Crypto payment is just 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, newbies may find the procedure to be challenging and scary. Users frequently commit irrevocable errors, such as choosing the incorrect blockchain network or sending the incorrect cryptocurrency to a specific address. Cryptocurrency transactions frequently result in huge losses because there is no way to reverse them.
Crypto service providers like Binance have developed more user-friendly crypto payment mechanisms to help make the process foolproof. These gateways reduce a time-consuming process to one that may be completed in a matter of seconds.
Depending on the payment processor, the specific stages 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, given the present market rate, it would take $10 of a certain cryptocurrency to buy a $10 (US dollar) dinner.
- 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 do every step manually, it is also more convenient and safe.