WHAT ARE BLOCKCHAIN PAYMENTS?
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.