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How do you pay with Crypto?

15 Feb 2022 By PAYCEC

You'll need a wallet to hold your coins if you want to pay and get paid Bitcoins or other sorts of cryptocurrency payments. Consumers utilize a number of e-wallets these days, the most popular of which is mobile wallets. Cryptocurrency payments, like other E-money transactions, necessitate the creation of a mobile wallet. Customers can create a free online wallet with a private key that functions as a digital signature.

A crypto wallet is a secure storage location for your cryptocurrency. Hosted wallets, non-custodial wallets, and hardware wallets are the most prevalent types of cryptocurrency wallets. Which solution is best for you depends on what you want to accomplish with your crypto and what kind of safety net you desire.

There are a variety of ways to hold crypto, just as there are a variety of ways to maintain currency (in a bank account, a safe, or in your castle). With crypto, you can use a hosted wallet to keep things easy, a non-custodial wallet to have complete control over your crypto, a hardware wallet to take extra precautions, or a combination of wallets.

Pay with Crypto and get paid in fiat currencies:

1. Sending cryptocurrency payments

When customers pay in cryptocurrency, they are provided with an address in one of two forms:

  • A string of numbers and letters which can be copied and pasted into their wallet
  • QR code which customers can scan using smartphone’s camera

2. Enter the amount to pay by cryptocurrency

Customers will need to enter the amount of payment and confirm to send.

3. Conversion

Convert customer’s payment into the merchant's chosen currency(USD/EUR/GBP/CAD/AUD) after blockchain confirmation.

4. Payment is received

When the payment is received, merchants will get a notification and will see balance increase.

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