We all know Coin Bros for their unique musical talent in the cryptocurrency space.
But did you know that Coin Bros’ Taui is also great at explaining awesome features offered by CoinPayments?
We didn’t either but we reached out so he could teach our community how to easily send and receive cryptos using our PayByName feature.
What is PayByName?
It is a feature on CoinPayments that provides you with a unique and convenient money tag so you can receive payments from all coins.
Instead of inputting a destination wallet address for a specific cryptocurrency, the sender can instead use the receiver’s PayByName tag, allowing the recipient of the transaction to receive absolutely any coin supported by CoinPayments.
All PayByName name tags are prefixed by the $ symbol, so for example, Coinpayments own tag is $CoinPayments. It’s just that easy to use $PayByName!
How Does PayByName Work?
We all know wallet addresses can be lengthy, to say the least. Just look at this example of a BTC address:
And this example of a typical Ethereum (ETH) address:
All those characters make the prospect of human error seem all too easy and quite frankly, using wallet addresses are not that simple, especially for beginners.
Cue the CoinPayments PayByName feature.
A feature that helps you easily get rid of messy wallet addresses for certain transactions.
If you’re working inside the platform’s ecosystem and want to send or receive money between yourself and anyone else inside CoinPayments, you can do so by using a pre-assigned name you and your sender/receiver have each chosen for yourselves instead.
How To Setup Your PayByName Tag
The process is simple.
You first need to login to your CoinPayments account and go to the$PayByName tab on the dashboard or in the navigation menu. Select to purchase either one $PayByName for $1.99, 5 for $6.99 or 10 for $14.99.
Then, click the shopping cart payment button in the redirect box. Enter your First Name, Last Name and select which coin you want to use for payment, then click the “Complete Payment” button.
You will be redirected to the payment screen to send your payment to the address provided.
When payment completes, go back to the$PayByName page and you should see a new “Unclaimed” $PayByName tag. Click the “Claim Tag” button and enter your new $PayByName tag then click the “Claim Now!” button.
If the tag is available you will be redirected back to the $PayByName page where it will show the expiry date.
And, there you have it!
You can now provide your unique $PayByName tag to other CoinPayments users to receive payments in any coin supported by on the platform.
Explore more of CoinPayments features here.