When you search for a bitcoin wallet, you will see thousands of results on the web because there are various custodial and non-custodial bitcoin wallets and the servers available for accepting bitcoin payments. Over one lakh sixty thousand (1,60,000) merchants-initiated bitcoin or other crypto payments in their business for exchanging goods and services, and people are showing interest. Hence, they need a process to maintain the entire payment system in the crypto. But many people are confused about what BTC pays. Is it different from the bitcoin wallets, and if yes, how? So all your doubts will get more precise in this five-minute reading. Also, you can take references from the official website of bitcoin trading.
Explain the BTC Pay server:
You see that the servers that help you to accept payments like Google Pay and PhonePe are directly connected to your bank account, which means that they are working as a medium of accepting payments and then transferring them to your bank wallet. There are a lot of vendors accepting through GooglePay, PhonePe, AmazonPe, WhatsApp, etc. However, they cannot send the payments to other people as a vendor can still receive payments through the UPC and QR code.
Similarly, the BTC pay server works as a medium of accepting crypto payments and transfers to your genuine custodial or non-custodial software wallet, whether you are an eCommerce store or want payment as an individual. We can also say it is the bitcoin payment gateways for eCommerce integration or getting cryptocurrencies. It is a non-custodial medium server for blockchain transactions and lightning network transactions for small units. So there are also low or nominal transactional fees with high security and privacy that another bitcoin payment gateway is not providing.
Benefits of BTC pay server over other processors
There are the following advantages of this server payment gateway that makes it unique and secure over other bitcoin payment processors given below:-
- Free:- The first advantage of using the BTC Pay server is Free, which means you do not have to spend a cent for downloading the software, but if you want extra features or a third party host server, then you can go with a one-time payment or subscription where you will get more advanced features. You can choose any bitcoin pay server according to the requirement or purpose of accepting payments by reading the features.
- Open sources:- The BTC pay server is developed by the community members of bitcoin. Because of its open-source feature, the developers add many new updates and features to make it more efficient and user-friendly. So it is not controlled by a single organization or the government, but many community members contribute to it.
- Non-custodial Server:- You heard the word custodial, which means under the custody of another person or group of persons, which means the Server is created under the control of a group of persons or an organization, and they will maintain your transactions like third party banks. But non-custodial Server means it is not under the custody of some persons or an organization which means you can use it freely as an owner. For instance, you receive the fiat payments in your bank account using various platforms, i.e., a banking application or a custody account. Your money is under the maintenance of the bank, and you have to take the consent of their staff before withdrawing or spending; they can reject your order anytime because they are processing it. But you are the actual owner of a non-custodial server, and you do not need any consent of other persons before accepting or spending payments.
- Privacy:- The prominent feature of the BTC payment server over the other crypto payment server is the privacy of your transactions. The BTC server will never request your private key when creating an account and connecting your wallet with this Server. The private key has the critical power of spending crypto from your wallet. Anyone with a private key can spend your coins without your consent or without getting a deduction notification. Since this Server is not taking your bitcoin wallet’s private key, there is high privacy.
- Automate invoices: When you give your same wallet address to different people, it would be complex to receive payments in crypto or bitcoin. First, it is time-consuming to send the QR code or address to everyone you want to receive crypto. The second method is to generate a new wallet every time you want to receive payment which is also challenging. Still, the BTC pay server makes it straightforward for you to automatically create the requested invoices, which means a new address every time you receive payment.