Accepted Crypto Currencies for Payments
Ethereum - ETH
Ethereum is a blockchain-based platform best known for its cryptocurrency, ETH. The blockchain technology that powers Ethereum enables secure digital ledgers to be publicly created and maintained. Bitcoin and Ethereum have many similarities but different long-term visions and limitations. Ethereum is transitioning to an operational protocol that offers incentives to process transactions to those who stake their ETH. Ethereum is the foundation for many emerging technological advances.
Tether - USDT
Tether (USDT) is a stablecoin, a type of cryptocurrency pursuing a steady valuation. Tether is used by investors who want to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system. Tether's parent paid nearly $60 million in fines in 2021 to settle two regulatory probes alleging it mishandled and misrepresented its reserves.
USD Coin - USDC
USD Coin (USDC) is a cryptocurrency that is backed by fiat money, making it a stablecoin. USDC reserve assets are held in segregated accounts with U.S.-regulated financial institutions. USD Coin is not issued by the U.S. government. USD Coin is a digital currency that is fully backed by U.S. dollars or dollar-denominated assets like U.S. Treasury securities. USDC's reserve assets are held in segregated accounts with regulated U.S. financial institutions. The accounting firm Grant Thornton oversees these segregated accounts and provides monthly attestation reports.
DAI Coin - DAI
Dai is created from an overcollateralized loan and repayment process facilitated by MakerDAO's smart contracts in the form of a decentralized application. Users who deposit Ether (or other cryptocurrencies accepted as collateral) are able to borrow against the value of their deposits and receive newly generated Dai. The minimum collateralization ratio for Ether is currently set at 150%, or in other words, depositing $150 worth of Ether allows one to borrow up to 100 Dai (roughly equivalent to $100). If the collateralization ratio of a loan falls below the minimum ratio, anyone may call a function on the contract to liquidate the loan and receive a percentage of the collateral as a reward.
Bitcoin - BTC
Launched in 2009, Bitcoin is the world's largest cryptocurrency by market capitalization. Unlike fiat currency, Bitcoin is created, distributed, traded, and stored using a decentralized ledger system known as a blockchain. Bitcoin's history as a store of value has been turbulent; it has gone through several boom and bust cycles over its relatively short lifespan. As the earliest virtual currency to meet widespread popularity and success, Bitcoin has inspired a host of other cryptocurrencies in its wake.