Cryptonomics: what you should know about cryptocurrency payment solutions
Digital assets have drastically changed the financial and banking system. As the world slowly accepts cryptocurrency, different ways of integrating these assets in payment systems are appearing and gaining attention.
What are crypto payment solutions?
Crypto payment solutions allow people to buy and transact in cryptocurrency. They facilitate seamless payments through different secure apps/websites that can also be integrated with businesses. Once these solutions are integrated, customers can easily transfer funds to merchants and vice versa.
These crypto payment solutions are like wallets that allow users to manage their funds. They can be divided into two categories: custodial and non-custodial.
Non-custodial services → This allows users to fully manage their funds, transactions and information details. Private keys will be given to users once they open their accounts. These keys consist of mnemonic phrases that contain 12 - 24 characters and will not be stored inside the wallet.
Additionally, non-custodial services can be accessed anytime and all transactions made within the application are reflected in real-time, so users can track their payment activities. Since this is fully decentralized, users are fully accountable for their transactions.
Custodial services → This type of service has servers that have access to users’ information. Before making a transaction, users are required to inform their custodians first. Additionally, if users forget their private keys, servers can help recover their wallet details.
Which crypto payment solutions are people using?
Atomic Pay is a non-custodial payment solution that caters to seven digital currencies, namely:
Its intuitive interface that allows you to see all the data you need in an organized manner.
Atomic Pay is an ideal payment crypto gateway if you want to use your funds for shopping in physical stores. It has an API integration that can generate its own payment invoice in a matter of seconds. Additionally, the application only requires 0.7-09% transaction fee.
According to Benz Rif, at least 1,700 merchants across the globe have implemented Atomic Pay in their payment system.
CMM Pay is another non-custodial payment solution that solely accepts Bitcoin transactions. However, the company said that they are looking forward to expanding to more digital currencies in the future.
What makes this payment gateway appealing to users is that it features a 24-hour customer service and a cool merchant dashboard feature where you can view crypto sales, your wallet’s balance, and different metrics such as crypto conversions. CMM pay has a 1% transaction fee for its services and is quick and easy to set up.
8Pay is a crypto payment system that runs on the Ethereum Network. It features an on-demand payment gateway between the buyer and seller, which makes transactions easier for both parties. It can also be used to create a subscription-type payment method for various commodities and services.
8Pay only accepts Ethereum, ERC20 tokens and stable coins. According to 8Pay, the purpose of this is because their network is solely built for smart contracts and cannot be supported by other cryptocurrency networks.
Additionally, 8Pay has neat features like payment buttons, payment links and can generate invoices which is good if you’re someone who’s always on the go.
Coinbase Commerce is a user-friendly non-custodial solution that accepts Bitcoin Cash, Bitcoin, Ethereum, Litecoin and USDC transactions. Currently, more than 2,000 merchants around the world have integrated Coinbase Commerce into their payment system.
Blockonomics is a BTC-only crypto payment system. With its intuitive interface and user-friendly design, this payment gateway is easy to navigate. It features a diverse selection of e-commerce plug-ins that can create instant invoices after every transaction. What makes Blockonomics special is that users can link it to their existing wallets for extra protection and create P2P invoices every time you make a purchase.
Bitcoin Cash Register
Bitcoin Cash Register is a payment gateway compatible with both Android and iOS applications. If you already have an existing Bitcoin Cash wallet, you can use it to create an account in Bitcoin Cash Register. Currently, BCR only accepts Bitcoin Cash transactions.
CoinGate is a crypto payment solution that accepts multiple crypto-assets such as Bitcoin, Litecoin, Ethereum, Ether and 50 other digital currencies. This user-friendly payment gateway features an API, shopping cart plug-ins, payment buttons that can cater to various types of businesses. Several e-commerce platforms and retail stores have integrated CoinGate in their payment system. Additionally, CoinGate also accepts Mastercard.
Bitpay is a payment gateway that supports at least 22 e-commerce shops. With its user-friendly interface, it’s easy to navigate and use for both sellers and buyers. What makes Bitpay more appealing is that it has a Visa card that can be used for any type of transaction. In addition, this payment gateway is linked with Skrill, allowing users to easily shift from Bitcoin to fiat currencies. Bitpay also enables users to transfer crypto funds from one wallet to another.
Why should you use crypto payment solutions?
Cheaper transaction fees
Before cryptocurrency payments were an option, people were plagued with endless (and expensive) fees such as ATM, checking account, merchant, debit/credit card and check fees that sometimes cost more than the transaction.
By using crypto payment solutions, these fees are eliminated. Payment gateways such as Bitpay and Coinpayments only impose a fee of 0.5 to 1% per transaction, which is lower compared to the 2% fee from regular banks and wire transfer services.
You can track your transactions real-time
You get to see the status of your transactions inside the server when you use crypto payment solutions. Additionally, once it gets finalized, you will instantly get a record of your transactions.
Crypto payment solutions can be accessed on any device. Moreover, if you have any concerns about your transactions, digital asset solutions have responsive chat agents that will respond to you right away.
Instant transaction settlements
Sending funds through crypto payment solutions won’t take long to get finalized. Since cryptocurrencies travel through the blockchain, sending and receiving isn’t blocked by any third-party presence. You just need your device and Internet and you’re all set.
Safe and theft-proof
The ledger used for crypto payment services runs a routine check of the funds owned by the user. Inside this ledger, there are nodes that ensure all the transactions are encrypted and tamper-proof.
Different uses of cryptocurrency payment solutions
Cryptocurrency payment solutions can be used to pay bills such as rent, gas, electricity, and water. However, before you send your funds to pay your monthly dues, make sure that you check if this service is available in the payment gateway you are currently using. Here are some of the payment solutions that accept Bitcoin and other cryptocurrencies:
A lot of stores have been slowly accepting Bitcoin and other cryptocurrencies for payment. Right now, you can find several online shops that allow you to shop till you drop using crypto payment solutions. Here are some of them:
Each crypto payment system integrates different brands in their network, so you can find various stores depending on the server. If you want to look for more stores that are open to crypto payments, you can use interactive online maps that allow you to check which stores in a specific area accept digital assets like Coinmap.org, Gocrypto, and GoBitcoinmap.
Learn more about cryptocurrency
Before you dip in the world of digital assets, equip yourself with the accurate information and knowledge that you need to know. Learn more about cryptocurrency and their benefits here at Bitcasino.io!
Words by: Rain Quintana