coinremitter provides the auto-withdrawal feature for every wallet. So it requires your external address to withdraw funds automatically from your wallet.
However, you can stop the auto-withdrawal feature in some coins but an external address is required in every coin wallet.
Every digital wallet has its unique address and it differs from cryptocurrency to cryptocurrencies.
But when it comes to an external address in coinremitter it simply means all the addresses which must not belong to coinremitter wallet address but the address of other wallets from different digital wallet platforms, like blockchain.com, coinbase.com, etc.
First, let’s see what can be considered as the external address.
For example, you have an account in coinremitter and also in third-party sites like exchanges or wallet provider.
The coin address of the third party will be considered as an external address in the coinremitter.
You might have a question about what it is used for and how it is going to help you.
As you might know that coinremitter is just not a digital wallet platform but also provides you a gateway facility.
So, having an external address in your coinremitter wallet will you get money (coins) to that address through your coinremitter wallet address when you enable the auto-withdrawal feature.
You can not set a litecoin address as an external address in a bitcoin wallet. you need to set an external address while creating a new wallet which you can edit later.
Address, If you’re using coinremitter to receive payment or to send payment to coinremitter wallet then you might know what it means, and what it is used for.
This is really important news for you and everyone who is using coinremitter.
So, make sure you go through it thoroughly and understand it for your betterment.
If you are using coinremitter then you must know about how to use and install its plugins. If you are new to this concept then refer to our blog page to understand it perfectly.
To receive or send crypto coin you need a unique code to do that, which can be created through the rest API. Coinremitter has set its limit about 6 months and after that will automatically expire.
When you create a new address using API, It has an expiry date. We hope you understand the reason behind that.
To Check address expiry date of address, Follows the simple procedure.
Login to your account (In our plugin).
In the wallet detail, you can see the address tab where every address has its expiry date.
To create new address follows the simple procedure.
Send a request for a new address from the plugin (need to do API call).
In the response part, you’ll receive a new address and a new barcode of your wallet. Plus it has an expiry date.
Note: If your address has reached the expiry date then make sure to create a new one, if you fail to do that then you might have to bear the loss. Example “Someone sends the crypto coin to expired address then that you won’t receive it and at the same time even you won’t get it back.” It will be considered null and void.
So, kindly create a new one from time to time. To avoid any back clash.
A step of opting to go with the Ethereum payment gateway to accept your payments via Ethereum will significantly benefit your company and your customers as well.
As cryptocurrencies become increasingly popular, it’s WORTH considering to accept Ethereum and other digital cryptocurrencies as a form of payment.
BUT how exactly does this help your business and why should you consider integrating an ethereum payment gateway into your website?
Ethereum payment gateway
Ethereum is one of the Altcoins with the most popular to the date. Moreover, the use of that currency will grow exponentially with the growth of network technologies.
It is evolving very rapidly, and its price is rising dynamically. Another great thing is that when transacting through Ethereum, the speed is comparatively faster than Bitcoin.
Companies can easily start accepting ethereum payments by just integrating the ethereum payment gateway on their platform.
This model minimizing the intermediaries, lower transaction costs, along with other benefits, enables this method a sustainable business decision.
Why Accept Ethereum & Other Digital Currencies?
There are plenty of reasons to accept the Ethereum payments into your site and let your customers make payments through cryptocurrencies.
Offering the opportunity to accept Ethereum and other cryptocurrencies to your customers is a perfect way to improve your business and maximize your profits.
Providing cryptocurrency payment solutions will be an additional service for your existing customers. It is the perfect opportunity to attract new clients who want to pay through crypto.
Here are some of the reasons to accept Ethereum payment:
1. Zero Barriers:
Cryptocurrencies developed in such a way that anyone from any part of the world can transfer funds to someone else in another part of the world.
By adding a Coinremitter’s crypto payment gateway on your website, you will be able to receive payment from customers across the globe without any government restrictions.
2. Low Rates:
Consumers will have to bear very low, manageable transaction costs. Coinremitter the crypto payment gateway offers the lowest transaction fees in the market, which is just 0.23%. So it’s very affordable and convenient for every consumer around the world.
The reason to integrate coinremitter crypto payment gateway is the transaction cost for cryptocurrencies is far lot cheaper than when you make online transactions using debit or credit cards or using any other mode of payment.
3. Faster Transactions:
The transactions in cryptocurrency will accept within seconds or minutes of initiating them. This ensures you’ll receive funds directly for a product or service that a customer pays for.
Unlike any other payment method, coinremitter provides a faster, reliable, and smoother experience when it comes to processing a transaction.
Although, ethereum payments are some of the world’s quickest forms of payment.
Have you ever heard of any cryptocurrency being hacked? Probably NO.
There is no chance of cryptocurrencies to get hijacked. The blockchain is used to encrypt cryptocurrency transactions, making it nearly impossible for scams.
How To Integrate Ethereum Payment Gateway On Your Platform?
Implementing an Ethereum payment gateway is not a daunting task.
This could be done through a crypto payment gateway, it is the technology that enables businesses to automate Ethereum and other crypto-monetary payments while speeding up the transaction and removing intermediary needs.
The technology makes highly encrypted, safe payments considerably less costly than traditional online gateways.
Moreover, the method comprises using smart contracts that are used to process and validate payments between the transacting parties.
In addition, smart contracts make transactions more open and enhance. The security procedure, making payments less vulnerable to attacks that encourage both businesses and customers.
Accept Ethereum Payments with Coinremitter Plugin
Coinremitter is the cryptocurrency payment gateway that provides quality services like multi-wallet, currency swap, create an invoice. It Accepts Ethereum and other crypto payments securely at a low cost for Merchants and business clients worldwide.
Coinremitter is already in use with more than 25000 merchants. Moreover, Around 5000+ BTC already processed with regular transactions through Coinremitter.
The MAIN advantage of using a coinremitter is that there is neither a KYC requirement nor ID verification.
Simply install the coinremitter plugininto your platform as the coinremitter supports the most strong plugins such as CorePHP, Laravel, WordPress, and more, with free API support.
To start accepting Ethereum payments, you need to create an Ethereum wallet or any other coin wallet that you want as a payment option on your checkout page.
Coinremitter supports all the popular cryptocurrencies including bitcoin, litecoin, dash, ripple, and more.
The Final Words
In short, your decision to integrate the Ethereum payment gateway would help your business expand exponentially.
As a retailer, it is now easy to embrace cryptocurrencies as a means of payment option with the use of coinremitter the crypto payment gateway.
You can easily install it on your website and start accepting cryptocurrencies as a payment method.
Since the crypto coins came onto the market many people didn’t understand the fundamental structure of crypto coins and the way they work. Moreover, Each coin has its own space of work where it uses its own rules to run.
There are so many crypto coins in the crypto market like Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Ripple, Doge, USDT, Dash. Every coin has used its formation but XRP(ripple) is quite different.
However, people are in trouble whether to create an address of XRP or not? in contrast, When someone creates a new address then it needs to activate it. it must have to fund 20 XRP as deposit fees. This is a kind of mystery where most people wouldn’t believe because as per like other crypto coins don’t allow to deposit a fund in order to create an address then how XRP would allow funding in an address in order to activate address?
In this article, we will enlighten the areas which we covered and to make your doubts clear about either if it’s true or kind of rumor.
What is the base reserve?
The base reserve is the minimum amount of XRP which is compulsorily required for every address in the ledger. That basic amount is 20 XRP to fund in an address as it’s called Deposit fees.
Why 20 XRP is Necessary?
As per the statement of the organization who are maintaining XRP have said that the fee structure of 20 XRP is to make it an Anti-spam ledger. Where people don’t unnecessarily create an address like they open for nothing sometimes and never use it after. As one of the main factors which were included by the makers that this amount can’t be withdrawn by the individuals as it will be stored or locked up in an address. To protect XRP address from malicious usages an organization took this step in favor of those users who are actually using XRP address in good manners. They also include that the goal is to create a resistance in between the growth of ledger to match improvements in technology so that the current commodity level can always fit the current ledger in RAM and the full ledger history on disk.
Users cannot send this 20 XRP to other addresses. if anyone willing to transfer these coins then they must include or fund more XRP in the address as per reserve requirement.
What if Someone has not enough funds?
Nothing will happen if someone has not pursued an amount of 20 XRP in Ripple address but, they can not be able to use this address until they have 20 XRP in their address and one has to transfer more than 20 XRP as the first transaction to newly created address.
All in the Final words, that address will consider as a non-using address until they deposit enough or at least 20 XRP in an address in order to activate the XRP address.
If someone creates a new XRP address and fund more than 20 XRP. Let’s just assume that someone funded 50 XRP in the new address and if they wanted to transfer funds in someone else’s XRP address then they would only be able to send 30 XRP at the time because the remaining 20 XRP is the necessary fund to keep activated an XRP address. No one will be able to transfer those 20 XRP from the address.
Even whenever you make transactions in future those 20 XRP are inevitable. If someone wants to transfer a big amount then they should have counted the amount by keeping aside those 20 XRP from XRP(ripple) address.
Can I use one xrp address for multiple purposes?
Unlike any normal crypto coins, XRP(ripple) is quite different from them when it comes to rules & regulations. If anyone who is not aware of what XRP addresses more requires apart from 20 XRP as a mandatory amount. This address used for more than one purpose conversely, It has one more function in order to make it more transparent to use for multiple purposes.
That function called a destination tag. The main thing about this functionality is to specify each recipient of the transaction.
What Is the destination tag?
A destination tag is a kind of functionality that identifies the particular recipient in the transaction system.
This tag could be a 9 digit number that used in every XRP address to show the particular recipient. In addition, the destination tag is an optional function for sending XRP to other addresses. However, If someone wants to create that tag then it has no issue. But One thing to assure that some of the exchange systems do require destination tags.
(Note: when you copied your address link in order to forward that address link to your buyer then destination tag also been copied with it. Make sure to check the link before sending it to the buyer.)
On the other hand, the destination tag ain’t necessary if someone has their own personal address for this coin. Conclusively, the main purpose of this function is to identify each recipient‘s transactions.
all the information in this article may confuse all the users first. But the one main thing has cleared that this isn’t a rumor and an actual fact that 20 XRP is mandatory.
XRP(ripple) organizers have corrected all the information. Moreover, they only wanted one thing is that to protect XRP address from filthy hands and provide the best experience to the actual customers.
1) To create a wallet on Coinremitter this is the step by step process.
2) First, click on login and fill your email and password when the login box will appear.
3) After the login process dashboard will pop up on your screen. On the left sidebar, you will see the wallet option. You must click on the wallet.
4) Click on the New button. Then, a new wallet creates a page that will pop up on your screen.
5) When you click on the wallet, a page will appear which will look like this.
6) You will see such Information to fill up in order to create a wallet. Select a coin first which you want to create a wallet of It. (ex. If you want to create a Bitcoin wallet then click on bitcoin. The same process applied on other coins too.)
7) Coinremitter allows its users to make a wallet from these coins Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Ripple, Doge, USDT, Dash, etc.
8) Fill Information like Wallet name, Wallet Password, select an appropriate option of Select withdrawal type. If you select Automatic option then your coins will be automatically withdrawn to the external wallet address. It will be good If you select a manual option then rest Is up to you.
(Note: Fill up withdrawal limit if you want to. Because If you set the limit then you can only withdraw those coins until you reach your everyday limit or in other words, if you reach the daily limit before 24 hours then, you will not be able to withdraw coins. So, select an appropriate option. If you leave that box empty then, there is no limit to the number of coins you can withdraw.)
9) then, you will see the Webhook URL. it is your website URL where the coinremitter will post data if any incoming transaction record in your wallet.
10) After that fill the Webhook Confirmation box if you set a webhook URL. It’s basically you have to set 2 numbers value in that box like ‘3’. It’s mandatory because If you fill that box then coinremitter will send webhook data on 2nd confirmation if you set up this value.
11) You will see whitelist IP / Domain. You can also leave this box.
12) You can set on a select wallet logo and choose any of your wallet logos because this logo will appear in the invoice.
13) Make sure you double-check all of your details before clicking on create a new wallet. If any Information went wrong you will fail at creating your wallet. After checking all your Information clicks on create a new wallet.
14) Congratulations! You have successfully created your wallet on Coinremitter.