I remember my brief “experiment” with cryptocurrency last and the anxiety I felt every time I would transfer assets to another person’s wallet and vice versa. Well, that was a year ago, but how I wish I already knew about using Crypto QR – the QR Code for crypto transactions – back then! It would have given me some sort of peace of mind.
While this is not a blog about crypto per se, in this article, we will talk about how to use QR Codes to pay with your crypto wallet. If you’re interested, read on!
What is Crypto QR?
If you landed on this particular page, chances are you are specifically searching for content related to cryptocurrency. But for the uninitiated who landed here by some random twist of the elusive algorithm, here’s a very basic background.
What is Crypto?
Cryptocurrency (also called crypto-currency or crypto) is a purely digital currency enabled by blockchain as the digital public ledger secured by cryptography.
The word cryptocurrency is a combination of the words “cryptography” and “currency”. Crypto means hidden or secret, denoting the secure technology that enables it. Currency, of course, means cash. Cryptocurrency is, in a sense, electronic cash invented as an improvement to traditional fiat currencies, mainly in terms of government control.
Crypto has been around for over a decade before spiking in popularity during the pandemic. The first crypto was Bitcoin and remains the top cryptocurrency today. Now, there are more than 12,000 cryptocurrencies, including Ethereum, Solana, and the popular Dogecoin.
What’s interesting to note is that your crypto assets only exist on the Internet and you can see them only on your computer or mobile screen. There are no physical coins or bills with which you can pay.
The decentralized nature of crypto and crypto networks could be its biggest selling point. The full control of the transactions on your account belongs to you. Traders can buy and sell crypto assets directly to each other (peer-to-peer networking) with no governments, banks, or other intermediaries.
Now that we (hopefully) have a basic understanding of cryptocurrency, let’s dive into QR Codes for your crypto wallet.
What is Crypto QR?
Crypto QR is a kind of QR Code that provides access to your crypto address. If you already have knowledge of cryptocurrency, you know that your crypto address has so many characters. For example, Bitcoin has 27 to 34 characters and Ethereum has 42 characters. That would be too many characters to type!
Storing your crypto address inside a QR Code simplifies the process. As with all QR Codes, your Crypto QR enables buyers or senders to access your address without having to type in any character.
The best thing about QR Codes is that they can be scanned by most smartphones. Buyers and sellers don’t needed to
Why Do You Need a QR Code for Your Crypto Wallet?
As I have mentioned before, crypto addresses are a long chain of alphanumeric characters. It will definitely be difficult for you or the other person to retype the whole thing for every transaction. Of course, you can also simply have it saved on your notes to copy and send to your receiver.
Wouldn’t it be easier, faster, and safer to have a QR Code that they can simply scan? No more retyping and checking the very long chain of characters (that also have upper and lower case letters) and you don’t have to worry about typing mistakes every single time.
How Do You Generate a QR Code for Your Crypto Wallet?
The steps to creating a Crypto QR is almost the same as other kinds of QR Code. Here’s our step-by-step guide:
- Head on to your QR Code generator and create a QR Code.
- Choose “Crypto” from the QR Type dropdown menu.
- Select the Coin. QR Cloud can create QR Codes for Bitcoin (BTC), Etherium (ETH), and Elrond (EGLD).
- Copy your crypto address and paste it on the address bar. Make sure that all the characters are complete and correct.
- Type in the amount of crypto assets you want to put in your wallet.
- If you want, customize. You can change the shape of your QR Code to square, round, or dot. You can also change the foreground color and add a logo or icon. If you want to put a password to add another layer of security to your wallet, you can do so.
- As usual, do a test scan to make sure your QR Code works.
- When satisfied, tap “Create”.
You now have a Crypto QR that can be used to transfer crypto assets. Save it on your phone or print it on a card: whatever works for you!
How Crypto QR Works
Now that you have your Crypto QR, it’s time to use it.
To receive crypto coins or tokens, you need to show your QR Code to the seller or sender. They will then have to encode the amount they will be sending, then send. That’s all!
Remember, however, that your Crypto QR is currency-specific, meaning, your wallet will only work within the same cryptocurrency. If you have assets in different cryptocurrencies, you have to generate a different QR Code for each.
Also note that not all businesses accept payments with cryptocurrencies or only accept certain cryptocurrencies. So, if you have other assets in other wallets, you might not always be able to use them.
However, the number of companies that accept crypto payments is increasing, and major companies like Wikipedia, Microsoft, and Twitch, and small and medium businesses like Big Fish Games and Shopify do accept Bitcoin.
With that said, Crypto QR is very useful for simplifying your crypto transactions. Now, it is easier and more hassle-free to share assets with other people.
The Bottom Line
While I personally did not succeed in it, many people have seen tremendous triumphs with cryptocurrency. As in every high-risk investment, make sure to do your thorough research and educate yourself if you want to invest in crypto. And if you want to make your transactions easier, make sure to try using QR Codes for your crypto wallet.