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Cryptocurrency Knowledge

Setup ERC20 Payment Gateway With Coinremitter

Why don’t you take an advantage of ERC20 Payment Gateway to integrate it on your site?

There are ample benefits of embracing the ERC20 token on your website.

It is time to implement something new. You will be the one out of your competitors who accepts the Payments in ERC20.

It does not only give a new shape to your business but also it will expand your business to a GLOBAL level. Just another payment option and you are good to go!

Coinremitter has already started to give support to the ERC20 token. It will allow businesses within their platform to accept their tokens as payment.

Let’s go deep down to understand more about Tether USDT ERC20.

What is the USDT ERC20 token?

If you belong to the crypto world then you must have heard about the ERC20 Token.

ERC20 is a blockchain-based asset and has the same features as the other crypto coins such as bitcoin, litecoin, ether, and bitcoin cash.

The protocol standard used by the Ethereum network is ERC20. 

There are some guidelines and requirements in the protocol that must be complied with in order to publish tokens on the network. The Ethereum network operates on a large number of tokens.

The key difference between ERC20 tokens and other cryptocurrencies is that on the Ethereum network, ERC20 tokens are generated and hosted. Whereas bitcoin and bitcoin cash are the native currencies of their respective blockchains.

What does the ERC20 token stand for?

In order to differentiate this standard from others, ERC stands for Ethereum Request For Comments, and 20 stands for the specific ID number.

It can be compared to the Internet HTTPS protocol that websites need to stick to. Similarly, tokens must also follow all the specifications laid down in the ERC20 norm.

In smart contracts, these criteria are implemented. You are not ERC20 compliant if you do not comply with these standards, and the token is not considered to be ERC20.

Let’s quickly head to the benefits of ERC20.

What are the key benefits of USDT ERC20 for merchants and customers?

USDT ERC20 optimizes account usage and makes transactions much easier. 

If you are a merchant then the ERC20 token will bring a plethora of benefits to your company. 

Now you will receive your payments more instantly (compared to the conventional method) in USDT ERC20 after your customers send it.

ERC20 is the same as the other cryptocurrencies, the transactions through the ERC20 token are irreversible. 

Once you sent the payment, it will not be possible to recover it unless the beneficiary decides to repay your fund at their own convenience.

Moreover, transactions are fluid with this token, and even for a second, when the traffic is heavy, they are not obstructed.

For customers, USDT ERC20 utilizes complete anonymity for transactions that secure wallet addresses of senders and receivers across the network.

It’s easier to pay with an ERC20 token, although no need to carry credit/debit cards. Users just need to type their name and detail about shopping and they’re good to go.

Furthermore, due to its decentralized nature, there are no intermediaries running the network.

Start accepting ERC20 payments:

Now it’s time to start accepting your daily payments with the USDT ERC20 token.

In order to do that, you need a crypto payment gateway that handles all your ERC20 transactions securely and seamlessly.

Consider Coinremitter: ERC20 Payment Gateway to receive your daily payments.

The API will connect with a payment receiving gateway (Coinremitter) to the company’s checkout system.

All you need to do is an initial setup only, and you will be on your way to accepting ERC20 payments and other payments for cryptocurrencies in no time.

Integrate the ERC20 payment gateway on your website:

Before we head to the integration process, you first have to understand what the Coinremitter is and how it is different from the other gateways.

Coinremitter is a merchant friendly crypto payment gateway that offers quality services around the world to merchants and large/small organizations.

With Coinremitter, you can easily store, send, and receive crypto coins online safely around the globe.

There are a lot of features that Coinremitter offers to merchants such as currency swap, multi-currency wallet, No KYC requires, and create an invoice.

On top of that, the reason for the Coinremitter separates its presence from the other gateways is its low transaction fee which is just 0.23%.

Just because of its merchant-friendly functions and low transaction fees it becomes one of the top most acquired payment gateway among merchants. 

NOW you can integrate the payment gateway in just a few steps:

  1. Simply creates your ERC20 wallet on Coinremitter by filling up your details such as wallet name, password, etc.

    Soon after you fill out the details, your wallet will be created.
  1. Now you’ll need to have an API key and password after successfully creating a wallet.

    In order to get the API key, you just need to click on the ERC20 wallet that you have just created. Take a look at this API Doc for proper understanding.
  1. Finally, install the Coinremitter plugin on your platform.

However, Coinremitter supports well known open-source plugins such as Magento, Laravel, WordPress, and more, before you take a step, check that your platform is compatible.

There are different integration processes for every platform.

Conclusion:

Once you start accepting payments in ERC20 and in other cryptocurrencies, you will understand how it is beneficial for my company.

Some of its vital advantages such as:

  • Fast transaction.
  • It more effectively confirms the transaction.
  • Also, it reduces the probability of breaking contracts.

Remember not to forget to place a button “ERC20 Accepted Here” next to your other gateways, as a result, you will get the attention of your customers.

Categories
Cryptocurrency Knowledge

Why it is essential for merchants to accept cryptocurrency in eCommerce store

Every business should know the importance of Cryptocurrency in eCommerce.

So if you are the one who is totally unaware of the effectiveness of cryptocurrencies for your website or you have just started your business and want it to be recognized worldwide.

Then, you just landed on the right spot!

Embracing cryptocurrency in eCommerce as a payment method can enhance your customers’ journey and extend your consumer base by providing more options at the checkout.

Here we are going to give you complete information on how the integration of cryptocurrencies is going to give your business a huge SUCCESS.

Stay tuned with us because we have a lot more to cover.

Quick info about cryptocurrency & crypto coin

Cryptocurrency is a digital payment method for verifying transactions that do not rely on banks.

It is peer-to-peer digital money that can enable anyone to send and receive payments around the globe. Yet it has no physical presence, it’s all online. 

Like any other currencies, cryptocurrencies are also used to purchase goods and services.

However, the difference here is that cryptocurrencies use cryptography to offer encrypted online transactions.

The transactions are registered in a public ledger when your consumers send you cryptocurrency funds. You store your cryptocurrency in a digital wallet.

Cryptocurrencies run utilizing a blockchain called technology. Blockchain is a decentralized technology that manages and records transactions distributed over many computers.

You definitely heard the name “Bitcoin”, well it is a crypto coin. There are so many this type of crypto coins out there. Some of the popular ones are Litecoin, Ethereum, Ripple, Tether USDT, etc.

Now you have got an idea about what is cryptocurrency and how it works.

What are the popular currencies to list on the website?

Cryptocurrencies that came after the launch of Bitcoin called Altcoins (alternatives to Bitcoin).

Let’s get to the details about the popular currencies that most of the people use to sell and buy products.

1. Bitcoin:

One of the most popular and widely used cryptocurrency. 

With Bitcoin, users are able to easily transfer the amount from one digital wallet to another digital wallet.

Many well-known brands currently using Bitcoin that includes Microsoft, AT&T, Boatsters Black, and more.

So you can imagine how popular and useful it is.

2. Ethereum:

Another extremely popular currency after Bitcoin is Ethereum also known as Ether. It’s managed by an open user network, just like Bitcoin.

There is no need for documentation to be processed because the smart contracts of ethereum are faster and simpler.

Hundreds of other users are able to validate transactions. In addition to getting verified, your transactions are also encrypted and stored on a public ledger.

3. Litecoin:

Litecoin is also yet another renowned cryptocurrency. It is faster than bitcoin in terms of process transactions which takes about 2.5 minutes compared to Bitcoin’s 10 minutes.

Moreover, Litecoin’s algorithms are less complex than Bitcoin. Litecoin has easier-to-crack algorithms. This can facilitate the settlement of mining transactions.

4. Ripple XRP:

Ripple uses the currency called XRP.

XRP was developed for users to digitally transfer money and not be exposed to bitcoin’s high transaction costs and conversion times.

Money is transferred to the XRP token to be sent through the Ripple network and then converted back to money when it is withdrawn. 

5. Bitcoin Cash:

The reason to develop Bitcoin Cash was to boost the scalability of Bitcoin. This has prompted Bitcoin Cash to grow in popularity.

Bitcoin Cash has increased each block size from 1 megabyte (MB) to 8 MBs to help boost transaction speed.

Moreover, a list of transactions that need to be checked is defined by each block.

List of Benefits for your business after integrating Cryptocurrency In E-Commerce

Here are the listed advantages of integrating cryptocurrencies as a payment mode on your website.

1. Top-level security:

The reason why people use bitcoin and other cryptocurrencies is its security. 

When making a transaction with cryptocurrency, you can not initiate a reversal when you approve the transaction or send the compensation.

The use of blockchain technology protects the privacy of users and offers protection from account tampering.

2. Reduced Fraud:


Overall, companies that accept Bitcoins are fairly free from fraud. From production through payment, Bitcoin is all-digital, so it is also remarkably linked to cash.

They will need to be more careful and cautious if businesses accept altcoins to turn them into dollars or another fiat currency. 

However, their system is likely to carry minimal fraud risk if they have suppliers to whom they can pay in coins.

3. Lower Fees:

Compared to other digital funding sources, one of the best things about cryptocurrencies is that it has lower overall fees due to no intermediaries such as banks.

But, there can be fees to convert the currency into a fiat currency, and so can a digital wallet that holds your coins.

Although fees are low, many will use a third-party service to create and retain their bitcoin wallets, such as Coinremitter.

4. Fast Transactions:

Cryptocurrencies can process immediately, giving you instant access to funds, unlike the credit card systems that take a couple of days to batch out and process.

The removal of intermediaries implies that, upon your approval, the transaction is completed.

And you will receive the payment instantly.

5. Attract more customers:

It will attract consumers from around the world. There are many who prefer to make purchases through crypto.

So, if you are the one who allows them to make purchases through the crypto then it can DRAW the attention of many consumers.

6. Separate from the competition:

Yes, it will separate your business from the competition, because if your business does something out of the box, then it will have an impact on competition.

How to accept payments through cryptocurrency in eCommerce

Now you might be thinking how do I start accepting?

So, there are generally two methods in which you can start accepting your day to day payments via your preferred cryptocurrencies.

In the first method, it requires your personal wallet. Now, what do I mean by your personal wallet is that you’ll have to set up a virtual wallet.

You can download it to your phone or computer, or you can also get a physical safe on a special hard drive that stores the cryptocurrency on the drive.

It really is the only protected hardware system that allows you to store the private key of a user.

Furthermore, the second method is preferable by many merchants. It will require the use of a third-party payment processor.

You can go with the payment gateway provider “Coinremitter” which will handle all your payment processes.

However, there will be an advantage for you if you use the second method which is that you can instantly convert your cryptocurrency payments into fiat. It will protect you from any price fluctuations.

Why Coinremitter is advisable is that it is currently giving the best to merchants as it’s also called merchant friendly gateway. 

Start accepting your payments in Cryptocurrency with Coinremitter

To begin the process, you need to know a bit about the Coinremitter: crypto payment gateway.

Coinremitter offers the integration facility into the supported plugins like Magento, Laravel, Opencart, WordPress, and more.

Not only that, but it also supports the most popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and more.

You can select the currency according to your desire. Moreover, you can even list more than one cryptocurrency on your eCommerce platform.

Look at some of its best features.

Coinremitter gives 100% when it comes to its functionalities. It offers great advantages and features over the other gateways.

It provides multi-wallet support, digital wallet, no KYC requires, currency swap, and invoice creation.

And the most notable one among the merchants is its lowest transaction fee which is only 0.23%.

Coinremitter is the only one that offers a low transaction fee to its merchants. 

It is very pocket friendly to every trader and small/large organization.

Let’s head straight to the integration process of cryptocurrency in eCommerce that you can complete in a matter of minutes.

  • Initially, you need to build a wallet for whichever cryptocurrency you want. You can set up your wallet on Coinremitter’s website.

    All you need to require is to fill the details like wallet name, password, etc, and you are good to go.
  • Soon after that, set your API key and Password. To get an API key, click on the crypto wallet that you’ve just created.

    The new page will be open and it will take you to the credential tab where you’ll get the API. Read the API Guide here.



  • Finally, install the Coinremitter plugin on your website. Check this integration guide for Coinremitter.

All things considered

As a viable potential option for online payments seems to be a bet that will depend on the development of the current commercial scene.

It is essential for eCommerce traders to be up to date with the latest trends.

In order to change the strategy quickly and achieve a strategic edge over the competition, this is the most important thing.

However, you can set your business presence apart from the competition by accepting cryptocurrency in eCommerce.

Not only does it work as a payment gateway but it will also bring various opportunities and take your business to new heights.

Categories
Cryptocurrency Knowledge

Crypto Payment Gateway Integration For Your Website

Here we have come up with how crypto payment gateway integration is essential for your website these days.

As the world goes digitally day after day, the vast improvement in the shopping experience has been implemented.

It doesn’t matter whether your business is an online store, traveling business, an organization, or any kind of business. 

You must need a crypto payment gateway that is fast, secure, affordable, and offers a seamless checkout experience. Because many people nowadays tend to shop online rather than going to the store. 

This means that every merchant who wants to increase sales and wants their business recognized worldwide should consider crypto payment gateway integration.

Since these payment gateways handle very important transactions on your site, you want to ensure that everything happens seamlessly & perfectly.

In this article, we are going to address the important points related to the crypto gateway that you need to know.

So without any further due, let’s get straight to the quick understanding of the crypto payment gateway and the way it works.

What is a crypto payment gateway?

People have been using cryptocurrencies extensively for many years, and many companies around the world have already adopted crypto payment processing services on their websites.

To simply understand, the payment gateway which accepts cryptocurrency as payment is known as crypto payment gateway. 

One can make a payment through various types of cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple, etc.

Using a crypto gateway can eliminate the intermediaries involved in the process, which ultimately fastens the payment process.

The crypto payment gateway’s unique feature is transparency. This gateway makes payments easy, ensures the privacy and security of transactions.

If you frequently make transactions then this is the gateway that allows you to send and receive money instantly across the globe.

Furthermore, as we have already mentioned above that there is no involvement of a third-party. The amount will go straight to your wallet without any chance of being hacked or theft.

Let’s look at some of the questions that need to be addressed prior to the integration of the crypto gateway.

How does the cryptocurrency payment gateway work?

There are mainly two major differences. 

First, a client pays through a digital wallet, not with the credit/debit card. 

Second, the transaction needs to done via cryptocurrency, not with the fiat currencies like USD, AUD, RUPEES, etc.

Let’s understand it step by step.

  1. In the first step, your customer will go to your website and places an order through submit or its equivalent button on the checkout page.
  2. After that, the website or the e-commerce platform takes the customer to a crypto payment gateway where the customer will enter all the relevant information about the coin. (Like wallet address and key)
  3. However, then the customer will have to enter the wallet address and private key in order to send the amount. (The private key is similar to the bank account password.)

    (NOTE: Keep your private key as confidential as you can. If someone steals it, or if you lose it, your amount is at high risk of being stolen. Keep it safe.)
  4. Once the payment has been made and validated, then the transaction will be posted on the (coin’s) blockchain public ledger showing payment from your customers’ public address to your public address.

ISN’T IT SIMPLE?

This whole process is highly secured and payments are made without the need for intermediaries.

Now let’s talk about some of the advantages if you’re integrating the crypto payment gateway to your web.

Know the advantages your business can gain from using the crypto payment gateway

It has been observed that merchants from a variety of industries are turning to accept payments into cryptocurrency to enjoy a number of advantages that are not provided by conventional payment methods.

Here we’ve highlighted some of the most significant benefits that businesses can gain by adding crypto as a payment option. 

1. Unmatched security:

Customers are not required to share any personal data when making cryptocurrency payments. The payments are completely anonymous, so hackers don’t have any identifying data to steal.

In addition, many companies greatly value their privacy, so they use cryptocurrency over other payment options simply because the buyer is not identified by any means.

2. Extremely low fees:

If we talk about the payments through credit/debit cards or banks, then there are tons of fees associated with them. In short, they all charge some type of fees which usually ranges between 3& to 6%.

However, cryptocurrency payment gateways like Coinremitter charges the lowest fee (only 0.23%) compared to other gateways. This can save you a significant amount of money.

3. Take your business globally:

Now even the smallest companies can now internationally sell their products and services or buy their supplies and equipment.

Business owners can avoid the hassles and costs that come with foreign currency transaction fees and exchange rates, with the help of cryptocurrency.

4. Attract consumers across the globe:

There are numerous crypto fans out there who are specifically looking for digital currency-accepting companies.

You can also gain a serious advantage over your competitors that don’t accept crypto by adding this new payment option.

5. No chargebacks:

There is no turning back in the case of cryptocurrencies. Once a transaction has occurred, the funds will go straight from one wallet to another, and the transaction will be recorded and can not be reversed.

Chargebacks are intended to STOP frauds.

Easy payment gateway integration with Coinremitter

If you have made up your mind to integrate a crypto gateway on your website then you must need to know about the Coinremitter.

Coinremitter is a crypto payment gateway in which you can start accepting your payments via cryptocurrencies.

It is a merchant friendly payment gateway with a large user base. Coinremitter has overall processed 6k+ Bitcoin with 2.3M+ total transactions.

Talking about its features, Coinremitter comes with loads of essential features which include a Digital wallet, multi-wallet support, no KYC & ID requirement, currency swap and invoice creation.

The most notable feature, and one of the reasons for many traders to accept Coinremitter, is its lowest transaction fees. 

Coinremitter charges 0.23% transaction fee which is the lowest among other crypto gateways.

The REASON behind its lowest fee is that it is created specifically for traders and small/large businesses to make them grow worldwide.

Moreover, the integration process of Coinremitter will not be a daunting task for you.

Follow our steps to Easy payment gateway integration in just three steps.
  1. It’s all starting with a wallet. As coinremitter provides a digital wallet service, you can start by making a wallet of whichever coin you want to list on your website.

Just fill out the details (wallet name, password, etc.) and you are good to go.

  1. After that, you’ll be required an API key & password in order to start accepting crypto payments on your website.

    To get that, click on the wallet that you have just created, and you’ll be redirected to the credential tab where you’ll get the API.

Consider this API Guide to understand deeply.

  1. Finally, just install the Coinremitter on your website.

    Coinremitter supports a number of popular open-source plugins so you can install it according to your platform.

    Check this guide for the installation process for Coinremitter.

That was all about the Coinremitter payment gateway integration.

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Bitcoin Cryptocurrency Knowledge Tutorials

How Integrating Bitcoin Payment Gateway Benefits Your Online Store

Now accept bitcoin payments is way much easier & quicker than before.

“Bitcoin”, a very much popular name across the globe, has been providing a highly secure and transparent way of transferring currency for several years.

Every day the value of Bitcoin keeps growing. Nowadays, the pace of growth in cryptocurrencies and the adoption of blockchain technology has sparked a revolution in the financial industry, taking the online payment sector to a new dimension.

Giant corporations are currently INVESTING their capital and resources in Bitcoin. So you can estimate the value of Bitcoin.

It becomes common that many small and large businesses around the world have already begun to accept bitcoin payments. 

Now it is time for you to consider accepting bitcoin payments for your business because you have to keep up with the trend.

This will make your presence as you are at the forefront of technological growth, drawing new clients, and keep your business safe from a number of scams.

We know that being an eCommerce merchant you may have a number of questions running on your mind like how can I start accepting BTC payments, will it benefit my business or not, and more. 

Isn’t that the case?

However, we are going to cover all the necessary points that you need to know about your business. You will get a clear understanding of BTC payments and more at the end of this blog!

Down below is our in-depth guide to implementing this new payment system for your online store.

SO, let’s hop into…

What benefits merchants can get from adding the bitcoin payment gateway

Using BTC payments on your website helps you to process lower fees payments and receive payments instantly.

This currency is also ideal for sites involving foreign payments, as it is much quicker than bank transfers from one country to another.

Here are the key benefits that every merchant could get.

1. BTC will expand your customer base:

Integrating cryptocurrency payments into your online store checkout will set you apart from your competitors as well as help attract new customers to your business.

Adding another payment gateway will allow your customers to make a payment through. Ultimately, the customers who prefer to make transactions via cryptocurrencies are more likely to go with the crypto option.

You will notice a significant improvement in your sales.

2. It will eliminate chargebacks:

Transaction through credit/debit cards is reversible. That means the merchants get all of the cardholder’s sensitive information to drag money from the account.

However, this isn’t the case with Bitcoin. Once the funds have been transferred, the party that sent the payment is unable to retrieve the transferred payment without the merchant’s permission.

Every transaction in bitcoin is guarded by the Bitcoin network. That means merchants are able to accept bitcoin payments without having to worry about the threat, fraud, or charges.

3. Provide you the low transaction fees:

Cryptocurrencies are used more often for regular transactions. Merchants may use this to reduce the costs of collecting transactions for their company.

As you already know that Bitcoin is not government regulated. Transactions occur exclusively between the buyer and the seller, so there are no intermediaries who can hold your funds. 

More significantly is the fees for processing BTC payments are lower than credit cards.

4. Offering the utmost security:

Bitcoin uses blockchain technology it means blockchain holds the data and is linked to each other. If anyone tries to change a portion of the chain, the entire chain will be alerted and alarmed. That is the level of security.

Speaking of security, coinremitter, a bitcoin payment gateway provides its merchants with multi-layer security. 

Therefore, there is no longer a chance of identity fraud or any other security concerns when verifying a transaction.

Criteria to consider when choosing a bitcoin payment processor

So, you have made up your mind accepting bitcoin payments on your store. You can promptly begin accepting cryptocurrencies by implementing a bitcoin payment processor into your existing business platform. 

Consider Coinremitter, it works best with the eCommerce platforms. 

But BEFORE integrating any payment processor onto your store you must have to check out the following criteria.

1. The transaction fees:

First and foremost you have to check for the transaction fees charged by the Bitcoin payment processors that you are considering. 

Bitcoin transaction fees are lower than credit card fees. Coinremitter, however, offers only 0.23% which is the lowest among other gateways.

2. Supported plugins & currencies:

It is advisable to check that the Bitcoin payment processor should support the currencies & plugins that your business requires.

Coinremitter provides all the popular open-source plugins, so you don’t have to look for the other options. Nevertheless, it also offers the most renowned & widely used cryptocurrencies that you can integrate into your store.

3. Features:

You should look for the features of a payment processor that you want to install such as security, digital wallet, multi-currency support, currency swap, etc.

Choose what is best suited to your business requirements. Coinremitter comes with all the features that merchants should need in their business.

4. Customer support:

Last but not least, the payment processors should be available to solve your queries 24/7. This is crucial to your company as issues could hamper your sales processing capability.

Must look at what kind of support is there like is there any live chat support? Or do they offer via mail? Consider those criteria prior to making any decision.

Accept bitcoin payments in just 3 steps

To begin the process,

As we talked above, choose the gateway that suits your business needs according to its features, transaction fees, customer support, etc.

Let’s take an example of Coinremitter for your better understanding.

1. Create your bitcoin wallet:

In order to create your bitcoin wallet, you need to have a coinremitter account. To do that, you can simply create your account by filling your details in the signup form and you’re all set.

After you log in to coinremitter, you’ll have to select a Bitcoin (you can even create other coin wallets too) and then have to fill up the details such as wallet name, password, etc.

Your wallet will be created soon after you fill out the details.

2. Get API key & password:

After successfully creating a wallet, you’ll need to have an API key and password in order to start accepting bitcoin payments on your site.

You’ll get the API key on the wallet page by clicking on the bitcoin wallet. You can consider the API Guide for a better idea.

3. Install a bitcoin payment gateway:

The last you have to do is install the coinremitter on your eCommerce platform.

You can integrate it according to your platform, as coinremitter supports well known open-source plugins, but you can still check before you take a step that your platform must be compatible with coinremitter.

Each platform has a different integration process that you can use to better understand the integration process.

Final words:

So, you’ve got the idea of how HELPFUL it is to integrate a bitcoin payment gateway into an eCommerce store.

A nice piece of advice is that you can indicate to your customers that you accept Bitcoin payments. 

Just put a button “Bitcoin Accepted Here” next to your PayPal, MasterCard, Visa which can get the attention of your customers.

Categories
Cryptocurrency Knowledge

Which Cryptocurrencies Have The Lowest Transaction Fees?

The first question that comes to mind when deciding to invest in cryptocurrencies is that which is the lowest transaction fees offering cryptocurrency. It is a very common question that comes in the mind of every investor.

Many crypto options are priced high, while others are not as dramatic. If you want to find something worthwhile you will need to look around to find the cryptocurrency with the lowest transaction fees on the market.

Moreover, there are various types of cryptocurrencies, all of them have their own distinct functionalities.

However, you should know how to find a decent fee that works. Keep in mind that, knowing what works is of crucial importance to your progress.

So, let’s dive in to understand everything about the cryptocurrency with the lowest transaction fees.

What is the actual mean of the transaction fee?

Transaction fees are charged inside a blockchain in the cryptocurrency. The fees go hand in hand with the amount of every currency you transfer.

The fee will vary depending on the current currency rate and how much you are attempting to transfer.

The fees must go forward to guarantee that the blockchain can continue to develop and run properly.

The value of the fee will change depending on how many transactions are going on and how scarce tokens may become in a chain.

List of cryptocurrencies that have the lowest transaction fees on average

The cryptocurrencies that people are able to find today include those that have different fees.

Kindly remember that what the charges are for different currencies, especially as some of those charges have grown late.

Here are some of the cryptocurrencies that offer the lowest transaction fees.

  1. TRON:

Source: https://bitinfocharts.com/comparison/tron-transactionfees.html

The average transaction fee for TRON is around $0.0000901. Although on the TRON chain, an average token is around a penny, the extremely low transaction fee makes it easier for TRON to transfer between parties.

  1. Ripple:

Source: https://blockchair.com/ripple

      The Ripple transaction fee is also on the minimal side, the current average transaction fee of ripple is around 0.00092 XRP, compared with the high fees charged by banks for transboundary payments.

  1. Dash Coin:

Source: https://blockchair.com/dash

      Dash can be used to transfer money to anyone in the world without any intermediary.
As per blockchair.com, the average transaction fee of the dash coin is $0.0030, which is far lower than other cryptocurrencies.

  1. Bitcoin Cash:

Source: https://blockchair.com/bitcoin-cash

The value of the Bitcoin Cash fee is marginal at around average $0.0072, as compared to the currency’s value itself. Although a token is valid for $200 or more, a transaction fee is about 10 cents.

  1. EOS:

Source: https://support.exodus.io/article/1316-eos-about-eos-transaction-fees

Although EOS has a value of about $2.50, handling a transaction costs only a penny. The overall EOS currency makes it worthwhile but one thing about the transaction costs is that there is no EOS available for expenditure.

  1. Bitcoin:

Source: https://blockchair.com/bitcoin

Bitcoin has a high price worth thousands of dollars per token, and a transaction fee is much more than a dollar. As per the current average transaction cost of bitcoin is $2.75.

  1. Ethereum:

Source: https://blockchair.com/ethereum

Ethereum average transaction fee calculates the average USD fee when a miner process and approves an ethereum transaction. The average transaction cost of Ethereum (ETH) is currently $5.8342.

Which parameters to be considered for the cryptocurrencies fees?

The percentage of the fee can be calculated depending on the value of the fee and how much the currency is now worth.

It can be clearly seen that the popular cryptocurrencies have high transaction fees as compared to others on this list. Like Bitcoin and ethereum with the average transaction fees $2.75, and $5.83.

Miners on these networks understand how common these digital currencies are with businesses and customers, so when setting their validation fee, they have some price control.

Moreover, Tron and Ripple are currently offering the lowest transaction fees. The niche focus of Ripple on financial institutions kind of narrow the use of the XRP tokens as a widely accepted currency.

However, Dash and Bitcoin cash are also next to the Ripple, which making them worth the investment by cryptocurrency investors.

How you can grasp the benefits of these cryptocurrencies?

As you have seen the transaction fees, now how you can get the potential benefits from these cryptocurrencies?

Take one step forward and look for the cryptocurrency exchanges. You can choose it according to the lowest transaction fees and the functionalities that suits your business needs.

Categories
Cryptocurrency Knowledge

Which Cryptocurrencies Are Offering The Fastest Transaction Speed?

When it comes to transaction speed, each of us has experienced the fastest transaction speed with fiat currencies. However, with cryptocurrencies, you can’t expect the same.

What does transaction speed mean? 

It refers to the rate at which data transmission occurs from one person’s account to another. Moreover, the transaction speed is deemed high if a transaction gets verified immediately, within the shortest period of time.

If we talk about the current banking systems, then it will be a complete nightmare, because it takes around 4-5 days to validate the transaction. Whilst, the cryptocurrencies have the SOLUTION.

Moreover, the speed of cryptocurrencies varies, many are the slowest ones and yet they are lightning-fast compared with conventional payment portals. 

Let’s take an example, the Bitcoin transaction speed is comparatively slower among the other cryptocurrencies which are insanely faster than Bitcoin.

However, regardless of the amount size, your transaction will be verified within 60 to 85 minutes. Nevertheless, it is still faster than the traditional banking systems that take a few days.

Why is transaction speed important?

The transaction speed does matter because customers come onto the crypto platform with the expectation of fast transactions to get verified within seconds with the highest security from a particular crypto-coin.

However, merchants can list out the cryptocurrencies on their website in order to offer their customers a fast and secure checkout option.

It does not only helps the company to expand but it also extends its reach to many potential customers around the world.

So, every year developers come up with numerous new developments allowing both the speed and transaction cost on the negligible side of the continuum.

Transaction speed straight impacts the transaction cost on a network. For instance, Bitcoin has already mined 85% of its total block, so the mining difficulty is extreme and the fixed block period of 10 minutes makes it one of the most costly networks as per the present day scenario in crypto space.

On the flip side, other altcoins such as ripple have concentrated on offering blazing fast banking solutions, and a transaction time of seconds definitely helps.

Transaction speeds have been so essential for any system that many hard bends in decentralized space have been a cause for this.

List of cryptocurrencies with the fastest transaction speed

The Bitcoin handles around 5-6 transactions per second which are nowhere near to its counterpart “fiat currencies” which handles a few thousand transactions per second with a scale capability of up to 24,000 transactions per second (tps).

However, there are some of the popular cryptocurrencies that are much faster than Bitcoin and manage adequate transactions well enough.

So, here are some of the fastest crypto coins that you can consider, particularly when making payments to other parties. Moreover, faster transaction times eliminate friction from the process and make cryptocurrencies more attractive.

  1. Ripple:
    Capacity: 1500 (TPS) Transactions per second
    Reference link:
    1. https://ripple.com/xrp/
    2. https://blockchair.com/ripple
  2. DogeCoin:
    Capacity: 33 (TPS) Transactions per second
    Reference link:
    1. https://blockchair.com/dogecoin
    2.https://www.reddit.com/r/dogecoin/comments/2vvzqz/how_many_transactions_per_second_can_be_processed/
  3. Dash:
    Capacity: 56 (TPS) Transactions per second
    Reference link:
    1. https://www.dash.org/
    2. https://coinsutra.com/transaction-speeds/
  4. Monero:
    Capacity: 1700 (TPS) Transactions per second
    Reference link:
    1. https://www.daytrading.com/monero
    2. https://www.bitdegree.org/tutorials/zcash-vs-monero/
  5. Ethereum:
    Capacity: 12.91 (TPS) Transactions per second
    Reference Link:
    1. https://blockchair.com/ethereum
    2. https://coinsutra.com/transaction-speeds/
  6. Litecoin:
    Capacity: 56 (TPS) Transactions per second
    Reference Link:
    1. https://bitcoinexchangeguide.com/top-10-cryptocurrencies-with-the-fastest-transaction-speeds/
    2. https://currency.com/what-is-better-litecoin-or-bitcoin
  7. Bitcoin:
    Capacity: 3-4 (TPS) Transactions per second
    Reference Link:
    1. https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
    2. https://www.snapperbuzz.com/blockchain-scalability
  8. Bitcoin Cash:
    Capacity: 116 (TPS) Transactions per second
    Reference Link:
    1. https://coinanalysis.io/how-many-transactions-per-second-bitcoin-cash
  9. Bitcoin SV:
    Capacity: 5 (TPS) Transactions per second
    Reference Link:
    1. https://medium.com/two-hop-ventures/bitcoin-sv-growing-exponentially-likely-to-permanently-overtake-ethereum-in-q1-2020-3747f42729cf
  10. EOS:
    Capacity: 4000 (TPS) Transactions per second
    Reference Link:
    1. https://cointelegraph.com/news/who-scales-it-best-inside-blockchains-ongoing-transactions-per-second-race
    2. https://thenextweb.com/hardfork/2018/11/01/eos-blockchain-benchmark/
  11. Cardano:
    Capacity: 1000 (TPS) Transactions per second
    Reference Link:
    1. https://www.crypto-news-flash.com/cardano-one-million-transactions-per-second-hydra-paper-published/
  12. Stellar:
    Capacity: 1000+ (TPS) Transactions per second
    Reference Link:
    1. https://www.lumenauts.com/blog/how-many-transactions-per-second-can-stellar-process
    2. https://medium.com/lendledger/why-lendledger-is-a-stellar-project-2403724b91d2
  13. TRON:
    Capacity: 2000 (TPS) Transactions per second
    Reference Link:
    1. https://tron.network/
    2. https://en.wikipedia.org/wiki/TRON_(cryptocurrency)

To Sum Up

Cryptocurrencies offer a much faster transaction speed than conventional payment mode.

It offers better security, speed, and convenience. Though, you can choose the cryptocurrency from this list as per your preference.

Listing these crypto coins onto your website, you can offer a secured and fast checkout system to your consumers.

This makes your business sets apart from your competitors.

Categories
Cryptocurrency Knowledge

How Ethereum Helps Financial System to be Decentralized

In recent times, Ethereum has become the most widely known platform based on blockchain technology. Furthermore, its aim is to create an alternative protocol that will create decentralized applications. Ethereum makes highly programmable digital money, allowing distributed users to execute code in the form of smart contracts.

In addition to speculation and value storage, Ethereum allows many aspects of traditional finance to run on open networks, with on- and off-ramps allowing for greater compatibility with fiat currencies, other cryptocurrencies, and conventional resources.

To understand it briefly…

You must have an idea of DeFi (Decentralized finance). Moreover, it is a combination of traditional banking services with decentralized technologies like blockchain.

Many of us now have a well understanding of ethereum, bitcoin, and other cryptocurrencies. However, there are very limited people out there who do not know that it can also be helpful to use it as a decentralized system.

Decentralized finance Ethereum is one of the identities that assisted to make the essence of mainstream open finance.

Ethereum can also be used as a portal for payment, simply implementing the ether payment gateway helps to expand the business and attract potential customers.

What’s the Importance of DeFi?

DeFi continues to play an important role in financial sector development for a variety of reasons. Moreover, the potential for expanding the global economy is huge. 

As a result, analysts see this sector as one of the crypto space’s most important currently under development.

It is easy to recognize that commitment to developing a DeFi ecosystem. Certainly, it is the fastest-growing blockchain sector.

Moreover, since this period depicts the start of this stage of integration, the market now has the unique opportunity to see a completely new industry blossom.

Know the Difference Between Traditional vs Decentralized Finance

Decentralized Finance (DeFi) is just an advanced version of the finance system with the same root of work in obtaining and giving capital.

Here, we’ve outlined some of the major differences:

  1. A centralized governing body manages conventional financial institutions. Moreover, DeFi apps, run on smart contracts, ensuring that dApps operate without any human barrier.
  1. A public blockchain is permitless, that means the ecosystem doesn’t have gatekeepers to keep track of who gets to create dApps and who doesn’t. However, DeFi dApps can be developed and used by anyone.
  1. The dApps is another form of blockchain application used in the DeFi environment, and it has been built from day one to function globally. Regardless of the geographical area to which you belong, the DeFi network and service connectivity are the same.
  1. The app is based on a public blockchain and its code is transparent and open for everyone to see. Moreover, this is in sharp contrast to mainstream financial institutions. Though, in a DeFi ecosystem, everyone can help make the software bug-free & smooth.
  1. The fact that decentralized funding is more open and transparent than conventional finance, is still a factor. Moreover, the lack of entry barriers means anyone with programming skills can participate in building financial services and tools alongside public blockchains.

What Decentralized Applications Offer?

Ethereum dApps communicate with the blockchain to create entirely new ways of quality exchange and collaboration on the network.

Moreover, DeFi users can borrow, lend, exchange, invest, and make payments nowadays without the need to serve as an intermediary for a financial institution. Instead, it replaces the position of financial institutions with decentralized smart contract protocols.

So, let’s understand what are the services that DeFi offers.

Lending:

Crypto holders can lend on decentralized lending platforms to earn additional income via interest charges paid by borrowers on their holdings.

However, this is an enticing option for lenders, as they are able to earn relatively low-risk interest on their current holdings without entrusting their private keys to a centralized third party service.

Here are the dApps that provide the lending facilities.

Investing:

Investment tokens are in accordance with SEC regulations on financial securities. While this module won’t dive into regulation and compliance, the simple thing to understand is that these tokens provide the token holder with an array of financial rights.

Payments:

DeFi payment applications, protocols, and solutions concentrate on developing an open financial ecosystem that addresses institutional requirements as well as underbanked and unbanked populations.

Insurance:

Insurance is a procedure or agreement whereby a company offers compensation assurance for a defined loss, damage, illness, or death in return for a premium payment.

Prediction Markets:

Prediction markets make it easier to exchange event securities. They have been around since the 1990s and are also sometimes referred to as markets for knowledge, futures ideas, and markets for decision making.

Synthetics:

A synthetic is a financial asset that imitates other tools. In other words, any financial instrument’s risk-reward profile can be simulated using a mixture of other financial instruments.

DeFi Dashboards:

It is a Dashboard that assists you to analyze and track all of your Decentralized Finance activity. Furthermore, add an Ethereum address to track! It lets you track your activity across the various dApps that you are using.

Tokenized Securities:

Security tokens are virtual assets that are subject to federal security rules. Moreover, in layman terms, to simply, the intersection between digital assets (tokens) and conventional financial products.

The Bottom Line:

To sum up, this blog comprises every information regarding the role of Ethereum that helps the financial system to be Decentralized. Moreover, DeFi differs from the traditional finance system by providing value, security, and much more. 

At Coinremitter, merchants and every business owner can give the facility to its users by implementing the Ether payment gateway on the website. It helps users to make payments through cryptocurrencies as well as, business owners can get potential consumers from worldwide.

NOTE: 

Coinremitter doesn’t endorse anything. However, it only provides information for the user to better understand the fundamentals of DeFi and dApps.

Investors are advised to check and verify all information on their own.

Categories
Crypto Tutorials

How Do I Choose a Crypto Payment Gateway?

When Bitcoin first released, cryptocurrencies became a popular subject among everyone. Now the crypto payment gateway has been used by millions of people such as business owners, merchants, banks, etc.

Anything that serves quicker, faster, safer, and productive payments will remain a key priority for all businesses.

This is where the crypto payment gateway provider comes into the picture to offer an error-free solution.

The Best Crypto payment gateway promises security, reliability, speed, and lower transaction costs for businesses.

We’ll talk about what criteria you need to consider while choosing a crypto gateway for your business.

Let’s get started…

What is Cryptocurrency Payment Gateway?

The crypto gateways controlled by a decentralized gateway or an ecosystem of blockchains. It is a dynamic platform where more people are willing to accept digital currencies and process crypto payments.

Customers can make a payment by scanning the QR code or sending the crypto payments straight to the wallet address. However, the blockchain platform records all transactions.

Decentralized cryptocurrency gateways ensure that any transaction is encrypted, and nearly impossible for hackers or online fraudsters to modify a payment method.

For instance, coinremitter is a completely functioning global cryptocurrency payment gateway, which provides quality services to merchants, and small/large enterprise owners.

How Crypto Payment Gateway Works?

A cryptocurrency payment gateway has the primary purpose of providing a faster, secure, and hassle-free connection between vendors and consumers for easy transactions with each other.

crypto gateways work the same as the normal payment gateway, but only the difference is that transactions are done in cryptocurrencies.

With a cryptocurrency payment gateway, a customer will pay via a digital wallet, not with a credit/debit card. There will be cryptocurrencies, not fiat currencies such as USD, AUD, CAD, EURO, DINAR, etc.

When it comes to crypto, you can be sure of a proper response in less time, and also optimize transactions at any point.

Consider the Coinremitter which uses a different technology than standard gateways. It doesn’t HOLD any transaction, the received payments will automatically forward to the vendor’s external wallet addresses within the next 60 minutes.

What You Should Consider While Choosing a Crypto Payment Gateway?

It is essential for every business to first understand their business requirements and what kind of features a payment gateway has available, which not only benefits the business but also makes the business presence different from the market.

Here are some factors that you must take into account:

1. Security:

The first thing you need to look for the security of the gateway, the payment gateway you select should be completely safe for you and your customers.

The transactions should be extremely secure and confidential as the transactions happen wallet to the wallet so there will be no third party who can access your information.

As the coinremitter provides an additional two-factor authentication feature to its users that can double the protection.

2. Transaction Fees:

The second thing you need to make sure that the transaction cost should be minimal.

Do research on your own and compare the cost with different crypto gateways and check which one gives you the value for the money. In addition, there should be no hidden costs.

However, the coinremitter offers low transaction costs, which ultimately helps small business owners to take their business globally.

3. Website Integration:

User-friendliness is the most important part of a payment gateway. Choose a gateway that offers merchant-friendly integration with a documentation guide on their website.

Also, consider which crypto coins and open-source plugins they’re providing.

Check the responsiveness of their technical integration teams, which will help you accelerate the integration and start accepting crypto payments immediately.

4. Customer Support:

It is important to really look at the type of support being provided by a gateway. This is essential to your business as issues could hinder your sales processing capacity.

A satisfactory response to your questions is an integral part of what you should expect from a crypto payment provider.

The gateway should provide you the 24/7 customer support help or an immediate response.

5. Functionalities:

The very important part is to check the features. You need to check out all the necessary features that a crypto payment gateway should have.

You can opt according to what goes best with your business needs.

Some of the features that you might need to focus such as currency swap, digital wallet, multi-currency support, low transaction cost, accept major cryptocurrencies, etc.

Coinremitter comes with all those features that the merchants can’t go wrong with.

In Summary

Using the right payment gateway allows you to accept crypto payments smoothly and without any problems.

You will need to make sure it suits the needs of your company, will allow you to accept payments internationally, and will ideally come at a reasonable price.

We’ve made the work easy for you to what should you consider while choosing a crypto payment gateway.