Bitpay is planning to use Bitcoin Cash

Nishanth Shetty

December 16, 2017 6:23 am

Bitpay is planning to use Bitcoin Cash | Coindelite News
1
55915 Total Views

Bitcoin Cash News

On December 15, the largest bitcoin payments operator in the world, Bitpay, said that it is going to process the payments for multiple blockchains. So, it has announced that it will utilize bitcoin cash.

Bitpay will now use Bitcoin Cash for Merchant Invoices and Debit Card Loads

Bitpay announced that it is sure to please bitcoin cash (BCH) supporters since the company has announced BCH payment processing. It means Bitpay’s merchant invoices and card load ups can be paid through the bitcoin cash as soon as the company finishes the integration.  The company explained that they have received multiple requests over the years to support more than one digital asset. The firm believes allowing the merchants to accept the payments originating from another blockchain will open up the new customer bases. The Another reason is, Bitpay is moving the alternative blockchains is also due to the bitcoin core network’s congestion and high fees.

Bitpay’s announcement described:

“Demand for Bitcoin transactions is outstripping capacity, causing miner fees to rise on the Bitcoin network, with multiple blockchain payment options, our merchants’ customers will be able to choose one with features, confirmation times, and miner fee levels that work for them.”

Bitcoin Cash Has the Faster Network Confirmations and Significantly Lower Miner Fees

Bitpay said they will not leave the bitcoin core network behind and will continue to help to build that chain. They have also begun researching and developing the ideas to make the network transactions more affordable and reliable. This includes assisting the various efforts with the Lightning Network and Segregated Witness (Segwit) implementation. Bitpay explained that Segwit can help fees drop and speed up the network but right now the situation is complicated.

Bitpay Explained:

“With average transaction fees already around $20, we understand that Bitcoin alone cannot handle the current demand for blockchain payments, Bitcoin Cash is a blockchain created by a fork of the Bitcoin network. It allows for payments with significantly faster network confirmations and significantly lower miner fee costs.”

All Bitpay Invoices will Default to Bitcoin Cash

Bitpay revealed the first step for BCH integration which will be starting with the Bitpay’s Visa card loads. In the beginning of 2018, all Bitpay invoices will default to a bitcoin cash invoice, but the customers will still be able to use bitcoin core invoices the company described. The Atlanta-based company says they will notify the public and its regular merchants well in advance before the launch of bitcoin cash invoice implementation.

Bitpay described:

“You will also continue to only receive the settlement type you have chosen, with zero volatility risk from price swings.”

1 Comment