- BitPay is a modern payment processing software,
- It was founded in 2011, and it bridged the gap between the real and virtual worlds.
- It offers BitPay Card and BitPay Wallet App facilities that were launched in June 2020.
BitPay is a form of payment processor that revolutionized crypto payments by providing users the benefits of converting cryptocurrencies, including Bitcoin, into fiat currency without any risk to the currency. It offers a Mastercard option that can be used for transactions at vendors and money withdrawals at ATMs.
What is BitPay?
BitPay is a payment processor that allows businesses to accept Bitcoin as a payment option. It was founded by Stephen Pair and Tony Gallipoli in 2011. It is based in Atlanta, Georgia. It offers cards and wallet apps that support many different options. The BitPay card is a cryptocurrency debit card or prepaid Mastercard that was launched in June 2020. This card can instantly convert cryptocurrency into fiat currency and bridge the gap between real and virtual currencies.
The BitPay card allows businesses to accept Bitcoin as payment and it supports settlement in eight countries and direct bank deposits in 38 countries. The BitPay wallet app helps to manage and spend Bitcoin, buy and store crypto, and make online payments.
A person can apply for a BitPay Card if he/she is at least 18 years old and provides a clear selfie with an original document (State ID, Passport, driver’s License, Residence Permit, or Immigrant Visa) for photo identification. Any vendor that accepts Mastercard debit cards can accept the BitPay Card. It can also be used for the withdrawal of cash at any compatible ATM.
The CEO and co-founder of BitPay said in a press release from June 2020 that consumers can use this card to easily convert Bitcoin and other cryptocurrencies into a spendable balance (fiat currency) without any risk to the currency.
Advantages and Disadvantages of Using BitPay
The top features of the BitPay account are a cryptocurrency wallet, a prepaid debit card in partnership with Mastercard and Visa, a payment gateway for the website, 100+ wallets supported, In-built Coinbase integration, support of 16 popular cryptocurrencies, 3rd party integration, conversion of crypto into fiat currency and the ability to buy, spend, and manage funds.
The benefits of BitPay are easy to sign up and set up, intuitive UI, integration with popular merchants, automatic withdrawal to the bank account/wallet of your choice, etc. The disadvantages of BitPay are slow customer support, painfully slow refunds, a $5 non-usage fee for debit card users, and no anonymity.
There are six criteria in the BitPay review, which are ease of use and setup, buying cryptocurrency, payment withdrawal and processing time, BitPay support and reliability, fees, and third-party integration.
Conclusion
BitPay is a very evolved payment processor and very beneficial for users because of the feature of converting different types of cryptocurrencies into fiat currencies. The Mastercard option of BitPay is a really good thing, as it bridges the gap between the real and virtual worlds. It is a modern payment processing software that can be a future revolution in the field of payments and transactions.
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