BitPay Surpasses 10,000 Bitcoin-Accepting Merchants
All you wanted to know about BitPay and its services. More merchants are banking on BitPay for the payment service solution
What Is BitPay?
It does not come as a surprise that BitPay, the Bitcoin payment processor startup has now exceeded 10,000 Bitcoin-accepting merchants using its services to take payments via the decentralized digital cryptocurrency were accepting the 1000th merchant it came as a measure of the momentum behind Bitcoin that BitPay is growing at such a rate. Founded in2011, this Atlanta-based startup raised $ 2 million led by Founders Fund bolstering an initial $ 501,000 round closed as also at the time of that initial rise, BitPay had some 2,100, merchants on its books.
When the officials are saying about its 10,000+ merchant network spanning 164 countries, the BitPay underlines one of the key differentiators for Bitcoin vs others digital payment methods with the ability to cross borders and carry on working. Another reason the merchants are taking more of an interest in Bitcoin is the lower fees plus the lack of chargebacks effectively eliminating the risk of fraud for merchants whereas fraud may be taking place but the merchant won’t be the one losing out.
On one hand, the largest proportion of merchants in BitPay’s directory are in North America with around half its merchants are located with a quarter in Europe as well as another quarter interest of the world. Whereas in terms of types of merchants BitPay is attracting eCommerce merchants making up the vast majority as you might expect accounting for more than 90% of the business. It is found that these include consumer electronics, precious metals, and IT services merchants with a key problem for online merchants is, of course, card-not-present fraud that Bitcoin neatly circumvents.
How Has BitPay Fared In The Crypto World?
It was observed that talking about the transaction volume, which is more than $34 million worth of Bitcoins have been spent on goods and service through merchants using BitPay’s platform with another record month with the service processing transactions worth more than $ 6.4 million. Investor Shakil Khan commenting on BitPay’s10000 merchant milestone says that Bitpay is doing a great job at educating merchants to the benefits of accepting Bitcoin, 10,000 merchants on board are excellent news for such a young company in a very new industry and thereby as an investor he is happy with the progress being made by Tony and his team.
It was that by taking a personal interest in Bitcoin, Shakil Khan launches a Bitcoin news resource called Coindesk as his contribution to educating more people about the fledgling Bitcoin ecosystem as he says the key problem Bitcoin fixes is that they have a banking system slower than it’s ever been, he added that Bitcoin has shown there is a growing appetite for a new form of the popular payment /currency system. When it comes to these it is also continuing to expand its features so that BitPay added the ability for merchants using QuickBooks, small business accounting software to download and thereby import their BitPay sales into the QuickBooks for easier reporting in case of Bitcoin sales.
Offering those including pre-built plugins or embedded solutions for 20 of the most popular shopping cart platforms the BitPay allows Bitcoin to be added as a payment option to a merchant’s web store in a few minutes without any programming code.
Being many things to many people Bitcoin comes in addition to being used as a form of digital money to buy stuff as among others attracted investors who are keener to hoard it than exchange it for goods and services with BitPay’s growth rate is notable in terms of the development of bitcoin’s use in trade. It was found that the more places there are to expand Bitcoin the more Bitcoin can double the money. It remains far more flexible. The cryptocurrency was described by Naval Ravikant of Angel List as an API for programmable cash transactions.
What Are The Final Thoughts On The Bitpay?
Whereas BitPay poses a serious challenge to the Bitcoin market, it does promise a bright future. Merchants are viewing it as the best and one of the most inclusive marketplace payment system helping them carry on an eCommerce business. While the situation is ripe with competitors, there still is more to do to bag the top position in Bitcoin payment services. This discussion throws some light on them which are competitors’ challenging the expansion of BitPay across the global platform.
Bitcoin is seeing serious expansion across the borders and this is the reason behind the increased development of the payment services as more and more merchants’ trade in Bitcoin. It is better to rely on the most popular payment system as they will surely be secure and reliable. The more the reach, the safer the service will be.