A machine-readable label that shows information encoded into a graphical black-and-white pattern.
What Is a QR Code?
For cryptocurrencies, QR codes are often used to easily share wallet addresses with others.For users to send or receive payments, a Bitcoin address is required.
The problem with a Bitcoin address is that they are quite long and difficult to remember.
Using a Bitcoin QR Generator which converts a Bitcoin address into a QR Code allows a user to send or receive crypto payments by simply just scanning the QR code.
A label can also be added to the QR code to indicate the desired amount that needs to be sent and who the recipient is.
The process of creating a QR code is very simple.
The first step involves entering a crypto address in the address field.
The second step is for the sender to state how much the recipient should receive.
The sender can add a frame and change the colours of the QR Code. The purpose of this is to ensure the QR Code stands out and is more easily recognized.
The final step is to download the QR Code.
However, QR Codes can also be part of a scam activity conducted by tricksters looking to obtain details to peoples’ cryptocurrency wallets.
A network of Bitcoin-to-QR-code generators stole more than $45,000 in a four-week period at the start of 2020.
Nine websites asked users to provide their Bitcoin addresses so that they can be converted into QR Codes.
But instead of converting a Bitcoin address into its own unique QR code, the websites always generated the same QR code which corresponded to the scammer’s crypto wallet.