What is crypto payment & how does it work?

Could you elaborate on the concept of crypto payment and how it operates? Specifically, I'm curious to understand how individuals and businesses utilize digital currencies for transactions. I'm interested in the mechanics behind these payments, from initiating the transfer to the verification process and ultimately, the settlement. Additionally, I'd like to know about the advantages and disadvantages of using crypto payments compared to traditional payment methods. Your insights into this topic would be greatly appreciated.