BlogCrypto Payments Explained
2 min read
Posted on20.09.2022
Crypto payments

Nowadays crypto payments are becoming increasingly popular among individuals, retailers and businessmen. Although digital assets can also be transferred manually, payment tools offer the most convenient and easy way to make cryptocurrency payments, which will save you from the errors associated with manually copying addresses.




What are crypto payments?

Crypto payments are a unique solution that allows you to make fast and reliable money transactions without converting into fiat money for international transfers. All payment services are in touch with the client 24/7. They are much easier to use than conventional electronic payments.

Cryptocurrency payments can be made through various services. Many of them do not charge any commission to their registered users.

What are crypto payments for?

Cryptocurrencies BNB, BTC and BUSD are widely used as a means of payment. Major corporations such as AirBaltic, Microsoft and Starbucks have long accepted payment in BTC.

Most often, such transactions are carried out through payment services that allow you to pay in cryptocurrency even for those goods and services that are usually only paid in fiat currency.

How do cryptocurrency payments work?

In simple terms, cryptopayment is a transfer of cryptocurrency from one wallet to another. A manual transfer requires a public address of the recipient. It's enough just to copy the address into your wallet, then you can send funds. It seems simple, but for first-time users this procedure can seem extremely complicated. A typical mistake inexperienced users make is to incorrectly select a blockchain type or network. Since you cannot undo the transaction and get your funds back, even minor mistakes lead to large financial losses.

Cryptoservice providers offer the most convenient methods of making cryptopayments, which allow transferring funds in seconds and minimize the risks of committing these errors. The stages of payment differ depending on the specific payment service, but usually it goes like this:

1. The buyer is going to pay for the product/service or transfer money to a third party.

2. Merchant creates a digital account to receive payment through the payment service used, which contains the recipient's wallet address and the amount required for the transfer. For example, a $15 purchase would require $15 in a specific cryptocurrency at the current market rate.

3. The buyer makes a payment to the recipient's address or addresses using the wallet or software, confirming their payment.

4. The cryptocurrency is transferred to the merchant's account or digital wallet.

Thanks to fast and reliable cryptopayment services, the payment can be made in a few clicks. Automated payment process is not only more convenient, but also safer than making payment manually.