These fast facts will help acclimate you to our exciting new payment option!
What is cryptocurrency?
Cryptocurrency is a type of currency which uses digital files as money. The digital files are created using the same methods as cryptography, the science of hiding information.
Bitcoin is the most prominent example of cryptocurrency, though thousands of variations exist today.
How does cryptocurrency differ from other payment options?
Given its digital nature, cryptocurrency involves no currency, credit/debit cards, wire transfers, or central banking system such as the Federal Reserve or Bank of Canada.
Instead, a worldwide, peer to peer (P2P) computer network processes and verifies transactions, making it difficult to engage in counterfeiting or fraud. Each computer is referred to as a node.
Why do customers pay with cryptocurrency?
Customers use cryptocurrency to:
- Avoid third party payment system transactions
- Protect their personal information
- Substantially reduce their transaction fees
How do I process a cryptocurrency transaction?
Cryptocurrency users have “wallets”, or apps that store and retrieve their digital assets. Wallets contain a public key, akin to a cryptocurrency “password”, and a private key, a long hexadecimal code which must match your public key to spend money.
Users keep their private key confidential; owning both keys is the only way to prove ownership.
To process a cryptocurrency transaction:
- Provide the customer with our public key and the payment amount.
- The customer sends their cryptocurrency funds to our wallet.
- The cryptocurrency system settles the transaction, prompting the customer to verify the transaction one last time.
- We receive payment!