CoinPayments Wallet
What is a CoinPayments Wallet?
Coinpayments.net is a free wallet for accepting and processing payments in cryptocurrency.
There are many interesting tools inside the online wallet. For instance; automatic exchange of coins from one cryptocurrency to another, the ability to “lock crypto in a safe”, BitGo security technology, $PayByName.
Looking ahead, we note that the wallet has a nice interface and a clear menu. It will be immediately clear even to users who have not previously worked with cryptocurrency wallets.
CoinPayments was launched in 2013 and offers payment processing for businesses. A business can use this service to easily accept Bitcoin and over 2,000 other altcoins with a small fee of 0.5%. In addition, merchants have access to a variety of easy-to-use POS interfaces, APIs, and website plugins.
CoinPayments boasts almost 2.5 million providers who use their services in 182 countries. It is by far the most comprehensive trading platform for paying with BTC and other cryptocurrencies.
Supported platforms
Coinpayments Wallet is an intuitive cryptocurrency wallet that is available on Android and iOS mobile devices. The wallet offers you to buy, sell and trade in various currencies. Supports over 2000 different altcoins, including all ERC20 tokens, and this number is constantly increasing.
Supported cryptocurrencies
The list of supported cryptocurrencies is truly amazing. Listing all the coins in that article would not take a single page. The website of the project itself says that CoinPayments Wallet supports more than 2275 coins. At the same time, payments can be made for more than 175 of them.
Supported countries
You can use CoinPayments Wallet in India and in many other countries. Nevertheless, the creators of the project limit the availability of their service for residents of some countries. About 27 countries are currently banned, including: Nepal, Nigeria, Somalia, Sudan and others.
Supported languages
The project officially supports the 13 most popular languages, but in fairness it should be noted that in some languages the localization is not very well done.
However, the main language for the platform is English, so there should be no problems using CoinPayments Wallet in India.
The question of how to use CoinPayments Wallet will be discussed in more detail below.
Security
In June 2017, hackers managed to break into the safekeeping database of Ripple coins on the Coinpayments platform. A huge amount of Ripple coins were stolen from users. Naturally, people who kept XRP coins in vaults managed to avoid being hacked - however, others were not so lucky.
Coinpayments eventually made several claims to this effect and in December of that year (6 months after the hack) reimbursed the stolen Ripple coins to their rightful owners.
The team assured the community that this would not happen again, but the reaction was mixed.
Most were sympathetic. Many liked the company's approach to resolving the current situation and the transparency of their actions when returning stolen coins. Of course, Coinpayments lost a lot of users and tarnished its reputation, however, this fact did not seriously affect the future success of the company.
Apart from this event, Coinpayments was not seen in such unpleasant incidents.
The company has done serious work on the bugs and significantly increased the level of security. Two-factor authentication and other security features have been introduced.
Anonymity
A high level of anonymity is another advantage of the project. If you want to remain anonymous, copy the official link for the Tor browser in your personal account. In this case, you can be sure of the maximum level of anonymity of your actions.
Perhaps this feature will be useful for someone to use CoinPayments Wallet in India or another country.
Services Offered by CoinPayments Wallet
The wallet offers a large list of unique services. CoinPayments Wallet review of available services:
- Safe - a function that allows you to block money for a certain period;
- Digital POS-terminal for receiving payments in the online store;
- Donate button for accepting donations on your website;
- Currency exchange;
- Mobile app;
- Plugins for CMS;
- BitGo Instant Support.
And a large number of other convenient and useful services.
Many of these features can be very useful and in demand when using CoinPayments Wallet in India.
For example, the BitGo Instant feature allows you to make instant payments in Bitcoin.
BitGo Instant is a software that is integrated into the system in CoinPayments. This is a special type of program that makes the processes on the Coinpayments platform much faster and easier.
It's no secret that Bitcoin transactions can take an unbearably long time to process - in the worst case, this process can take several hours before your transaction is confirmed. This happens for a variety of reasons, but the most important is safety.
After all, in order to maintain the anonymity and security of a Bitcoin transaction, every sale, purchase or exchange operation that you make must be verified by the blockchain. All this sounds great in theory, but in practice it takes a lot of time. This is exactly what BitGo Instant is for.
This software allows you to make normal transactions in just a few seconds. Once the system receives the invoice, the transaction is verified and completed. Not only that, and you don't have to sacrifice security or anonymity - BitGo just smoothes the whole process and makes it smoother.
CoinPayments Wallet review of all wallet functions can take a lot of space, so you should separately study the functions that are most interesting to you.
Pricing and Fees
In addition to the available functions, many people are interested in the Coinpayments commission. The commission system they offer is actually one of the main tools for promoting Coinpayments. They continue to relentlessly advertise their 0.5% flat fee – when compared to other companies’ floating fees, this seems like a good option for any amount of cryptocurrencies.
Coinpayments fees start to differ only when we touch on the topic of service fees, conversions and withdrawals. These numbers already depend on the network transaction fee and the price of the coin itself.
Customer Support
The site has a small FAQ section, as well as the ability to submit a support request. But, as customer reviews show, support does not always work quickly.
How does a CoinPayments Wallet work?
How to use CoinPayments Wallet? It's as simple as possible. You need to go through the registration process on the site by filling in the standard data about Email, username and password.
After completing the registration, you get access to all the functionality of the platform and can use it without restrictions. The interface is intuitive and even a novice user will understand How to use CoinPayments Wallet.
Deposit
To fully use CoinPayments Wallet in India, you need to replenish it.
Before depositing funds into the Coinpayments online wallet, you must first create an appropriate wallet. This can be done during the initial settings or through the "PayByName" option.
Pay-by-Name is one of the most unique features of Coinpayments.
The CoinPayments Wallet review explains how this feature works in different ways, but perhaps the clearest explanation is the comparison with a fingerprint.
Just as every person in the world has a unique fingerprint, this system offers its users the opportunity to create a unique and unique name tag for each. With it, you will be able to conduct quick and simple transactions.
Your tag will look something like this:
- $name.
- If, for example, your name is Tim, then your tag will be $Tim. Simple, right?
If you want to make a replenishment in the standard way, then follow the instructions below:
- In the account on the main page, select "My Wallet" in the central menu and click on this button.
- Find the currency to be deposited in the list. Press the "Options" button opposite it.
- Specify the required operation in the drop-down menu. Now it's "Deposit/Receive".
- Use the generated crypto wallet address or fiat money account.
- Enter the copied data in the appropriate line when filling in the details for the transaction.
As you can see, the process of replenishing an account is standard and quite simple.
Withdrawal
If you want to make a withdrawal, then follow the instructions below:
- In the account on the main page, select "My Wallet" in the central menu and click on this button.
- Find the currency to be deposited in the list. Press the "Options" button opposite it.
- Specify the required operation in the drop-down menu. Now it's "Send/withdraw funds".
- Enter the required information (account of the recipient, purpose of payment, desired commission, etc.).
- Click the "Request withdrawal/transfer of funds" button.
As you can see, the withdrawal process is standard and quite simple.
Where can I pay with CoinPayments Wallet?
The service is used by many projects because of its simplicity and functionality. For example, to add your online store to the service catalog, select a category, specify a name, a link to the site, a seller ID in the system, or a wallet public key. Select the category and cryptocurrency that is accepted as payment on your site. Optional: keywords, banner link. Click the Add to Store button.
Everything. You can easily and quickly connect your online store to the platform.
To enable payment in cryptocurrency on your site, you need to download a special plugin for CMS. Supported by Opencart, Magento, Drupal, Hikashop and more.
How to start using a CoinPayments Wallet in India?
Using CoinPayments Wallet in India is very easy. You only need to register on the site. For convenience, you can install the CoinPayments application on your mobile device.
Pros and Cons of CoinPayments Wallet
If you don’t attach much importance (or just forgive and forget) to the famous case of Ripple theft, then Coinpayments is clearly becoming a very interesting and convenient wallet. It has many attractive features, offers good security, and the project team is ready to develop and support the project until the very end.
The company's team is firmly committed to creating a multi-functional platform that could become a leading example of cryptocurrency wallets.
The main advantages and disadvantages include the following.
| Pros | Cons |
| Security (despite the fact of hacking). | The only major downside is the 2017 hack. |
| Support for many different cryptocurrencies. | Not as secure as cold wallets. |
| Low commission. | |
| Proven Storage Function. |
CoinPayments Wallet Alternatives
Speaking about the alternatives to using CoinPayments Wallet in India, first, you should decide on the requirements and functions that you assign to the cryptocurrency wallet you need.
If for some reason CoinPayments Wallet does not meet your requirements, then you can consider alternatives such as Blockchain, Cryptopay, Coinbase and others.
