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To understand BitPay, one must know the meaning of cryptocurrency. Cryptocurrencies are designed to work like currency exchange, where the digital assets are subjected to secure transactions. The system maintaining a certain cryptocurrency has control over the creation of new units, and they verify transfers. These digital or alternative or virtual currencies are run by a decentralized control which is maintained by blockchain, a public transaction database to perform as a distributed ledger. One of the first decentralized cryptocurrencies is Bitcoin which was created in 2009.
What is BitPay?
BitPay is a global Bitcoin payment service. People around the world use BitPay as a global Bitcoin payment service. It helps regulate payment processing services for buyers, sellers, and merchants who use Bitcoin. One can just take the services of BitPay wallet for public transactions to use BitPay. PayPal had partnered with the global Bitcoin payment service provider too. BitPay PayPal partnership for accepting Bitcoins in their Payment Hub was regarded as a major development for the future of the cryptocurrency.
BitPay has two main projects, i.e. Wallet and Card. Here is what you should know about BitPay:
- By using a wallet, people can manage their Bitcoin finances through a single smartphone app. It is regarded as a secure and open source of BitPay.
- A wallet is a secure way of storing and spending Bitcoins if one wants to stay away from websites or third-party methods. It allows either immediate payments or long-term saving by locking down the assets.
- BitPay Wallet can be used to accept up to 12 different devices. In case a website where you stored all your crypto gets hacked then you will lose all your money despite insurance which covers only a certain little amount of online funds.
- The smart application takes care of past, present and future transaction on fingertips. There are further features like Payment Protocol support for unknown addresses.
- The other product is BitPay card which is similar to the wallet but is kind of like the bank Visa cards which most people have.
- By using Wallet and Card, one can do buying, selling, and spending of Bitcoins without any hassle as the BitPay Cards are accepted by all Visa merchants, ATMs connected with the Visa network.
- BitPay login can be done on their app or website, whichever is suitable for the customers.
- One of the special features of BitPay Visa card is that it can help turn Bitcoin assets into dollars. And the conversion is two-way. One can simply load dollars into a BitPay Visa Card by using The Wallet and funds are readied immediately.
Today’s crypto world has seemed very shaky in the past one year. It sometimes jumps to great heights and sometimes shocks everyone by losing all worth. In this situation, a sharp investor should attain the maximum benefit out of such tools like this card and wallet which help easy and immediate conversion. Drawing all money out or going all out attack is what cunning investors know and do well for themselves.
The pricing of Bit Pay is subject to change with time and is updated on their website. There is a 1% Transaction Fee which can be higher in case of high-risk industries. In this price, the company offers email support, multi-user login access, automatic payment exception handling, QuickBooks billing retail payment tools, and donations. The BitPay Fee is unchanged for all 240 supported countries.
Is BitPay safe?
Safety is a major concern for people in investment. If there’s no safety at the disposal, the investments contain risk, and it becomes hard for the investor to manage the account. A lot of people ask is BitPay safe? BitPay is generally regarded as a safe and secure method to run transactions. For people who use their Bitcoins for payment in most of the routine life, as in bills or other payments during the month, it is a viable option. BitPay debit card is a good option to avoid getting the bank accounts flagged due to overuse. It is useful because it doesn’t limit the users. BitPay is a good future investment as, during the next few years, most of the financial activities around the world will be done through cryptocurrency payments in which Bitcoins will be the most abundantly used.
One person wrote in BitPay review that it took less time to make the payments through the service as it allows one to spend the crypto earnings without the fear of utilizing the savings. As compared to other debit cards where people have to pay charges like for using the ATM, BitPay is economically better and keeps track of every single spending. The fee structure can be instantly checked on the website. BitPay is doing a great job for Bitcoin by connecting the crypto world.
How to use BitPay?
It is very simple to sign up with Bit-Pay. All one has to do is to make either BitPay card account or business account. The former lets individual users to interconvert their Bitcoins and dollars while the latter is for companies who deal with Bitcoin payments. By establishing your own business account, you can get bank deposits in the local currency also. One has to choose between the two options and click sign up for next steps.
A simple form is to be filled including email, name, organization name (in case of business account) and account information. BitPay is an internationally registered company so one doesn’t have to worry about it. Only relevant information is asked throughout. After signing up and verification, they provide the essentials like a wallet or BitPay Visa Card that will be used for the payment purpose.
Most people gave positive BitPay review, but there is some criticism as well. One person on TrustPilot called it “horrible company”. It was claimed that there are certain glitches in the app and online portal as at some times, BitPay refuses to send the funds to the destination or merchant. BitPay retains possession of such funds for long period of time which can extend to weeks. The rightful owner is then disconnected from their assets and the currency is kept at risk.
BitPay is often accused of blocking payments from some wallets. Some people have even claimed to have lost money in their BitPay review, accusing the company of blocking valid transactions without any cause. Apparently, they have a policy in this regard which reads, “We reserve the right to close your account.”
It is often criticized for not processing transactions of low amounts. In December 2017, the company announced that they will no longer process as low as USD 100 worth transactions which are high when one considers daily expenditure and billing of various household items, or even eating dinner. During the same month, the company hiked miner fees for processing Bitcoin transactions. BitPay fees rose to above USD 25 per transaction in the last month of 2017 due to rising value of Bitcoins. The small payments thus became uneconomical for their regular customers. With the decrease in Bitcoin value, the company reverted back the fee to USD 5 in mere two days, which shows how volatile there rates are, and subjected to the price of Bitcoins.
Moreover, some customers complained of their sluggish and ineffective customer services. A person wrote that they have a different person each time, and all of them are totally clueless. He shared his experience saying the customer services person shouted at him that the case has been solved and closed, and he lost a lot of money in it. One person told that they didn’t reply his emails at all. “They are not replying any support messages and these people have my $600 which I want to refund,” he wrote.
BitPay has become an integral part of Bitcoins. It is being widely used worldwide for online transactions of the cryptocurrency. It has not taken any other crypto than bitcoin and seems to be working very fine with the most famous of them all. Not only that there are retailers in the real world, big platforms like WordPress have also started regulating the BitPay payments. Warner Bros. Records, Microsoft, NewEgg, and TigerDirect are some major retailers who accept BitPay payments. If you’re a regular shopper at one of these places, then there are great chances that you will land in the BitPay arena.
Moreover, BitPay has now developed its open source Bitcoin projects. These projects include BitCore and Copay. It is started to penetrate the worldwide market with its BitPay Visa that works in all ATMs. It will be important to see how BitPay reduces its glitches like volatile fee, minimum transaction limit, and average customer care services. All in all, the company somehow manages to portray the cashless societies of the future.
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