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BitPay, a bitcoin payment processor, was founded in 2011 and is headquartered in Atlanta, Georgia. Regulated in the USA, the company allows businesses to accept bitcoin payments and receive settlement in their local currency, without the risk of bitcoin price volatility and without the need for bitcoin expertise.
The world's most popular and valuable digital currency, Bitcoin has been growing rapidly in popularity in recent years as a payment method for everything from digital goods to ecommerce purchases to account top-ups. Bitcoin is used by millions of people worldwide, and since Bitcoin is the currency of the internet, it has no country by country limitations. It can be sent and received across borders in minutes.
By accepting bitcoin through BitPay, merchants gain access to a payment network and a new customer base of Bitcoin users as global as the internet – without the fees, cross-border integration costs, and fraud risks of traditional online payment methods.
Since March 2018, BitPay merchants can accept payment in Bitcoin Cash (BCH). This digital currency has a market cap of over 15 billion USD. Bitcoin Cash transactions have a very low cost, which make the currency ideal for microtransaction, e.g. for video games, food delivery or app downloads.
Since 2016, the company also offers Bitpay Visa prepaid debit cards for Bitcoin users, facilitating everyday life payments with the cryptocurrency. BitPay Card is accepted everywhere Visa is, at merchants and compatible ATMs worldwide.
BitPay Wallet is designed to manage blockchain finances all in one secure app. BitPay Wallet is an open source app. Using this app, users can load credit onto their BitPay Card.
BitPay Wallet features in-app exchange services allowing users to purchase bitcoin through Coinbase or Glidera, while holding their currencies in a non-custodial wallet.
Sending a bitcoin payment is as simple as scanning a QR code. Customers can pay BitPay's bitcoin payment invoices in a few clicks and a scan from any bitcoin wallet on their mobile phones, tablets, or desktop computers.
For cryptocurrency traders and investors alike, security is a major concern. The general consensus around BitPay regards it as a safe and secure method for crypto transactions. Furthermore, it is a viable option for those using cryptocurrencies to pay in the day-to-day.
In order to facilitate the integration process, Bitpay offers merchants various possibilities. Integrated solutions, Shopify for example, need no further development and can be directly connected to a Bitpay account. The company also develops and maintains plugins with many open-source e-commerce solutions, including Ecwid, PrestaShop and Magento. Point-of-sale solutions are also available, notably through partnership with Ingenico and NCR Silver.
Merchants will receive direct bank deposits for all bitcoin processed via BitPay.
The full value of bitcoin payments received is guaranteed, with zero bitcoin price volatility risk. BitPay offers secure, rapid payments for customers, with no risk of identity theft and no additional PII/PCI compliance costs.
The open-source e-commerce software Magento, first released in 2008, is one of the most widely used shopping cart software and content management system. Online merchants fully control the design, content and functionality of their store. Additionally, Magento offers marketing, search engine optimization and catalogue management tools. How much setting up a Magento store will cost you? A basic shop cost between a couple thousand to tens of thousands of US dollars while a more complete version can exceed the hundreds of thousands of US dollars.
BitPay networks cost is a fee charged to purchasers which helps to cover BitPay's miner fee cost for this UTXO sweep. Merchants are charged a 1% processing fee, which may be higher for high-risk merchants.
BitPay works with many digital currency exchanges worldwide. Exchange rates for BitPay invoices are calculated using only rates of digital currency exchanges which meet their regulatory, operational, and market depth requirements.
When calculating the exchange rate for US Dollars (USD), BitPay typically pull the market depth from exchanges with adequate liquidity and reliable withdrawal capabilities in the USA and Eurozone. Market depth is factored into their exchange rates, meaning that the exchange rate lowers as the value of the invoice increases. However, this is usually only noticeable on very large invoices.
Exchange rates for other fiat currencies are set indirectly using the Open Exchange Rates API. In the future, as digital currency markets in other currencies matures, BitPay will use those markets directly.
BitPay is active in various verticals worldwide, with the exclusion of countries where bitcoins are banned and countries to which the American government is currently imposing economy sanctions. It is notably working in a partnership with merchants such as Microsoft, Steam, NewEgg, TigerDirect or Warner Bros. Records.