Crypto Glossary

Posted on September 13, 2021 in
Glossary

QR Code

In the digital world, a QR code is a sort of barcode that can be read quickly by a digital device and that encodes information as an array of pixels in a square-shaped grid of pixels. A QR code is a barcode that may be used to monitor information about items along a supply chain. Because many smartphones now come equipped with QR scanners, QR codes are also widely utilized in marketing and advertising efforts. Recent research has revealed that they were important in tracing coronavirus exposure and preventing the virus’s spread in the first place.

What is a QR code?

QR codes, which are abbreviated for Quick Response, are a form of barcode that can be read by digital devices such as smartphones. The information is stored as a sequence of pixels in a square grid that can be read in both directions โ€” from top to bottom and from right to left โ€” as opposed to traditional barcodes, which can only be read from bottom-up and from right to left.

The original QR code system was developed in 1994 by Denso Wave, a Toyota subsidiary that was based in Japan. A more precise method of tracking cars and parts during the production process was required. To do this, they created a form of barcode that could encode kanji, kana, and alphanumeric characters simultaneously.

Including punctuation and special characters, QR codes can contain around 7,000 numbers or approximately 4,000 characters in total. Phone numbers and internet addresses, for example, can be encoded using this technique. Because each QR code carries different information, the layout of its black modules changes depending on what information it contains.

Use of QR codes in cryptocurrency

QR codes are frequently used in the cryptocurrency industry to make it easier to communicate wallet addresses with others. A Bitcoin address is necessary for users to be able to make and receive payments.ย 

When it comes to Bitcoin addresses, the difficulty is that they are extremely lengthy and difficult to memorize. The usage of a Bitcoin QR Generator, which turns a Bitcoin address into a QR Code, allows a user to make or receive cryptocurrency payments by simply scanning the generated QR code. In addition, a label may be attached to the QR code to indicate the desired amount that has to be given as well as the identity of the receiver.

Why use QR code in crypto trading?

QR Codes can reduce the time it takes to complete a mobile transaction, whether it is for Bitcoins or anything else that employs QR Codes, and can enable transactions to happen faster for print materials. 

In addition, numerous countries are preparing for cashless societies, in which digital-only payments are highly valued. Thus, QR Codes have been widely adopted to make the payment process on smartphones as simple as possible. Bitcoin transactions can be made with QR codes scanned by both buyers and sellers. Barcodes containing Bitcoin QR codes can be easily attached to cash registers or other product locations to speed up the purchase process.

Bitcoin QR codes are a static version of QR codes, which means they can only be used once and remain forever. Because they are unable to be edited or tracked, static QR codes are excellent for one-time use. Instead of picking a static QR code solution, select a dynamic QR code if you’d like to track and edit your codes after printing.

Related Articles

What is Decentralized Finance (DeFi)?

July 05, 2022

What is Decentralized Finance (DeFi)?

Decentralized Finance (DeFi) is the new digital financial system without any intermediaries to process transactions. Learn about DeFi here.

Crypto Market Strategy & Weekly Research โ€“ 05th July 2022

July 05, 2022

Crypto Market Strategy & Weekly Research โ€“ 05th July 2022

The overall digital assets market in the past week has been corrected in several coins with different highs and lows. Even though the mainstream trend is stable, and more.

Ethereum 2.0: How Does It Differ From Ethereum 1.0?

July 05, 2022

Ethereum 2.0: How Does It Differ From Ethereum 1.0?

Some parts of Ethereum 2.0 has already been released, but there are more to come! Learn about the upgrade and its effects on ETH here.

We offer investors a variety of opportunities in the digital assets industry. Our innovative platform provides financial access for anyone seeking investment returns anywhere, anytime. Our ecosystem aims at making finance an everyday enriching activity.

ZEI is currently registered under and listed by Bappebti as a candidate merchant. To date, the Indonesian government has established crypto assets as commodities which can be determined as the subjects of futures contracts, which can be traded through the Futures Exchange (of crypto assets).

RISK WARNING ON THE SERVICES

Before you use the Services, you must be aware of the following:

  1. You should not transact Digital Assets if you are not familiar with Digital Assets. Transacting Digital Assets may not be suitable for you if you are not familiar with the technology of the Services that are provided.
  2. You should be aware that the value of Digital Assets may fluctuate greatly. You should buy Digital Assets only if you are prepared to accept the risk of losing all of the money you put into such Digital Assets.
  3. You should be aware that although we strive to provide you with excellent service, we do not guarantee that the Site or Services will be available without interruption.
  4. Digital Assets held in your Hosted Wallet and funds in your Fiat Wallet are not subject to the Indonesian insurance or guarantee scheme as provided by the Indonesian Deposit Insurance Corporation (Lembaga Penjamin Simpanan).