$1.2 Billion Reported By BTC/BCH Payment Service
A new report suggests that Bitcoin is being used around the world for things much greater than just trading. It states that Bitpay, has in fact to date processed more than 1.2 Billion worth of bitcoin payments in 2018 (August).
Despite what other releases may suggest, Mr. Singh of Bitpay states that ‘Bitcoin is actually working’. So, although there have been some ups and downs in the Bitcoin market, Bitpay has continued to thrive based on its payment processing.
And, although he states things are ‘working’ he also believes that the general population requires much more education on the Bitcoin itself. People do not question the use of a credit card however Bitcoin continues to see much more criticism. Additionally, he believes bitcoin could be in fact safer due to not having to release any type of credit numbers to merchants or virtually posting them for payments on various websites.
When consumers pay with Bitcoin in the United States, they pay a 1% transaction fee. Whereas with credit card purchasing, consumers are paying around 4% per transaction. Hence the belief for more education to be a priority.
It Is About Creating New Habits He Believes.
Most people in the United States have ‘heard’ of Bitcoin but a limited number of the population actually own any. Many people who did buy, bought for the sole purposes of curiosity when things were trending upwards and have since not monetized on this payment abilities.
Asia is among their biggest markets for Bitpay. And, this is expected to stay the trend. There is a much clearer understanding of its power, and not only for trading either, but purchasing and businesses too.
The time delay is also a factor that is important to the Asian markets. For example, when they make a payment to the US, with a 4% transaction fee, this transaction can also take 305 business days. Whereas with Bitpay, there is a 1% transaction fee and happens almost immediately. They believe Bitcoin and the likes of Bitpay is an enormous answer for people worldwide.
Mr. Singh concludes by saying that he believes Bitcoin will one day become more mainstream it will just take a little more time – and education.