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All.receive crypto payment.how to guide

Receive Crypto Payment#

Choose a crypto wallet type#

  • Https://academy.binance.com/en/articles/crypto-wallet-types-explained
  • Https://www.blockchain-council.org/blockchain/types-of-crypto-wallets-explained/

Public / private keys#

See the explanation here

TLDR:

  • Send a public key to receive a transaction, see it as a wallet address
  • Private key is needed to prove ownership or spend the funds associated with your public address, see it as a password

What do people in the team use#

Beginner#

Mobile / desktop hot wallet Exodus

Pros:

  • Easy to set up
  • Has a mobile app which is easy to use
  • Built-in exchange (e.g., allows to exchange BTC to ETH inside the app)
  • Allows to sell crypto and receive fiat money to a bank account via the app, see here
  • Customer support

Cons:

  • A swap may include a spread
  • As any hot wallet is vulnerable to hackers attacks
    • It is not recommended to store significant amount of money
Advanced#

If you are experienced and / or own a lot of crypto you might want to have a cold wallet on your laptop, holding the bulk of your bitcoin and transfer among different website on-line wallets.

https://bitcoin.org/en/choose-your-wallet

Choose a crypto currency to receive money in#

  • One can either receive a payment in BTC or in one of the Stablecoins (USDT is a preference)
  • People in the team prefer to use Stablecoins since Stablecoins pursue price stability

Send a crypto wallet address#

Send your crypto wallet address to GP together with an invoice via email. E.g., 

Hi GP,

Please find my invoice for the period [a, b] attached. I would like to receive the money in USDT ERC20.

My crypto wallet address is: 0x5ce3d650703f745B9C0cf20E322204b00bF59205

Do a test transfer#

For the first time GP sends a test transfer (e.g., 100$) just to confirm that a wallet address provided works.

After a wallet address is "verified" send the full amount (exluding the test transfer amount).

Cash out crypto#

Bank account#

There are some 3rd party services that buy crypto money from you and send fiat money to your bank account

E.g.,

Cash#

There are some crypto ATMs in the USA, see here