BitPay

How BitPay Works

BitPay provides businesses and individuals a method to receive online payments in a more accessible and secure way. It bridges the gap between traditional fiat currencies (like USD, EUR, GBP) and digital currencies (Bitcoin and Bitcoin Cash). When a customer decides to make a payment using bitcoins, BitPay calculates the equivalent amount in the merchant's local currency at the current exchange rate. Then BitPay sends an invoice to the customer with a fixed amount to be paid in bitcoins.

Conversion of Bitcoins to Fiat Currency

One of the features that makes BitPay unique is its ability to automatically convert bitcoins or bitcoin cash received from customers into traditional fiat currencies. This protects businesses from the fluctuating prices of bitcoins in the market. The bitcoin payments received are converted at the exchange rate at the time of purchase, eliminating risks associated with bitcoin price volatility. These converted amounts are then deposited directly into the merchant's bank account.

Benefits of Using BitPay

BitPay presents itself with the potential to transform the way businesses handle transactions worldwide. Here are some benefits of using BitPay:

• Global Payments: BitPay allows businesses to accept bitcoin payments from customers globally, crossing borders that may often be challenging with traditional banking systems.
• Low transaction fees: Accepting credit and debit cards usually involves high transaction fees. BitPay offers lower transaction fees compared to those traditional systems.
• Security: With BitPay, businesses can enjoy the security benefits of blockchain technology. This helps in reducing the risk of fraud.
• Universal Access: It is a bridge for people in parts of the world with limited access to traditional banking services to engage in global commerce.

How to use BitPay

Getting started with BitPay is simple. Businesses or individuals first need to create a BitPay account. Once the account is created, you can then accept bitcoin payments on your ecommerce website, physical store, or even by email. BitPay also offers a wallet for consumers making it easy for them to manage and spend their bitcoins.

BitPay Card

A feature highly appreciated by users of BitPay is its Visa Card. This BitPay Card allows users to load their bitcoins into it, which are automatically converted into national currency to be used at Visa-compatible points of sale and for cash withdrawal at ATMs, worldwide.