What is QR Code?
Let's find out QR Code meaning, definition in crypto, what is QR Code, and all other detailed facts.
QR code is a label that stores information in a black-and-white graphical pattern that can be read by a machine. QR codes are frequently used to share wallet addresses with others when it comes to cryptocurrencies.
For example, for users to send and receive payments, a Bitcoin address is needed. Though the problem with its addresses is that they are quite long and difficult to memorize. However, by using a Bitcoin QR Generator to convert a Bitcoin address into a QR code, a user can make and receive crypto payments by simply scanning the QR code. To indicate the amount of crypto that needs to be sent and to whom it needs to be sent, a QR code label can be added.
The QR code creation process is really simple, you can do it in four steps:
- Enter a crypto address in the address field.
- If you’re the sender, state how much the recipient should receive. And vice versa.
- Add frames or change the colors of the QR code to make it more easily recognizable.
- Download the QR code.
That’s all there is to the creation of a QR code.
However, QR codes can also be used in scams by tricksters attempting to get information about people's crypto wallets. For example, in the first four weeks of 2020, a network of Bitcoin-to-QR-code generators stole more than $45,000.
Users were prompted to provide their Bitcoin addresses so that they could be turned into QR codes on nine different websites. However, rather than translating a Bitcoin address into a unique QR code, the websites generated the same QR code, which eventually was matched to the scammer's crypto wallet.