![]() ![]() īitPay announced in January 2013 that they would be relocating their headquarters to Atlanta, Georgia, from their previous location, Orlando, Florida. By October 2012, BitPay had grown to having 1,100 active merchants, including being WordPress's bitcoin merchant. History īitPay was founded in 2011 to provide mobile checkout services to companies that wanted to accept bitcoins. BitPay provides Bitcoin and Bitcoin Cash payment processing services for merchants. It was founded in May 2011 by Tony Gallippi and Stephen Pair. With its claim to process payments more quickly than international wire transfers, and all for a flat one percent fee, it will continue to attract attention for cross border payments.BitPay is a bitcoin payment service provider headquartered in Atlanta, Georgia, United States. In 2017, BitPay said it was on track to process $1 billion in payments. These stablecoin payments further combat the volatility of crypto. It recently announced the option to give merchant payouts in Gemini dollars and Circle USD Coin, which are both pegged to the value of the US Dollar. The company says its focus is offering more options for businesses and individual customers. The miner fee covers the work of bitcoin miners who verify and add transactions to the blockchain network. It also charges personal users a network cost fee and a miner fee. The customer scans the code with their app and pays the amount using their own bitcoin wallet.īitPay makes money by charging merchants a one percent transaction fee. In-store: Retailers can collect money through BitPay Checkout, which is an app that generates a QR code.There’s also a shopping cart plug-in that’s compatible with software like Shopify. Online: For online transactions, businesses can add a simple BitPay payment button to their site.How does it work?īitPay offers businesses different ways to use it. It is popular, though it has come under intense scrutiny after hackers managed to tamper with the code – stealing private keys from users.īitPay has an impressive roster of clients, including Microsoft and Virgin. It’s a harmonious way to bring crypto and the real world together.īitPay also offers an open-sourced wallet for storing bitcoin. Then they can use the card anywhere that accepts Visa. After paying $10 for the card, a person can load it up by converting bitcoin from their bitcoin wallet into US Dollars. It also offers other services, like the BitPay card –a pre-paid Visa debit card for consumers. But as an early adopter, BitPay is one of the most recognized and well-established. March 2018 – It allows payments in Bitcoin CashīitPay certainly isn’t the only game in town similar companies include Coinbase, CoinGate, and CoinsBank all offer similar services.May 2017 – It launches BitPay Visa in Europe.May 2016 – It launches BitPay Visa in US.May 2014 – It raises $30 million in investor funding.Who created it?īitPay was founded in the United States in 2011 by Tony Gallippi and Stephen Pair. It charges merchants a flat one percent transaction fee, which they say makes them more attractive than the three percent fee that some credit card companies charge. That means BitPay takes the hit if Bitcoin fluctuates from the time the customer pays to the time the money reaches the business. Then BitPay changes the payment into one of eight major currencies like the US Dollar and pays it directly to the business.Īt the time the customer pays, it locks in the exchange rate. It was created as an easy way for businesses to accept bitcoin as payment.Ĭustomers make payments in Bitcoin or Bitcoin Cash. What is BitPay?īitPay is the world’s largest bitcoin payment processor. Can it be the bridge between bitcoin and the rest of the world? We find out. Enter BitPay: the middleman between customer and business. Businesses are open to it, but they don’t want the volatility risk of taking bitcoin directly. More customers want to settle their bills using bitcoin. ![]()
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