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How To Accept Crypto Payments With A Blockchain Domain

22 April 2022 | 0 comments | Posted by Claire Wouters in Geek Chic

NFT domain payments

As a blockchain-based business or a business that has started to accept cryptocurrency as a form of payment, you're probably finding it tough to handle a multi-asset world.

In the fiat system, your payment provider might handle the conversions, so you remain in one currency, making it easier to manage payments and accounting. In other cases, you may keep balances of other fiat currencies, as you accept forex from certain regions.

In the blockchain world, it's different; you can get paid in a stablecoin, a native L1 currency like Ethereum or a Token such as an ERC-20. Managing these different payment methods is a nightmare, not only for you but for your customers.

Imagine having to provide a page long instruction manual on how to pay for your goods and services and asking the user to find their preffered payment instructions. It would take forever, and if you know anything about eCommerce, you'll realise that every step or delay you add to the process reduces the chance of purchase.

Consolidating addresses

One way to streamline your blockchain eCommerce experience is to limit the number of currencies you're willing to accept and force the user to convert to an accepted currency. While this may cater to most of your users, you're pushing away a percentage of possible sales by adding a barrier to their purchase.

Another method of consolidating your addresses is to use a blockchain domain; the domain will have a static address that can relay to another address for a specific blockchain.

For example, we own nichemarketza.crypto

We can attach an Ethereum, Bitcoin and Litecoin address to this domain, if users want to pay us in any of those currencies, there is a supported address attached to the domain on the backend.

The user would place our domain name in their wallet, and the wallet would find the appropriate attached address to conduct the transfer. This streamlines the purchase process, making it easy to accept over 280 tokens and making it way easier for your business to receive payments.

Send and receive crypto payments

To get started with a friendly address, head over to Unstoppable Domains and purchase a blockchain domain that suits your business or brand. Once you have the domain, you can configure your other blockchain addresses to the domain, now, any members can send crypto to your domain, and it will end up in your wallet.

Are you confused about how it works?

If you own the nichemarketza.crypto domain and BTC is sent to that domain, you will receive it at your BTC address. If ETH is also sent to that domain, you will receive it at your ETH address. Unstoppable Domains achieves this with a process called domain resolution.

What is domain resolution?

Domain resolution is the process of converting a human-readable domain name like nichemarketza.crypto to the cryptocurrency addresses attached to them. It involves retrieving a domain's records through smart contracts deployed on the blockchain.

If you would like to try it out, you can head over to a supporting wallet like

  • Metamask
  • Trust wallet

And instead of adding a long text string address use:

  • nichemarketza.crypto

You can tip us in ETH or an ETH based stablecoin

Sending crypto to a nft domain

Sending crypto to an NFT domain

Cost of domian consolidatoin

When you add an address or addresses to tie it to your cryptodomain, you are interacting with the Ethereum blockchain to broadcast these updated states to the smart contract and the token. To update the token data, you will need to perform a successful transfer on the blockchain, which will cost you Ethereum gas fees.

It is recommended that you add all the addresses you think you're going to use and perform one transaction to save on having to update it in the future.

Alternatively, if you think you're going to make future changes, it may be better to bridge your domain to Polygon so you can make those changes for a cheaper fee on the MATIC chain.

Reserving your domain

Now that you know how decentralised domain registration works, will you be getting one? Do you own one already? If not you can purchase one today at Unstoppable Domains.

If you have any questions, let us know in the comment section down below.

Contact us

If you're having trouble getting started with purchasing the right domain then feel free to contact us and let's see how we can help you get a domain to get started.

Are you looking to promote your business?

South African Business owners can create their free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online. Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions.

If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles. 

Recommended reading

If you enjoyed this post and have a little extra time to dive deeper down the rabbit hole, why not check out the following posts about website domains.

Tags: Crypto Domain, NFT Domain, Blockchain Domain

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