Definitions – A crypto payment is simply the transfer of cryptocurrency from one wallet to another.
You’ll need the recipient’s public address to complete this manually. Then you copy the address into your wallet and send the money. Although it seems simple, newcomers may find the process to be challenging and intimidating. Users frequently commit irreversible errors, such as choosing the incorrect blockchain network or sending the incorrect cryptocurrency to a specific address. Cryptocurrency transactions frequently result in significant losses because there is no way to reverse them.
Crypto service providers like Binance have developed more user-friendly crypto payment methods to help make the process foolproof. With the help of these gateways, a challenging process can be completed quickly.
These gateways reduce a time-consuming process to one that can be completed in a matter of seconds. Depending on the payment processor, the exact steps vary, but the standard approach is as follows:
- A client chooses to pay for a good or service, or a friend wants to be paid.
- Using their payment gateway, the recipient creates a digital invoice that must be paid. This is typically a QR code with the required amount and the wallet address of the recipient. For instance, at the current market rate, it would take $10 of a particular cryptocurrency to buy a $10 (US dollar) meal.
- The payer verifies the payment by scanning the QR code with the app.
- The cryptocurrency is transferred to the payee’s digital wallet or account.
It only takes a few clicks to finish the entire process. Compared to attempting to complete every step manually, it is also more convenient and safe.