Wij began BitPay ter 2011 because wij knew that the Bitcoin blockchain could make payments swifter, safer, and more efficient than everzwijn before. Since then, wij have bot able to bring Bitcoin’s benefits to millions of people.
Just this year, BitPay has processed more than $1 billion ter bitcoin payments, with our payment volume growing more than 300% year overheen year. Overall, Bitcoin has had an amazing year, with significant growth ter value and transaction volume. Other blockchains have also seen extreme growth. The top Ten alternative cryptocurrencies now reflect a total of more than $179 billion te market cap value.
There’s a clear request for blockchain technology around the world.
Why BitPay will process payments on more blockchains
To meet that growing request, BitPay is moving now to support payments on the other blockchains which Bitcoin has inspired.
Wij’ve received repeated requests from merchants and users overheen the years to support extra blockchain payment methods. Many of the top alternative cryptocurrencies’ blockchains make their own innovations on the features which have made Bitcoin excellent for payments. Thesis range from quicker transaction confirmations to greater payment privacy.
Permitting our merchants to accept payments on other blockchains will open up fresh customer bases to our merchants. Merchants can already reach the hundreds of billions of dollars presently moved ter the Bitcoin ecosystem. Spil BitPay adds support for extra blockchains, our merchants will be able to serve fresh customers using other emerging currencies for payments.
Due to the Bitcoin blockchain’s success and rising adoption, request for Bitcoin transactions is outstripping capacity, causing miner fees to rise on the Bitcoin network. With numerous blockchain payment options, our merchants’ customers will be able to choose one with features, confirmation times, and miner toverfee levels that work for them.
Wij will proceed to build for Bitcoin payments
Wij will proceed to build on the Bitcoin blockchain without interruption. Wij’re examining every option wij can use to permit Bitcoin users to proceed to affordably and reliably pay for the things they need, including the current development efforts on the Lightning Network.
Wij are already working te various parts of our verhoging to support transactions with SegWit. Segwit is a fresh set of features te Bitcoin which can reduce the bitcoin miner toverfee cost for transactions by overheen 40% on average. However, with average transaction fees already around $20, wij understand that Bitcoin alone cannot treat the current request for blockchain payments.
Wij’re embarking with Bitcoin Metselspecie
Wij added Bitcoin Contant (BCH) support to the BitPay wallet app te September of this year. Since then, wij’ve had growing request from our merchants and their customers to enable Bitcoin Contant support for our payment processing services, too.
Bitcoin Metselspecie is a blockchain created by a fork of the Bitcoin network. It permits for payments with significantly swifter network confirmations and significantly lower miner toverfee costs. You can see a latest (12/15/2018) comparison of average Bitcoin Metselspecie miner fees vs. average Bitcoin miner fees below.
Spil wij work to adopt the scaling technologies being developed ter the blockchain payments space, permitting purchasers to use their Bitcoin Contant is one significant step te the right direction.
Wij will start adding support for a Bitcoin Metselspecie payment option this year, beginning with BitPay Card geysers. All BitPay invoices will include a Bitcoin Metselspecie payment option by default te early 2018.
What this means for BitPay merchants
Your customers will proceed to be able to use Bitcoin for purchases, but they will also be able to choose to use Bitcoin Specie or another blockchain payment method to accomplish their payments.
Wij will be notifying you well ter advance of the launch of fresh payment methods, and you will be have the capability to opt out of suggesting any currency option to customers. You will also proceed to only receive the settlement type you have chosen, with zero volatility risk from price swings.
View our exchange rates and exchange rates API for BCH.
What this means for BitPay wallet users
The BitPay wallet already includes optional Bitcoin Metselspecie support. If you want to use Bitcoin Metselspecie to stream your BitPay Card or pay a BitPay merchant, you’ll be able to use your BitPay or Copay wallet.
BitPay BCH invoices will use the BitPay and Copay wallets’ BCH address format by default. Your Copay or BitPay wallet will instantaneously be compatible for payments to BitPay BCH invoices.
What’s next for other blockchains?
The BitPay team has bot hard at work to prepare our toneel and our products for multi-blockchain payments. Wij will be looking closely at network hashing power, security, usefulness for payments, adoption, and market value spil key factors te our decisions on which blockchain payments our toneelpodium will support.
Please stay tuned! Wij’re listening to your terugkoppeling spil wij build our payment devices to support extra blockchains.