Business

Erik Gibbs

BitPay continues to innovate, enhance cryptocurrency ecosystem

Only a couple of weeks ago, the blockchain-based payment services company BitPay announced that it had incorporated into its platform the ability for merchants to receive payouts in Bitcoin BCH. It was just the latest example of how the company has been striving to stay at the forefront of innovation in order to drive cryptocurrency adoption around the world. BitPay is working tirelessly to help create a worldwide payment system that is efficient, user-friendly and adaptable, and is constantly exploring new ideas and options to help shape the digital currency market of tomorrow.

Since the end of 2017, BitPay has implemented the Bitcoin Payment Protocol, BIP70, as the standard for paying BitPay invoices. BIP70 is an enhanced protocol that allows for better communication between a merchant and their customer and provides better security against man-in-the-middle attacks during the payment process. That change took the error rate down to 0.27%.

BIP70 also works to ensure that transactions are conducted only for the proper amount, helping to avoid payment mistakes. Payments that are too large or too small, or that take too long to arrive can be rejected and refunded thanks to BIP70.

Things weren’t always so great at the company. Last year, it fell behind in customer service due to the explosive growth of cryptocurrencies, but quickly righted the ship and got back on course. Now, user requests receive a response within two hours and a complete answer within 24 hours. The customer support team, which now is 500% larger, is available 24 hours a day, seven days a week and is dedicated to providing the best customer experience possible. As of its most recent evaluation, BitPay reports that only 1.4% of all BitPay invoices need any assistance from the company’s Customer Success team.

In an effort to stay ahead and ensure that the Customer Success team is able to handle the amount of traffic adequately and provide top-level responses, BitPay is now launching four new initiatives. It is going to have a staff component of subject matter experts, another of customer success engineers and a third component of customer success managers. The fourth component centers on a support form that is updated more frequently to provide real-time answers to common questions.

The cryptocurrency industry is losing its “Wild West” image. It may take a while, but evidence is seen of this every day, especially through advances such as those offered by BitPay.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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