Hong Kong Free Press Opts for BTCPay After BitPay Bitcoin Donations Grudge
BitPay recently lost Hong Kong Free Press (HKFP) as one of its clients after failing to settle Bitcoin donations allocated to the independent publisher.
HKFP made it public that they have opted for BTCPay to deliver services that initially had been delegated to BitPay. This was mainly influenced by the need for anonymity in donations besides other underlying factors that had come up with its relationship with BitPay.
Editor-in-chief at HKFP, Tom Grundy, tweeted that the decision to choose BTCPay over BitPay was a step in the right direction. He noted that the short-lived arrangement with BitPay went sour after the firm held its Bitcoin contributions for over 3 weeks. In addition, the ecosystem at BitPay is yet to integrate IBAN, a standard method for the identification of bank accounts across the world.
Bitcoin and Hong Kong Protests!
In the wake of the Hong Kong protests, HKFP is relying on donations from well-wishers towards the course of press freedom and democracy. The media has raised over HK $15,000 in the form of cryptocurrency and had opted for BitPay to eliminate the volatility risk through direct conversion into fiat.
BitPay has consequently suffered a reputational risk given it was recently unable to complete transactions of funds allocated to the Amazon fires. The crypto payment firm responded to the Amazon issue noting it would make adjustments on its merchant dashboard but are yet to comment on the HKFP fallout.
At the moment, HKFP has again invited activists who wish to support them by listing Bitcoin donations as one of the channels. Furthermore, the media publisher has already updated its support page with BTCPay as the new avenue to make Bitcoin contributions.
According to the fundamentals of Bitcoin, it only makes sense to opt for BTCPay as it maintains the decentralization aspect in addition to other desired features that suit the course of HKFP.