How blockchain payments work
What actually happens when a Canadian business is paid on a blockchain rail, and which part of this site helps you test each step.
A payment request is created
The seller fixes the amount, asset, network, receiving address and an expiry, often as a QR code using a standard such as BIP-21 or EIP-681.
Build a testnet requestThe payer sends from their wallet
The payer’s wallet signs and broadcasts a transaction. Nobody but the payer needs their private key; a legitimate seller never asks for it.
Wallet securityThe network includes it in a block
The transaction waits in the mempool, then lands in a block. Each new block adds a confirmation; some networks also reach formal finality.
Watch the lifecycleThe seller confirms and records it
At the chosen threshold the order is marked paid. The record keeps the hash, amount, CAD fair market value and rate source for the CRA.
Build a receipt recordOptionally, convert to CAD
Many businesses convert immediately through a provider or exchange; the CAD then reaches the bank on business days, which sets real settlement time.
Simulate cash flow
Payments are generally irreversible (no chargebacks, so refunds are new payments), and a USD-referenced stablecoin must be converted for a CAD business. Read chargebacks vs irreversible payments.