SBLE 3163 – PUBLIC SPEAKING SKILLS

SECOND SEMESTER SESSION 2022/2023 (A222)

GROUP

INFORMATIVE SPEECH OUTLINE

TOPIC: BENEFITS OF USING CRYPTOCURRENCY AS A FORM OF PAYMENT

PREPARED BY:

PREPARED FOR:

SUBMISSION DATE: 8TH JUNE 2023

Organizational Method: Topical Order

Topic: Benefits of using cryptocurrency as a form of payment.

General Purpose: To inform

Specific Purpose: To inform my audience the benefits of using cryptocurrency as a form of

payment.

Central Idea: The benefits of using cryptocurrency are decentralization, high security and
lower transaction fees.

Introduction

I. Imagine a decentralized world where you have full control over your money rather
than investing it in a bank or other institution. This is the world of cryptocurrency,
a digital currency that is quickly gaining popularity and changing the way we
think about payments.
II. The world’s leading cryptocurrency has seen a massive increase of almost 80%
since the beginning of this year. It now increases to about $28,000 and increased
to $30,000 on April 11, 2023. (Crypto Markets on A Road to Recovery, 2023)
III. There is one important thing that we need to know before entering the topic which
is blockchain. A distributed database or ledger shared by the nodes of a computer
network is known as a blockchain. They are most well-known for playing a vital
part in cryptocurrency systems that keep a secure and decentralised record of
transactions. (Blockchain Facts, 2023)
IV. I have studied the rise of cryptocurrency and its impact on the financial landscape
from internet resources. Through my research and analysis, I have discovered
compelling reasons why cryptocurrency is transforming the way we conduct
transactions.
V. In this speech, I will explore the advantages of the use of cryptocurrency as a
shape of price, such as its decentralization, greater security, and lower transaction
costs. By expertise these blessings, we are able to advantage insights into why
cryptocurrency has captured the attention of individuals, organizations, and even
governments round the sector.

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 (Transition: So, allows begin our journey into the arena of cryptocurrency and discover
why it is becoming an increasingly popular choice for payments.)

Body:

I. The first benefit is the cryptocurrency transactions are decentralized.

A. Comparison centralized and decentralized.
1. In a centralized financial system, it controls over transactions rests
with a central entity, typically a government or central bank.
a. For example, A nation's currency is managed by a central bank,
which has the authority to regulate its circulation, value, and
monetary policies.
b. According to NBC News, someone sale his Brooklyn apartment
and he noticed the deposit slip showed a mistake in his favour — to the
tune of $700,000. Please do not think this is good news, because it will
cause you a lot of trouble in the future.
c. Centralized systems regularly require users to provide private
information, compromising their privacy and anonymity. You are
vulnerable to disclosing your vital personal information to any
third party.
2. Decentralization, in contrast to centralized systems, removes the
control and ownership of the network or structure from any individual
or entity. But how can cryptocurrencies function effectively without a
governing authority to maintain order?
a. Cryptocurrencies use a unique method referred to as proof of work
(PoW) that calls for quite a few computing effort from a network of
devices.
b. For example, Bitcoin, the largest cryptocurrency, allows users to
add blocks to the public blockchain by validating them via PoW.
This means that anyone can view the blockchain, and anyone can
contribute a block by providing PoW for a transaction.
B. Benefits of decentralized cryptocurrency transactions.

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 1. Without the restrictions of traditional financial systems, people are free to
manage and use their digital assets as they wish.
a. This could include carrying out cross-border transactions, accessing
financial services without intermediaries, and participating in
devolution financing (DeFi) applications that provide loan, credit and
investment opportunities.
b. In a decentralized blockchain network, individuals do not need to
know or trust each other because the distributed ledger technology
ensures that transactions cannot be tampered with.
2. The transparency of cryptocurrency being a safe factor for using
cryptocurrency as a form of payment.
a. Blockchain ensures transparency by stashing information in such a
way that it cannot be changed without capturing the changes made
using the necessary encoding and control mechanisms. It also available
to the public, thus everyone can see the transactions.
3. Through decentralization of cryptocurrency, downtime in the system is
reduced.
a. Decentralization reduces the risk of failures because there is no single
point of failure. In a decentralized system, everything is distributed, so
if one source becomes unavailable or there is a system bottleneck,
other participants can step in and ensure smooth operation.
b. It can operate 24/7, without being limited by traditional banking hours
or geographical boundaries. For example, if someone in the United
States wants to send Bitcoin to a recipient in Japan, they can initiate
the transaction at any time, and the network will process it promptly.

(Transition: That is the first benefit of using cryptocurrency as a form of payment. Now, let’s
move on to the second benefit which is enhanced secure in transaction)

II. The second benefit is the cryptocurrencies has an enhanced security through
cryptographic measures.
A. The utilization of cryptography.
1. Techniques of cryptography.

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 a. Most of the people will think, if there is no central authority, how is
crypto safe? What prevents people from cheating fake Bitcoin or make
fraudulent cryptocurrency transactions?
b. Cryptographic algorithms able to secure transactions and control the
creation of new units. These algorithms make it extremely difficult for
malicious actors to counterfeit or manipulate the digital currency. For
example, Bitcoin relies on the SHA-256 hashing algorithm, which
ensures the integrity and immutability of transaction data. (How does
SHA-256 work, 2018)
c. Once a transaction is confirmed and added to the blockchain, it
becomes virtually impossible to alter or delete it without detection.
This immutability ensures that transactions are tamper-proof and
provides a transparent and auditable record of all transactions.
2. Cryptography enable encryption which is the process of converting
original data into encrypted data by using encryption algorithms.
a. There are two kind of keys one is public key, and one is private key.
The public key is openly shared and can be freely given to others,
while the personal key is stored exclusive and recognised only to the
owner.
b. Data is encrypted the usage of the general public key and decrypted
with the non-public key. Data that has been encrypted using the public
key can be unlocked with the corresponding personal key. By doing
this, parties can speak securely without using a shared secret key.
c. It is impossible that someone hacked your wallet unless someone have
your wallet password.
B. Benefits of crypto security.
1. It helps reduced fraudulent chargebacks in transactions.
a. Chargeback is a common issue in traditional payment like credit cards
and debit cards. Dealing with fraudulent chargebacks is a time-
consuming process and adds risk that the funds from a legitimate
customer purchase can be pulled back.
b. With crypto payments, the immutability of blockchain transactions
removes this risk.

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(Transition: Next, we will look at the third benefit which is lower transaction fee on
cryptocurrency payment.)

III. The third benefit is cryptocurrency payments has a lower transaction fee.
A. Comparison traditional payment methods with cryptocurrency payments
methods.
1. According to article of credit card processing fees in 2023, the average
credit card processing fees range is in between 1.5% and 3.5%.
a. This means that for a business which accept credit or debit card
payments today, every RM1000 their customer spend will cause a
credit card processor fee of RM35 at worst.
b. In some cases, transacting using cryptocurrencies can be completely
free.
2. Some Bitcoin exchanges offer fees under 1%.
a. Likewise, if your business interacts with international clients,
cryptocurrencies can enable you to bypass currency conversion fees.
This is possible because cryptocurrencies are independent of any
specific government or central bank. As a result, businesses can avoid
the waiting period for payments to clear through foreign banks and the
associated fees.
B. Benefits of cryptocurrency payments on cost.
1. It gives lower international transaction fees.
a. Both B2B and B2C transfers can take advantage of cryptocurrency for
cross-border payments. Research from Pymnts.com reveals that
approximately 58% of multinational companies utilize at least one
cryptocurrency for payments.
b. Juniper Research also predicts that cross-border crypto payments for
B2B transfers could surpass $4.4 trillion by the end of 2024.
2. It Reduced intermediaries and associated costs.
a. Cryptocurrency transactions often eliminate the need for intermediaries
such as banks, payment processors, or clearinghouses.
b. By cutting out these middlemen, businesses can bypass transaction fees
and associated costs typically incurred in traditional payment systems.

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 c. This direct peer-to-peer nature of cryptocurrency transactions can
result in cost savings for both merchants and consumers.

(Transition: That’s all for the benefits of using cryptocurrency as a form of payment. Let’s
have a conclusion on it.)

CONCLUSION

I. In conclusion, the rise of cryptocurrency has delivered approximately a paradigm

shift within the way we consider economic transactions. Throughout this speech,
we have explored the advantages of the use of cryptocurrency as a form of charge,
including its decentralization, stronger protection through cryptographic measures,
and decrease transaction charges. These advantages have captivated the attention
of individuals, businesses, or even governments, leading to improved adoption
and popularity of cryptocurrencies international.
II. However, it is essential to acknowledge that cryptocurrency continues to be an
evolving era and faces demanding situations which includes regulatory
frameworks and scalability. Therefore, it's miles important for individuals and
companies to train themselves and approach cryptocurrency payments with
warning and attention.
III. “The reason we are all here is that the current financial system is outdated.” Said
by Charlie Shrem. So, let’s begin to use cryptocurrency as a form of payment on
digital items or services.

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REFERENCES

1. Ayala, G. (2023, February 15). What is SHA-256? Bit2Me Academy.

https://academy.bit2me.com/en/sha256-algoritmo-bitcoin/#:~:text=In%20Bitcoin%2C
%20SHA%2D256%20is,level%20of%20security%20it%20offers
2. Blockchain-based cross-border B2B transactions to skyrocket to $4.4 trillion by 2024.
JUNIPER Research. (n.d.). https://www.juniperresearch.com/press/blockchain-based-
cross-border-b2b-transactions
3. Hayes, A. (2023, May 15). Blockchain facts: What is it, how it works, and how it can
be used. Investopedia.
https://www.investopedia.com/terms/b/blockchain.asp#:~:text=Investopedia%20%2F
%20Xiaojie%20Liu-,What%20Is%20a%20Blockchain%3F,not%20limited%20to
%20cryptocurrency%20uses.
4. Leonard, K. (2023, March 27). Credit Card Processing Fees (2023 guide). Forbes.
https://www.forbes.com/advisor/business/credit-card-processing-fees/#:~:text=The
%20average%20credit%20card%20processing,merchant%20do%20to%20minimize
%20them%3F
5. Maheshwari, R. (2023, May 30). Why is the crypto market rising today?. Forbes.
https://www.forbes.com/advisor/in/investing/cryptocurrency/why-is-crypto-going-
up/#:~:text=The%20world’s%20largest%20cryptocurrency%20has,
%2430%2C000%20on%20April%2011%2C2023
6. NBCUniversal News Group. (2017, March 19). Bank error in your favor? but ... can
you keep the cash?. NBCNews.com. https://www.nbcnews.com/business/personal-
finance/bank-error-your-favor-can-you-keep-cash-n735316
7. Patrizio, A. (2023, February 2). What is decentralization in Blockchain?. CIO.
https://www.techtarget.com/searchcio/definition/blockchain-
decentralization#:~:text=Not%20all%20cryptocurrencies%20are
%20decentralized,regulated%20by%20their%20respective%20communities
8. PYMNTS.com. (2021, November 11). Cryptocurrency, blockchain and cross-border
payments. Pymnts.com. https://www.pymnts.com/study/cryptocurrency-blockchain-
and-cross-border-payments-business-digital-innovation/

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 9. What are the benefits of accepting crypto payments? (n.d.).
https://www.alchemy.com/overviews/benefits-of-accepting-crypto-payments

APPENDIX

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TURNITIN REPORT

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