BTCPay Server Bitcoin Payment Processor Looks To Oust Coinbase And BitPay
Microsoft Azure Reliance
With the conception of cryptocurrencies, there have been a lot of hurdles for those with digital wallets to overcome. One of the main issues is the ability to transfer their tokens to fiat currencies. While the idea behind digital currencies is to establish a decentralized financial system, it appears that the middleman and gatekeeper of the tokens lie with the payment processors. These problems are most dominant for merchants who are now accepting cryptocurrencies as a means to pay for goods and other services. But still, the gatekeepers are making it difficult for these shop owners every step of the way.
These third parties that stand in the way for businesses to process their tokens are abusing their position by charging fees for each transaction. Plus, they are making it harder for individuals to pay for their services by refusing to use Bitcoin as a means of payment. Instead, they require those who transfer funds from tokens to fiat currencies to use other financial methods such as a credit card, which in itself has complications attached.
The Solution to the Azure Reliance
Luckily, a solution has come from Nicolas Dorier, a creator and Bitcoin developer. In his publication that acts as a guide for a proposed solution to these ever mounting problems, he explains how merchants now have the means to accept payment through digital currencies without relying on banking formalities that have clogged the system so far. Mr. Dorier also touched on a second issue that revolves around the obligatory use for merchants to use Microsoft Azure.
Mr. Dorier stated how the BTCPay server can be implemented as a ‘one-click' solution with Azure. However, this ‘easy button' comes with a high price of $65 a month. Of course, there is the possibility to bring down the cost even further. One merely needs to review the guide that Mr. Dorier has published and follow the instructions after the initial sync. Once done, the price will drop to $20 a month.
A Way Out
Still, under these guidelines, Mr. Dosier exclaims that the cost for Azure is still too high to be used on a daily basis. Plus with the added complication of how Azure doesn't offer Bitcoin as payment for their services, causes merchants to become even more frustrated.
Even though BTCPay has been around for at least a year, it has only recently started to receive the attention it deserves. All thanks to the veteran merchant CheapAir. CheapAir stated publicly in a document how it switched over to the open source after the dissatisfaction the company had with Coinbase and the rejection of Bitpay, Coinbase's competitor.
Now merchants that offer cryptocurrencies as payment have a new ally in the payment processing world. By utilizing VPS provider to Azure, like the timevps Mr. Dorier has introduced will allow merchants who accept Bitcoin and other digital currency a reasonable fee of $6 a month. The drop in monthly fees will allow for cryptocurrency transactions to be more convenient for merchants instead of the outrageous $20 or even $60 a month fees placed by other payment processors.
However, there is still the possibility that Bitcoin and other cryptocurrencies could be banned in the United States and other countries. If or when that happens, a lot of merchants that are using Microsoft Azure as their payment processor will have to close shop. In turn, this would damage the already fragile ecosystem that is the digital currency world.
This scenario provides a scary drawback should the USD tank and become worthless. Until that day comes though, Mr. Dorier's solution to cutting out the middleman and pushing past the gatekeepers who charge astronomical fees seems like a viable solution. Since there has yet to be a more reliable solution to the payment processors for digital currencies, $6 a month is a reasonable price to stay in business and continue working towards a decentralized system in the ever-growing digital world.