How to Accept Monero Payments

How to accept Monero Payments
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The bandwidth of cryptocurrencies used as a payment method has been expanding over the years, and most businesses and individuals today conduct online payments using a diversified selection of cryptocurrencies, tokens, and stablecoins, besides classic fiat money.

Monero is a leading cryptocurrency that promotes security and anonymity thanks to its open-source public. This transaction protocol does not leak user data, making Monero payments more suitable for corporate and personal use.

B2BinPay adds Monero (XMR) to its list of supported cryptocurrencies, allowing you to indulge in the decentralised world. Let’s review how Monero works and how to accept Monero payments.

What is Monero?

Monero was founded in 2014, with a creative working mechanism that gives it an advantage over major cryptos, like Bitcoin and Ethereum. It is considered by many the most secure way to send and receive cryptocurrencies without revealing your information or wallet details.

Contrary to most blockchain-based currencies, Monero uses CryptoNote, which is an open-source ledger that registers transactions while concealing the identity of the sender and receiver. This makes it impossible for hackers to trace Monero coin transaction sources.

This opaque blockchain replaces the user’s online Monero wallet with randomly generated numbers and letters, giving participants pseudorandom IDs that are used for registering operations.

The only way for hackers to identify the wallet’s ID is by tracking a huge number of transactions and determining patterns to guess the sender and receiver identities.

The other advantage for Monero is that it is fungible, meaning that every unit for the XMR coin is replaceable with another at the same value. For example, Bitcoin payments or $1 fiat money bills are non-fungible because they hold unique identifiers that distinguish them.

However, Monero’s fungibility entails the lack of such identifiers, which ensures a sustainable XMR value and makes it impossible for entities to trace, block, and carry out unfair treatments for operators or participants.

Use Cases of Monero

This elevated security feature makes the currency highly valuable in multiple decentralised operations, contributing to the longevity of the XMR crypto, which has been around for a decade now.

With the increasing crypto payment adoption rate, you can find more vendors that accept XMR for payments, allowing you to expand your range of services, whether as an online store or an exchange platform.

Users are becoming more aware of common blockchain breaches and cybersecurity threats that have been drying up wallets from their funds.

Therefore, when you accept Monero payments, you get a competitive edge over your competitors, appealing to a large category of crypto enthusiasts who prefer the following features.

Anonymous Transactions

Unlike typical blockchain practices, the Monero blockchain uses stealth addresses and ring signatures to conceal payment routing and ensure third-party entities do not intercept transactions.

This way, users with large capitals can buy and sell Monero without being identified by whale trackers. Therefore, adding XRM coins to your exchange platform will expand your offerings for your investors.

Protection from Competition

Monero crypto coins are not traceable. Therefore, you can attract or invest a significant amount of money in XMR without exposing your strategic moves to your competitors.

Anonymous Fundraising

Monero coins are widely used by fundraisers or donors who do not want to reveal their identity for legal reasons. This motivates corporations and individuals to donate to various causes without being publicly identified or endorsed.

How to Accept Monero with B2BinPay

B2BinPay payment solutions make it easier for businesses to buy XMR and open a Monero wallet, especially for brokerage firms and spot exchanges that offer trading opportunities on XMR coins and other assets.

Additionally, if you want to receive XMR payments as an e-commerce shop owner or another service provider, this is how you can start receiving Monero crypto payments.

Account Setup

Choose your wallet type based on your business needs. If you want to offer brokerage and spot exchange services, you can choose an enterprise solution that provides access to 350+ coins and tokens.

However, businesses that simply want to receive Monero payments can use the merchant wallet to get paid for a wide selection of crypto assets.

Your account can be ready within minutes for a one-time fee that includes setting up, onboarding and monitoring tools.

You can create any wallet depending on the virtual coin of your choice, including swap and token wallet.

API Integration

B2BinPay API integrations allow you to connect your Monero wallet to your checkout page, where your clients pay using XRM.

Once you register your account, you will receive your unique credentials, which are needed to set up the Monero API integration and facilitate communication with different source, such as real-time market price, live price calculator and other services.

We use the JSON API protocol to initiate data exchange between servers, as well as various encryption algorithms to secure your user data.

Configuring Monero Payments

Your Monero wallet at B2BinPay offers various control mechanisms. You can share control with other users and assign different roles to delegate tasks and responsibilities within your team, including owners, admins, withdrawals with approval, and read-only access.

This and more in a centralised panel that allows you track transactions, swap digital coins, create multiple wallets and store funds in crypto/fiat.

Start accepting Monero with B2BinPay and explore more ways to control your crypto business, attract more users, and scale your services.

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