What is CoinGate and how does it work?

CoinGate is a payment gateway platform that allows merchants to accept Bitcoin and other cryptocurrencies as payment for goods and services. It works by integrating with a merchant's online store or e-commerce platform, providing a seamless checkout process for customers. When a customer chooses to pay with cryptocurrency, CoinGate processes the payment by converting the price from the local currency to the equivalent in the selected cryptocurrency based on current exchange rates. CoinGate then securely handles the transaction and forwards the payment to the merchant, offering the option to keep it in cryptocurrency or convert it to fiat currency. This provides businesses with an easy way to tap into the growing market of digital currency users while managing the risks associated with price volatility.