- What Is Payment Forwarding?
This service forwards all payments arriving to an HD wallet to a different bitcoin address.
- What Is The Purpose of This Service?
Merchants can use this service to convert incoming Bitcoin (BTC) payments to fiat / stablecoin by sending directly to their local exchange. The service is compatible with any direct to wallet merchant service like BTCPay and Blockonomics Merchants.
- How Do I Get Started?
After registering, you need to specify destination bitcoin address to forward payments to. Once approved, Blockonomics will generate a unique HD wallet with an xpub. Funds from this wallet will get forwarded to your bitcoin address. You need to use this xpub in your merchant service to generate payment addresses. See instructions here.
- What Should I Specify as the Destination Bitcoin Address?
This should typically be the Deposit Address of the Bitcoin Exchange where you want to convert BTC to your local fiat currency.
- How Much Does Payment Forwarding Cost?
This service is currently completely free of cost. To forward payments, bitcoin tx fee is required that depends on the bitcoin network congestion
- What is a Miminum Batch Size?
Since, there is a Bitcoin network fee to send payments, payments are batched together to decrease the Bitcoin miner fee. You can specify the minimum amount at which forwarding will be triggered. Higher size like 0.5 BTC means that you pay less fee, however it may take time for your payments to accumulate to 0.5BTC. Lower batch size means you get more frequent payments, however you pay network fees more often.
- How Secure Is Payment Forwarding?
Blockonomics follows formidable technical security standards. Wallet creation and updating are done manually to ensure to high security of funds. The forwarding process is firewalled to protect private keys.
- What Is Manual Approval ?
Create of HD wallet and updating of fields is done manually for security. This has nothing to do KYC/documentation and does not require any further information from you. Manual changes will take 24-48 hours . An email will be sent to you on approval.
Created by: Shiva S
Modified on: Tue, 21 May, 2019 at 3:44 PM
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