Coinpayments Wallet


Kenmax asked 3 months ago

Hello, I have just created a coinpayments account and I want to transfer my bitcoins from localbitcoins wallet to there however I do not know how to create a wallet in the coinpayments.net account to get my bitcoin address. I am new in this. Thank you in advance for your assistance.

2 Answers
Steven Hay answered 3 months ago

Hi Kenmax,
 
I haven’t used this service myself, but from their FAQ page (https://www.coinpayments.net/help) it seems like the process is to sign in to your account, navigate to “My Account,” then go to the “What Coins to Accept Menu,” select Bitcoin and enter your address.
 
Before doing this however, I would suggest you consider your options. It sounds like you’re looking for a Bitcoin wallet in which to store your newly-bought coins? In this case, I would advise against CoinPayments. They’re more of a payment processor than a wallet.
 
In other words, you can put up CoinPayments payment gateways on ecommerce websites and so receive payment for your goods / services in various cryptos. However, it’s not a good option for long-term storage of coins. Online wallets controlled by third parties are considered the least secure storage option.
 
For security reasons, I would recommend using a software wallet on your computer instead. This is less susceptible to risks which might lead to loss of coins. If you’re storing a significant amount of coins, I would further suggest using a hardware wallet for coin storage. Please see our Wallet Reviews section for more detail. 

Kenmax replied 3 months ago

Hi Steven, thank you so much for your response… yes you are right I have just recently bought coins and looking into storing it. please recommend a software wallet I can use. I am in South Africa.

Steven Hay answered 3 months ago

Hi Kenmax,
 
I haven’t used this service myself, but from their FAQ page (https://www.coinpayments.net/help) it seems like the process is to sign in to your account, navigate to “My Account,” then go to the “What Coins to Accept Menu,” select Bitcoin and enter your address.
 
Before doing this however, I would suggest you consider your options. It sounds like you’re looking for a Bitcoin wallet in which to store your newly-bought coins? In this case, I would advise against CoinPayments. They’re more of a payment processor than a wallet.
 
In other words, you can put up CoinPayments payment gateways on ecommerce websites and so receive payment for your goods / services in various cryptos. However, it’s not a good option for long-term storage of coins. Online wallets controlled by third parties are considered the least secure storage option.
 
For security reasons, I would recommend using a software wallet on your computer instead. This is less susceptible to risks which might lead to loss of coins. If you’re storing a significant amount of coins, I would further suggest using a hardware wallet for coin storage. Please see our Wallet Reviews section for more detail. 

Bitcoin Video Crash Course 

Join over 94,000 students and know all you need to know about Bitcoin. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.