QR Code

Dec 16, 2022 | Updated Dec 16, 2022
A quick response (QR) code is a type of barcode with encoded information that can easily be read by a mobile or device. In crypto, a QR code can be used to share wallet addresses and make payment.

How are QR Codes Used in Crypto?

It is a square matrix barcode that stores embedded information about an item, which can be scanned by a machine. The codes can be used in financial transactions including cryptocurrency transactions. They are used to share wallet addresses and make payments.

Crypto wallet addresses are long, complex, and difficult to remember. Any mistake while inputting an address could lead to an incorrect transaction. A QR generator solves this problem by converting a wallet address into a QR code. Users can complete payments by simply scanning the code to send the funds to the correct wallet.

How to Use a QR Code in Crypto

To use a QR code, you need to generate one for your wallet address. The first step is to enter the wallet address into the correct field of a QR generator. Download the code afterward and share it with the recipient.

Once your (recipient) address is generated, send it to the sender. The sender can now open the wallet app and select the amount they wish to send. They can then choose the QR code payment option and scan the address for payment. The label can be scanned via a device’s camera.

Benefits of Using a QR Code for Crypto Transactions 

  • Convenient – QR codes are fast and straightforward. 
  • Reduces risks – A QR code can only be generated for one unique wallet address, which reduces the risk of sending payments to the wrong address.
  • Scalable – Retail traders, merchants, and fundraising groups can send their wallet addresses to a larger audience simply by sharing the label. 
  • Minimizes errors – Senders have to verify the information displayed on the code before making payment, which reduces the risk of an error.

Testnet

A testnet is like a practice version of the main blockchain network. It lets developers test new ideas and features without affecting the main network.

Full definition

DYOR

DYOR (Do Your Own Research) is a common crypto slang referring to the idea that investors should conduct extensive research before investing in a project.

Full definition

ERC-721

ERC-721 is the token standard used on Ethereum to create non-fungible tokens (NFTs). Each token created using the ERC-721 standard is unique and not interchangeable.

Full definition