The Basics of Crypto Transactions
Accepting crypto payments with NOWPayments is a simple and fast process. The transactions… Wait, what are these transactions? Let’s find out!
Crypto transactions follow the same schematics of any other type of digital or online transaction. Currencies are transferred from one peer to another using software. The software is known as cryptocurrency wallets or crypto wallets. One needs to know the private key required to initiate the transaction.
All crypto transactions are encrypted. The transactions are recorded on a publicly available distributed ledger. Although any user present on the blockchain can see the transaction amount, they can not see who initiated the transaction or who was at the receiving end. This is the reason crypto transactions are also known as pseudo-anonymous transactions.
There are many other cryptocurrencies available in the market with a wide range of transaction fees. Some of them are beneficial to accept as payment. Here, we will discuss the issue of the cryptocurrency transaction fee or blockchain transaction fee in a bit more detail.
Transaction fees vary for most of the platforms. Therefore, it is often difficult to point out a single platform that offers the lowest ones. Going by average rates calculated from daily prices over an extended period, TRON was found to be one of the platforms with the lowest transaction fee in the market. TRON was followed by Ripple, EOS, Bitcoin Cash, Litecoin, Ethereum, Dash, Bitcoin, and Monero.
Learn more about the types and how to find the lowest ones!
Continue reading in the NOWPayments blog!
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Why use NOWPayments.io?
NOWPayments is the easiest way to accept online payments in a wide variety of cryptocurrencies. This service is custody-free, has competitive fees and is available worldwide.
- Over 50 cryptocurrencies are accepted on the platform with an in-built exchange feature;
- API, widgets, plugins and a donation button are all easy to integrate;
- It is a non-custodial service ensuring the security of your funds;
- A very simple setup
