Bitpay is planning to use Bitcoin Cash

Nishanth Shetty

Nishanth Shetty

December 16, 2017 6:23 am

Bitpay is planning to use Bitcoin Cash | Coindelite News
6392 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.”

No Comments
Reason for Hike in XRP Value Explained!!!

XRP prices seem to have Spiked Lately Ripple is generating notable gains as the huge cryptocurrency market pushed higher. According to Coindelite, the XRP token attained a value of $0.8768. Coindelite figures show that Ripple rose by 20% over the last 24 hours and has climbed to its highest since …

Amazon Web Series is Making the use of Hyperledger and Ethereum easy

Amazon Web Series to Start a New service for Hyperledger and Ethereum easy Amazon Web Services has recently announced the service it is going to launch out-of-the-box a blockchain service for Ethereum and Hyperledger Fabric protocols. AWS chief evangelist Jeff Barr wrote in a blog post: “Recently available templates allow …

Australia to Mine Bitcoins by reopening Coal Power Plant

Contract with Crypto Mining firm Signed by Australia to reopen Coal Power Plant A contract has been signed with the IOT Group, a cryptocurrency mining firm by Australia’s Hunter energy to reopen a coal power plant in the Hunter Valley Region of Australia. Although new and advancing technologies are largely …

NY Federal Reserve Chief Nominee says Cryptocurrencies can’t Replace Dollar

Digital Currencies cannot replace Paper Currency says NY Fed Chief Nominee CEO of Twitter Jack Dorsey predicted that Bitcoin would surpass all the world’s currencies in around ten years. But the man nominated to be the head of New York Federal Reserve differs. In a speech on Friday, the present …

Blue Check Mark on Twitter Doesn’t mean your Account is Safe

Bad Checks: Twitter’s Identity Crisis Costs Users More Than Bitcoin According to a Russian Writer, it’s one of crypto’s most generally embraced slogans, though one that’s becoming even more important on social media, where battling factions inclined on promoting the next big high-tech investment are presently turning the very symbols …

Bitdegree Offers Online Courses for Students with Crypto Incentives

Bitdegree a Cryptocurrency Startup Pays Students while Learning Bitdegree, a Lithuanian cryptocurrency startup wants to change the face of online education using their online platform and cryptocurrency. What is BitDegree? BitDegree an online platform with its own cryptocurrency. The firm was founded in 2017. BitDegree plans to change how education …

Press Release

shares