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BLOCKCHAIN IN
DIGITAL PAYMENTS
WHAT ARE BLOCKCHAIN PAYMENTS?
SHORT ANSWER
Blockchain payments use cryptocurrencies like Bitcoin and Bitcoin Cash to function as digital cash. With only a smartphone and internet connection, customers around the world can pay you with cryptocurrencies.
WHAT IS A BLOCKCHAIN?
For cryptocurrencies like Bitcoin and Bitcoin Cash, a network of computers records every transaction using complex cryptography and immense computing power. That secure, public record of transactions is called a “blockchain”.
PUSH, DON’T PULL
Blockchain payments are “push transactions” which means no one can pull funds from a user’s account. Only the rightful owner can make a transaction and transfer funds.
THE BENEFITS OF DECENTRALIZATION
No single government, organization, or individual controls this process so there is no single point of attack for hackers. As a result, blockchain payments offer a host of unique benefits for you and your customers:
No Risk of Fraud or Identity Theft:
Blockchain payments don’t require any personal or financial information.
Faster, Simpler Payments: It only takes a scan and two clicks to make a blockchain payment.
A Global Customer Base: Since cryptocurrencies are global and borderless, blockchain payments make international purchases fast and affordable.
Small, Transparent Fees: BitPay charges a flat 1% fee to process blockchain payments saving you money spent on credit card processing fees.
HOW TO USE BITCOIN AND BITCOIN CASH
Step 1: Download a Wallet
Wallets store cryptocurrency on your device so you can easily send and receive transactions. For users starting out with Bitcoin and Bitcoin Cash, we recommend either Coinbase or Gemini Wallet (available on every device). Their balance between security and ease-of-use make them the best and safest introduction to blockchain payments.
If you want to jump right into offline storage, BitPay Wallet is the recommended choice for its ability to securely store funds on one device.
Step 2: Buy Bitcoin or Bitcoin Cash
The easiest way for most people to get Bitcoin or Bitcoin Cash is through an online cryptocurrency exchange. The benefit of using Gemini and Coinbase is that the exchange is built in.
Here is a great resource for finding a bitcoin exchange that
operates in your country: https://bitcoin.org/en/exchanges.
Step 3: Move Funds to Your Offline Wallet
For the most security and usablity, we recommend moving
your Bitcoin or Bitcoin Cash to a BitPay wallet. Here is a video
showing you how.
HOW BITPAY WORKS
