Business 3 August 2018

Dennis Wafula

BitPay processed $1.2B worth of Bitcoin payments in 2017, executive says

BitPay, considered the largest processor of Bitcoin Cash and BTC payments in the world, celebrated seven years of operation last July 31. In an interview with 8btc, Chief Operating Officer Sonny Singh reported that BitPay has processed an estimated $1.2 billion worth of crypto payments in 2017—making it “the largest processor of Bitcoin in the world.”

“We did 1.2 billion dollars last year in payments, and that means people spent 1.2 billion dollars of payments using Bitcoin system,” Singh told the news outlet. “The cross border trade is amazing. We help companies all over the world pay their suppliers all over the world with cheaper and quicker methods compared with bank wire. They don’t care about Bitcoin price. They just buy Bitocin to pay invoice.”

BitPay, which has over 100,000 merchants actively using its services, added support for Bitcoin Cash—the world’s only functional cryptocurrency—in April to give its customers more options for payments, particularly after mining fees for BTC became more expensive in 2017.

Singh said the high BTC mining fees prompted BitPay to add Bitcoin Cash support, since “we need to have Bitcoin Cash involved with the mining fees will always be cheap.”

Although Bitcoin is already “being used all around the world for things other than speculation and trading,” Singh says there’s still a need for greater education on the importance of crypto payments would go a long way in making sure that its potential is maximized. He expects that more people around the world will soon use Bitcoin for payments, just like how Americans use credit cards and debit cards.

“In America, everyone’s so used to credit cards or goes online and types credit card numbers. But it’s safer and easier to do this through QR code because you don’t have to give your credit card numbers,” he told the news outlet. “The merchants save money in America by paying with Bitcoin, because they pay 1% of the transaction fee, but with credit cards that’s 4%. So the merchants can make a lot of money if you are paying with bitcoin. But yet they don’t understand it, they have to be educated about it. And the consumers have to get the habit of spending with bitcoin. For them, it’s better and quicker than credit cards, and better for privacy.”

To find out how easy it can be to accept Bitcoin BCH payments with BitPay, read here.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB 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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