As someone more familiar with bitcoin than ethereum I'd like to ask what would be the best way to accept ETH payments as a merchant? With bitcoin I can do following and my question is if it makes sense also with ETH or what needs to be done in a different way?
- Generate a new address from seed using BIP44 m/44'/60'/0'/0 (is this standard/supported?)
- let the customer send ETH to this address
- periodically check blockchain for the address balance
- confirm payment if the amount matches
Will the merchant be able to use the seed to collect all the incoming payments and send them to a single address later for example? Would they be able to do it using Metamask, MyEtherWallet or Trezor?
How would this be different with ERC-20 tokens?
Imagine you generated a few addresses (as above) and customers paid USDT - each customer / payment to a new address.
- Now the addresses only have USDT and no ETH, right?
- Is ETH in each of the wallets needed to pay for gas to send it from there? Or could you pay the gas from the "shared" HD wallet in any way?
- Can the merchant make a single transaction collecting all the balances from all the addresses and send it somewhere?