What is digital currency and how does it work?

31 Mar 2022 By PAYCEC

Digital currency is any currency, money, or money-like asset that is primarily managed, stored, or exchanged on digital computer systems, especially over the Internet.

Every single transaction is recorded in the blockchain, which is a public ledger. This allows people to follow the history of Bitcoins, preventing them from spending coins they don't own, copying transactions, or undoing them.

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.

Enter the amount to pay by cryptocurrency: Customers will need to enter the amount of payment and confirm to send.

Conversion: Convert customer’s payment into merchant’s chosen currency after blockchain confirmation

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

To transfer bitcoin and cryptocurrency into a bank account, most consumers must go through a series of processes, including:

➤ When consumers pay by bitcoin. The E-wallet accepts it.

➤ The E-wallet will convert Bitcoin into fiat currencies.

➤ If a merchant wants to withdraw the money, they can do it from their bank accounts.

Withdraw fiat currency from crypto payment: Customers can pay with crypto online, and the processor will exchange crypto to fiat currencies (EUR/USD/GBP) in the merchant's e-wallet account. Learn more

What is digital currency and how does it work?


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We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

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