Surely you’ve heard about QR codes. But did you comprehend that they can also be used for cryptocurrency? In this article, we will analyze how it can be done and what advantages this approach has. We will also discuss what to watch out for when it comes to QR codes.
What is a QR code?
A QR code is a barcode that has a unique series of pixels and can store a huge amount of data. No matter how much information is stored in this barcode, it will give the user access to the data as quickly as possible. And in the case of cryptocurrency, this is a very relevant solution indeed.
By comparison, the standard barcodes that you see on products in stores can only store a small amount of information. This is because standard barcodes are only read vertically, from top to bottom.
In contrast, QR codes are read horizontally and vertically. In this article, we will analyze how to combine QR-code and cryptocurrency to make it as easy as possible for your customers to pay. By the way, did you know about such a thing as bitcoin tumbler?
It is a service that mixes cryptocurrencies of different users, and as a result, their wallets become absolutely anonymous. If you will have any questions about how to use such utilities like “Do you have mirrors in TOR network?”, you will find the answers in FAQ on the YoMix.io website.
What are QR codes used for?
Originally QR codes appeared in Japan and were used in the production process to trace car details. However, as this technology became more and more accepted and accessible, its application has considerably extended. Today you can see QR codes to access Wi-Fi networks, pay for meals in restaurants and cafes (or to get the assortment), for payment details, verification, and many other things.
Advantages of using QR codes
QR codes have the following advantages.
They contain a lot of data
QR codes are compact, which allows for storing a lot of data and supporting a wide character set. At the same time, they are easy to create and print.
QR codes are virtually error-free
The increased capacity of QR codes allows for error protection, which, for example, cannot be done for bar codes.
QR codes are easy to read
Unlike a bar code, which requires special technology to read and interpret, a QR code can be scanned and decoded with a smartphone or digital camera. This makes it much more useful and convenient.
QR codes are easy to print
A QR code requires only black-and-white printing, which makes them much cheaper to implement.
Do QR codes have disadvantages?
Yes, unfortunately. Basically, these disadvantages are related to the prevalence of fraud. For example, in 2019, there were reports of scammers who approached people in Dutch parking lots and offered them $5 each if they paid for parking through a QR code and banking app. Once the QR code gave the scammers access to those car owners’ bank accounts, the money quickly disappeared from them.
But it happened not only in the Netherlands. Another example was cased from Canada when scammers were near Bitcoin ATMs with stickers notifying them about their malfunction. They offered users to make transactions using QR codes, which led to fraudulent wallets.
Of course, if you are an honest entrepreneur and you are not going to do something like that, and you will be able to convince your clients of your honesty, then you won’t have any problems.
How can you protect yourself from this kind of deception? Here are a few tips. If you follow them, you will be able to secure your cryptocurrency:
- Do not look for QR code generators in search engines. Use well-known blockchain reviewers or sites that have been recommended to you by reliable people.
- Before you install a QR code on your site, send a small test transaction to that address.
- Use add-ons that can analyze threats. For example, Cryptonite. They will warn you about fraudulent sites and addresses.
The use of QR codes for cryptocurrency is a new but very cool topic. Not so many businessmen have taken it on board yet, so if you want to attract and satisfy your clients, you are highly recommended to try to implement it in your business processes.