2025-04-07

05 mins to read

Blockchain

Cryptocurrency

Receiving Crypto from Customers – Fast, Cheap, and Secure

Introduction

In today’s digital economy, businesses are increasingly turning to cryptocurrency checkouts as a

faster, cheaper, and more efficient alternative

to traditional payment methods. With lower transaction fees,

instant cross-border settlements

, and

no chargeback risks

, crypto payments are gaining traction among merchants looking to optimise cash flow and reduce costs.

As more customers embrace

digital assets

, integrating a seamless crypto checkout can give businesses a competitive edge while enhancing payment flexibility. But can you ensure smooth, cost-effective crypto transactions without unnecessary friction? Let’s break it down.

Understanding Crypto Wallets

Every coin cryptocurrency operates within a

wallet

, which has a unique address. A real-world analogy would be an IBAN, which represents a bank account holding assets and can only be issued by a specific bank.

Unlike traditional finance, crypto wallets offer complete freedom in their creation. Anyone can generate as many wallets as needed without registration, paperwork, or identity verification. The process is simple:

1. A private key is generated. 2. A public address is derived from it. 3. The wallet is ready to use!

This wallet generation address requires only a computer, and the process can be repeated millions of times instantly. To demonstrate how fast and simple this is, here’s a basic programme that continuously generates keys and addresses—each one fully functional and ready to store crypto!

Registering a User – Instant Wallet Creation

Why not create a dedicated wallet for each user? This can be done in milliseconds, and businesses can securely store the private key on their end.

Once a wallet address is assigned to a user, they can easily save it for future payments, simplifying repeat transactions and ensuring seamless interactions between customers and merchants.

The Crypto Payment Flow

Let’s say a user has just transferred funds to their dedicated wallet. The next steps involve:

1. Waiting for transaction to settlement. 2. Signing an approval for fund transfer. 3. Executing the transfer.

Let’s break down each step.

Step 1: Transaction Settlement

On most blockchains there is an event called “

block reorganisation

” (or “reorg”). This occurs when blocks are removed and transactions inside those blocks need to be confirmed again.

A potential attack scenario: A hacker sends funds, triggers a reorg and cancels the payment before it is confirmed. If we process the payment immediately, we become vulnerable to such attacks.

Step 2: Signing an Approval from the Dedicated Wallet

When the transaction is settled, businesses can start providing the paid-for service. The next step is transferring funds from the user’s dedicated wallet to the business wallet.

Many crypto exchanges use an expensive approach, requiring additional transactions to cover network fees before initiating transfers. However, modern crypto tokens provide a

cheaper alternative

Using the private key of the user’s dedicated wallet, a business can sign a transaction that allows funds to be pulled instantly—without additional fees or delays.

How to mitigate this risk?

For small transactions (e.g., 10 USDC), we may process payments instantly, as the risk is minimal.
For large transactions (e.g., 1,000,000 USDC), we should wait longer to ensure the transaction is irreversible before proceeding.

This method eliminates unnecessary transactions, reducing costs and optimising efficiency.

Step 3: Executing the Transfer

The final step is to submit the signed transaction on-chain and execute the transfer. To further reduce costs, multiple signatures and transfers can be batched into a

single transaction

, saving up to 40% on transfer fees.

Conclusion

Accepting cryptocurrency payments offers unmatched flexibility, cost savings, and full control over transactions, setting it apart from traditional financial operations.

BytePitch

, we specialise in building secure, efficient crypto payment systems tailored to your business needs. Ready to optimise your payment process?

Contact us

today!

Unlocking the power within.

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