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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