BitPay is a Bitcoin payment service provider founded in 2011. Today, the company is known for providing secure bitcoin wallets and checkout services for merchants, along with its popular BitPay Card. Here’s our BitPay review.
What is BitPay?
BitPay is an Atlanta-based Bitcoin payment platform that serves companies around the world. BitPay was originally founded in 2011 to provide mobile checkout services to merchants. If merchants wanted to accept bitcoins, they could use BitPay as their payment platform.
By 2014, BitPay was processing $1 million USD in payments every day. it remains one of the world’s largest bitcoin payment processors today (most reports show that it is the largest bitcoin payment processor). In the past few years, the company has signed partnerships with major retailers like Microsoft, WordPress, NewEgg, TigerDirect, and Warner Bros. Records. They also recently partnered with PayPal.
In addition to merchant payment processing, BitPay has developed open source bitcoin projects like BitCore and Copay. They’ve also known for their BitPay Card, a debit/credit card that lets you spend BTC easily anywhere Visa is accepted. The company was founded by Tony Gallippi.
How Does BitPay Work?
BitPay makes it easy for merchants to accept payment in the form of Bitcoin. It also allows merchants to avoid the volatility of bitcoin by converting BTC payments immediately into fiat currencies. A merchant can accept payment in BTC, for example, and receive that payment in USD. BitPay allows immediate conversions into about 30 international currencies.
BitPay isn’t quite instant. You can accept a payment with BitPay today and then receive that payment in fiat currency the next day for a fee of around 0.99%.
In July 2014, BitPay announced that it would begin to offer free and unlimited payment processing forever.
BitPay offers three core services “from wallet to checkout”:
You can accept bitcoin payments for your business. BitPay has tools for retail, ecommerce, billing, and donations that let you accept payments from customers anywhere on the planet. As mentioned above, you can also receive settlement for bitcoin payments directly to your bank account in your own currency to avoid price volatility or risk.
Securely Store Bitcoin:
Get a bitcoin wallet and start using bitcoin. There’s a popular BitPay app and software available for iOS, Android, Windows, Mac OS, and Linux. You can use this app to manage your bitcoin finances in a secure, open source wallet.
Turn bitcoin into dollars and spend anywhere. The BitPay Card lets you load dollars using any bitcoin wallet with 0% fees. The card uses Visa, so you can use it anywhere Visa is accepted – including Visa-compatible ATMs and any Visa merchant.
BitPay Card Review
There’s a lot of interest in BitPay’s Visa card, also known as the BitPay Card. Is it worth the price? Should you start using a Bitcoin Visa instead of your ordinary Visa?
Bitcoin debit cards have become more popular in the last few years. Today, BitPay is one of several choices available to consumers. Along with Coinbase’s Shift card, it’s probably the most popular bitcoin card available today.
The BitPay Visa card is available to US residents only – although it’s available in all 50 states. You’ll need to pay an upfront fee of $9.99.
In terms of verification, the BitPay Visa comes with less paperwork than ordinary cards. You will, however, need a Social Security Number, email address, and current mailing address. After you’ve registered with that information through the BitPay website, and paid your $9.99 fee, the card will be mailed to you within 7 to 10 business days.
When the card arrives, you’ll receive a PIN and references to card fees. The PIN is used just like you use traditional debit/credit cards. It’s also used for ATM access. Once you’ve received your introductory package, you’ll need to visit the BitPay Visa card activation page online, which asks for your credit card number, three digit CVV code, and email address. Once that information has been processed, you can open your BitPay account page online.
From here, you can load Bitcoins onto your card. This process is surprisingly straightforward. There’s a form that asks how much you want to add to the card. You type in the amount, which then creates a new BitPay invoice. Similar to other BitPay invoices, you have 15 minutes to pay. You can scan the address using the wallet on your phone – just like with other BitPay purchases.
After you’ve paid, the invoice will be marked as received. However, the funds will not be accessible until the transaction receives one confirmation.
You can spend up to $10,000 USD per day using the BitPay Visa card. You can hold a total of $25,000 on your card at any time. It’s a prepaid Visa card – so you’ll need funds on your card in order to make any purchases.
There’s an important difference between BitPay’s Visa card and other bitcoin cards – like Coinbase’s Shift card. When you add Bitcoins to your BitPay Visa card, you’re buying BTC at the current spot price. Once those funds are on your account, the USD amount never changes. Coinbase’s Shift card works differently: it deducts Bitcoin based on the spot price at the time of the transaction. This is preferable to some people, but not for others.
Once you’ve completed all of the above steps and added funds to your account, you’re free to use the BitPay Visa card at anywhere Visa is accepted. You can also use it at ATMs.
The fee structure is explained in detail online at the official BitPay website. The important fees are $2 per ATM transaction, $5 for ACH transfers, and a $5 charge if you don’t use the card at all for a 90 day period.
Overall, the BitPay Visa card is a straightforward card that lets you spend Bitcoins at any retailer or ATM that accepts Visa payments.
BitPay is an Atlanta-based bitcoin payment platform with offices in Europe and South America. Since being founded in 2011, the company has raised over $32 million from top investors like Index Ventures, Founders Fund, and Sir Richard Branson.
BitPay was founded with the goal of making it easy for businesses to accept bitcoin payments. Today, the company is the largest bitcoin payment processor in the world.
Beyond payment processing, BitPay has expanded into other aspects of the world of Bitcoin. Bitcor, for example, is an open source platform that plans to power the next Bitcoin applications. Meanwhile, the BitPay secure bitcoin wallet is available across all major mobile and desktop platforms. And then there’s the BitPay Card, which lets users convert Bitcoin into dollars and spend their funds anywhere Visa is accepted.
The company’s executive team consists of Stephen Pair (co-founder and CEO), Tony Gallippi (co-founder and executive chairman), Bryan Krohn (chief financial officer) and Sonny Singh (chief commercial officer).
You can learn more about BitPay by visiting the company online at BitPay.com.