet.

Step 5: Withdrawal Funds

Completing the final process in this step-by-step guide, we're going to explain how to withdraw funds. You have several options here as the Tap app allows users to withdraw funds directly into their bank account, instantly send funds to other Tap users, or withdraw cryptocurrencies.

• In the top horizontal menu, select Cash.
• Choose the Withdraw button, located underneath your balance. 
• Select the option most preferable to you: Instant, to a Tap user; bank transfer; Crypto withdrawal. 
• Follow the relevant instructions and select Execute Trade once complete. 

Tap into a brighter future with crypto

On top of the simple and easy-to-use app, Tap also offers highly secure wallet solutions that are integrated into your account from the get-go. With Tap, you can securely store and manage a wide range of cryptocurrencies from one convenient location, and even more easily spend them using the Tap card.

Bitcoin 101

Here are several frequently asked questions regarding Bitcoin, the first cryptocurrency to come into existence.

In line with our how-to-budget pieces, today we're looking at how to monitor your spending. There's no good in building an impressive budget without keeping track of whether you're sticking to it or not. Yes, it might sound tedious, but it is always worth it, especially during the festive season when things tend to get a little out of control.

Paving the road from good intentions to excellent outcomes, tracking your spending is imperative.

Why tracking expenses is important (use your bank account to save money)

Before we get started, let's first cover the bases of why this step is so vital. First and foremost, it's essential to hold yourself accountable to your proposed budget. There's no good assigning each dollar you earn to a specific function only to disregard the budget entirely and spend impulsively.

If you're not tracking your expenses you'll land up in square one where you started a month ago. Monitoring your spending habits will show you exactly where your money is really going, and help you to make more informed decisions. The best part is that after a month or two you will get the hang of it and the process will become a lot less tiresome and feel like more of a habit.

Keeping an inventory of your expenses (and income)

First, you'll need to create your budget. Once this is established and the time frame you've set it out for has started, it's time to get tracking. You can do this through a budgeting app, a spreadsheet, or a piece of paper if that makes you most comfortable.

Step 1: track your income

In your income section, confirm all income in the columns provided. If you make money in an unexpected avenue, be sure to add this in too. This step is particularly important for those that earn irregular income through freelancing or side hustles.

Ideally, you would have listed your income avenues as a low estimate, so revel in adding the higher amounts into the columns provided. You can then enjoy reallocating those funds to various items in your expenses column. Don't think you need to be a robot with your finances, you're allowed to enjoy them too.

Step 2: track your expenses

For this step you need to track every single time money leaves your account. For the entire month. From emergency fund allocations to debt payments to monthly expenses, and any payments on a separate spending account. Each time you spend money, record it in the relevant expense categories.

When you buy groceries, add this to your grocery expenses; when you eat out, add this to your entertainment expense. Make sure that your budget is updated to reflect the new total so that you and your checking account are always in the know.

For example, if your grocery budget is $100 and you spend $23, add the $23 as an expense item under the title and ensure that your new grocery total reflects as $77.

There are plenty of expense tracker apps out there if this helps you stay on track. If you are using a budgeting app be sure to check in and review how each category is doing so that you can make informed decisions on what you spend your money on.

Step 3: make it a habit

You might like to do this daily or biweekly at first until you get the hang of it. Make yourself a nice cup of tea and make it a pleasant habit, instead of something you resent and put off. Understanding your cash flow is imperative to understanding your spending patterns and to better manage money. This is where the magic happens (and how financial goals are achieved).

Different methods of tracking your expenses

Below we outline the four most common methods used to track expenses, looking at the advantages and disadvantages of each of them. Whether you prefer paper receipts or accounting software, settle for the expense-tracking method that works for you.

1. Handwritten

There's nothing wrong with the old-school pen and paper option, if this feels right to you then go for it! Make sure you store it in a safe space.

Advantage: studies suggest that writing things down increases your retention of the information and boosts your ability to make more informed decisions. While typing is probably the preferred method, writing is actually more efficient when it comes to learning.

Disadvantage: this option is more time-consuming and will require you to physically remember all your purchases and retain your slips. Alternatively, you could sit with a printout of your bank accounts and manually write out each expense.

2. The cash process

This step requires you to withdraw the cash outlined in each budgeted category and store it in an envelope. Every time you make a transaction, you use the cash from the relevant envelope and replace it with the receipt. For debit orders, you can use your imagination. While the envelope method might be considered an old-school option for money management, if it works for you then go with it.

Advantage: using this method of tracking monthly expenses you can physically see how well your budget is going and how much you have left to spend.

Disadvantage: in these modern times paying with cash isn't always very practical.

3. Spreadsheet

Probably the more common option when it comes to tracking your expenses, using a spreadsheet can be practical and it does the maths for you.

Advantage: with tons of templates, the ability to quickly customize or revise your budget and the automated calculator, spreadsheets are a great option.

Disadvantage: you'll need to physically sit down with your laptop when tracking all your transactions. This will become more challenging the longer you leave it so ideally you;ll need to make this a daily occurrence. Remember, without monitoring your expenses your budget is simply a plan.

4. Budgeting apps

There are several budgeting apps available (for free) that can link to your bank account and automatically track all your expenses.

Advantage: It's all done for you, in real-time. Some apps might require you to assign the transaction to a category while others might automatically categorize it for you, either way, it requires minimal effort and can be regularly updated.

Disadvantage: You still need to monitor your spending, even if you're not physically putting it in. If you've reached your grocery budget, you need to be aware as the app is not going to cut your spending for you.

In conclusion

Whichever method you opt for, tracking your expenses is imperative to sticking to your budget and getting you one step closer to your financial goals.

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If you’re a business owner looking to tap into the over 575 million people across the globe using cryptocurrencies, you’ve come to the right place. In this piece, we’re covering why that’s a great idea, and how you can incorporate cryptocurrencies as a payment option.

The benefits of crypto payments

Whether you want to accept Bitcoin payments or crypto payments, incorporating digital currencies into your business is a great idea. Below we run through several advantages that crypto payments bring to the table. 

• Faster Settlements

Did you know that credit card companies can take a few business days to move the funds into your account? With crypto payments, once the transaction has been executed the funds will (almost) immediately appear in your crypto wallet. 

• Lower Fees

Card processing companies charge anywhere from 1% - 3% plus an additional charge for using that service. Other payment services, like PayPal for example, charge even more. While the transaction fee structure is dependent on the specific network, cryptocurrencies charge a minimal flat rate, with no added hidden costs. When making or accepting crypto payments, you will know the transaction fees upfront.

• Wider Audience

According to Statista, there are over 575 million people using cryptocurrencies, offering a much wider audience for your business to tap into. Capture new customers by adding crypto payments to your payment options and attract a new demographic.

• Reduce Fraudulent Charges

Fraudulent card activity costs the global economy over $32 billion each year. These chargebacks can occur for a number of reasons, from technical issues to outright fraud. With cryptocurrencies, transactions are final and cannot be reversed due to the nature of blockchain technology facilitating these crypto payments. 

How crypto payments can take your business to the next level

Accepting cryptocurrency payments allows your business to tap into a new growth potential, opening your business up to over 575 million global crypto users, attracting a forward-thinking new customer base seeking cutting-edge payment options. 

Additionally, you will be able to enjoy the benefits of near-instant settlements directly into your crypto wallet and ultra-low transaction fees that let you save big. Say goodbye to frustrating chargebacks and fraudulent transactions thanks to crypto's secure technology. Let crypto payments propel your enterprise to new heights. 

https://www.youtube.com/watch?v=ILSss0jpENQ 

What does a business accepting cryptocurrencies entail?

First, you will need to have a proper understanding of cryptocurrencies and an idea of which cryptocurrencies you would like to accept. While most businesses new to accepting crypto payments might opt for Bitcoin payments, there are several alternative options with varying features. Bitcoin Cash, for example, provides faster transaction times at a lower cost.

Next, you will need to create an account with a payment gateway, the crypto equivalent of a payment processor. This gateway will allow you to transfer crypto to fiat and vice versa easily. Ensure that the platform you opt to use is reputable, has high levels of security, and is in line with the regulatory requirements. If you decide to accept Bitcoin payments, you need to ensure that everything you are doing is above board.

Once you have chosen your payment gateway and set up the account, the last step is to let your customers know. Whether you do this through a marketing campaign or simply incorporate the crypto QR code on your website or in-store, this is an excellent opportunity to get the word out there and create a buzz around your business now accepting crypto payments.

A crash course in cryptocurrencies

For the sake of getting you fully prepared to accept crypto payments, we've included a short crash course on cryptocurrencies. The first cryptocurrency to come into existence was launched in 2009 as a response to the global financial crisis. The still-anonymous creator, Satoshi Nakamoto, wanted to create a global digital currency that would allow each individual to take control of their own funds, and not have to rely on governments and centralised financial institutions to do so.

A few years after Bitcoin entered the scene, several other cryptocurrencies started emerging, many of which used the same infrastructure. Bitcoin Cash and Litecoin are examples of this, offering the same service with several tweaks, notably faster and cheaper transactions.

While adoption was slow to take off, crypto payments eventually integrated into the mainstream financial sector as several companies started catering to the crypto crowd. While the markets still go through the typical economic cycles, cryptocurrencies and most notably crypto payments are here to stay.

How can I incorporate cryptocurrency payments into my business?

If you’ve decided to accept Bitcoin payments and propel your business into the crypto-sphere, the process is likely to be much more simple than one would initially imagine. Accepting cryptocurrency payments is made even easier through Tap’s corporate crypto accounts, created especially to fulfil your business needs.

The best part about deciding to accept cryptocurrency payments is that you don't need to forgo your traditional payment methods. Cryptocurrency works perfectly alongside your current point-of-sale system and offers an alternative online payment solution. With Tap, you also don't need to worry about crypto price volatility as you can easily make the quick exchange of crypto to fiat directly through the app.

In order to start accepting Bitcoin payments, you will need to fill in a quick form on the Tap website. You do not need to have a Tap account prior to this. One of our Account Managers will make contact with you and assist with the setup process, including creating a crypto wallet for your business. This Account Manager will continue to work closely with you, providing assistance at any time.

Tap is fully regulated by the Gibraltar Financial Services Commission and operates with a stringent level of security. Known for its easy-to-use crypto payments app, Tap allows users to buy and sell a range of crypto assets and easily convert them to fiat. Integrating the traditional financial sector with the crypto sector, Tap allows users to make payments directly from the app, selecting which currency, whether fiat or crypto, they would like to use. 

The app also provides users with the opportunity to earn interest on their crypto and fiat currencies by simply depositing them into a specific fiat or crypto wallet. With no lock-in periods and constant access to the funds, users can earn interest which is paid out weekly. Corporate crypto accounts offer the same earning opportunities. 

To find out more about our crypto accounts for businesses and set up your account to accept cryptocurrency payments, take a look here. 

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With over 425 million cryptocurrency users worldwide, growing 8,000% since just 5 million users in 2016, cryptocurrencies are transforming how businesses operate in today's digital world. This article explores the numerous benefits crypto accounts provide companies, regardless of their size or industry. 

From reducing costs through lower fees to enabling smooth cross-border payments, they open up new opportunities. Below we also examine the potential of smart contracts and blockchain technology to streamline processes, heighten security, and minimise fraud risks. Let’s explore how embracing crypto can propel your business to the forefront of technological innovation.

Why businesses are using crypto accounts

Although investment opportunities and value growth associated with cryptocurrencies have garnered substantial media attention, far less coverage has been dedicated to the benefits that cryptocurrencies offer businesses. This aspect of cryptocurrencies is perhaps poised to be the most dynamic and exciting area for development and growth moving forward.

Below we explore the numerous advantages that crypto can offer businesses, more so through dedicated crypto accounts. These accounts minimise overhead costs by offering lower transaction fees compared to traditional methods. They also facilitate easy access to high-yield investment assets, enabling portfolio diversification and potential substantial returns. Another advantage of crypto business accounts is that they can streamline cross-border payments by eliminating intermediaries, benefiting companies operating globally.

The decentralised nature of cryptocurrencies also enhances security and transparency through blockchain's immutable ledger, mitigating fraud risks. As adoption continues growing, having a crypto business account allows companies to capitalise on these benefits. It gives them a competitive edge, unlocks growth opportunities, and positions them at the forefront of this technological revolution while maximising profits.

• 46% of merchants in a recent survey say that they have integrated cryptocurrency payments into their accepted payment methods.
• The primary reason cited by 82% of surveyed merchants for accepting crypto as a payment method is its elimination of middlemen.
• B2B cross-border crypto payments are expected to reach $56 trillion by 2030, fueled by growth in big companies and small businesses alike, along with the rise in digitization.

As ownership increases, more businesses are accepting crypto payments than ever before

• The countries leading in crypto ownership are India, China, and the United States, ranking as the top three, while countries experiencing significant inflation or financial turmoil, like Turkey and Argentina, exhibit higher rates of crypto ownership compared to other countries of similar economies. 
• According to data from TripleA, 7.23% of the population in India, 4.08% in China, 13.22% in the U.S., 20% in Vietnam and 6.40% of the population in Pakistan own cryptocurrency, with just the top 5 countries counting for 242,166,772 crypto holders. 
• As of September 2023, 15,174 businesses worldwide accept Bitcoin, with around 2,300 of those businesses operating in the US.
• The leading sectors embracing Bitcoin include Gambling, Tourism, Banking, Food, and Retail industries.
• According to a recent Juniper Research report, the adoption of blockchain for cross-border settlement is projected to generate substantial cost reductions for banks, soaring from $301 million in 2021 to $10 billion by 2030.
• There are over 37,000 crypto ATMs worldwide, making it easier to use crypto payments for everyday purchases.

The future of crypto salaries

As crypto payments become more commonplace, both employees and employers are recognizing the benefits of being paid and paying in cryptocurrencies. 

For employees, receiving salaries in crypto provides an opportunity to diversify their investment portfolio and potentially earn higher returns. It also facilitates seamless cross-border transactions, which is particularly advantageous for remote workers. 

On the other hand, employers can reduce administrative costs associated with traditional payroll systems and currency conversions by paying in crypto. Moreover, crypto payments ensure transparency and security through blockchain technology, mitigating the risk of fraud or disputes. With the growing adoption of cryptocurrencies, crypto-based salaries are emerging as an attractive option that offers advantages for businesses and their workforce alike.

• A recent survey found that over 40% of employees would consider having part or all of their salary paid in crypto.
• Stablecoins ensure the stability of wages paid in crypto, making it far more accessible and popular than ever before.
• The stablecoin market has a market cap of $148.7 billion at the time of writing. 
  

Businesses and smart contracts

Smart contracts are digital contracts built using blockchain technology that automatically execute when the predetermined criteria have been met. With the instantaneous and low-cost nature of crypto transactions, along with the potential for highly secure 'smart contracts', blockchain technology can be used to minimise fraud and legal disputes arising from business contracts. 

Below we look at several examples of how large corporations are implementing blockchain technology and smart contracts:

Walmart employs blockchain technology and smart contracts to develop an advanced platform for tracing the supply chain of food products. Their goal is to reduce waste and enhance food safety standards.

JPMorgan Chase pioneers the Quorum platform, revolutionising the blockchain industry by enabling companies to create and implement smart contracts for various purposes, including supply chain management and financial transactions.

Maersk, a global shipping giant, introduces TradeLens, a blockchain platform aimed at transforming their supply chain processes. Through smart contracts and automation, they enhance efficiency and optimise costs throughout the entire process.

Microsoft introduces the Azure Blockchain Workbench, empowering companies to develop and deploy smart contracts across diverse blockchain technologies.

IBM has launched IBM Blockchain, a groundbreaking platform enabling companies to create and execute intelligent agreements for applications like inventory management and digital identity verification.

• The smart contracts market size is expected to increase from $2.2 billion in 2023 to $8.79 billion in 2030, largely fueled by the growth of dapps (decentralised applications).
  

Crypto payments are the future for businesses

As crypto payments become more widely accepted and useful on a day-to-day basis for ordinary consumers, more and more employees are interested in being paid in crypto, which can have significant advantages for both them and their employers.

Similarly, for businesses involved in hiring remote workers in other countries, using crypto payments can reduce the tax and administrative burden of paying their wages while also ensuring more of their pay ends up in their pockets rather than in a bank’s annual profit statement. 

Finally, the potential for smart contracts to revolutionise cross-border trade is only now beginning to be realised, meaning there truly has never been a better time for businesses of all sizes to explore how cryptocurrencies can help fuel their growth in 2024 and beyond.

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