Check out Bitcoin for payments biggest developments in 2020

The Bitcoin for payments sector is an industry cornerstone. The Bitcoin whitepaper calls Bitcoin “an electronic peer-to-peer cash system,” and some companies in the blockchain and digital currency space have dedicated their efforts to improving the payments experience.

Here is a recap of some of the biggest developments in the Bitcoin BSV for payments space that we saw in 2020 and the companies that made these developments possible.

Centbee

When it comes to wallet providers making the payment experience optimal for both merchants and consumers, Centbee is leading the industry. In 2020, Centbee created several new and unique ways for consumers to pay for goods and services using BSV. 

Centbee introduced features that allow wallet users to load up their wallet via cash or card payment as well as features that allow users to withdrawal straight to their bank account. Centbee gave users the ability to purchase pre-paid vouchers for their electricity or mobile data with BSV and made it possible to buy BSV at over 50,000 retailers in South Africa.

Anypay

In 2020, Anypay introduced several innovative ways for BSV holders to spend their Bitcoin at the retailers they use most. Through AnyPay’s Pow.Cards you can spend your Bitcoin (BSV) at over 200+ retailers.

This year, Anypay was also integrated into the Acadia PoS system, which means that any merchant that uses the Acadia PoS can accept digital currency payments thanks to Anypay. 

RelayX

Although RelayX is more of a wallet than it is a payments company, RelayX was the first wallet provider to update their user interface to make it payments oriented. What do we mean by this? RelayX was the first Bitcoin wallet to create an app store that allows individuals to view the apps and services that they can spend their Bitcoin on. That being said, what RelayX did in terms of being a conduit for payments was significant, and we saw other bitcoin wallet providers follow in their footsteps afterward.

HandCash

Similar to RelayX, Handcash is more of a wallet than it is a payments company; however, HandCash also made remarkable advancements in the payment space in 2020. In 2020, we saw HandCash collaborate with Anypay and implement Bitcoin’s peer-to-peer protocol, BIP 270 to create a better payment experience; we saw HandCash partner with the electronic cash payments firm Centi, and we saw HandCash launch an app-store style layout in their HandCash 2.5 update.

Money Button

In April of 2020, Money Button improved the payment experience when they launched invisible Money Button. Invisible Money Button let designers create their own payment button rather than making the traditional Money Button swipe-to-pay the only way consumers could pay. The popular Bitcoin wallet was acquired by The Bayesian Group in September, which will see Money Button’s features integrated into fabriik’s smart contract and asset tokenization platform.

Significant advancements in the industry

A lot of progress was made in the BSV for payments sector in 2020. Only a handful of companies focus on optimizing the payments experience, but those companies continually ‘wow’ the world with the products and services that they roll out. Bitcoin began as an electronic peer-to-peer cash system and the enterprises that have explored that avenue have come up with innovative ways to make that white-paper definition possible for both merchants and consumers.

See also: CoinGeek Live panel, Token Solutions on Bitcoin SV

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.