Save 30% on a Ledger Nano Color. Use COLOR30 at checkout.

Shop Now

LEDGER HARDWARE WALLETS

THE SMARTEST WAY TO SECURE YOUR CRYPTO

Buy, exchange, grow and manage over 5,500 coins and tokens

Shop now Compare wallets

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.

Block

A block in a blockchain is a container of data that records all transactions in a secure and transparent way

Full definition

Seed Phrase

A seed phrase is a collection of randomly generated words that represent all private keys associated with a given crypto wallet; the phrase enables the contents of a crypto wallet to be restored, even if…

Full definition

Ethereum Virtual Machine

The Ethereum Virtual Machine (EVM) is a software framework on the Ethereum network that allows developers to execute smart contracts and create decentralized applications.

Full definition