Leading Bitcoin Payment Service Provider BitPay Says BTC Accounts for 95% of Its Business Payments

The Bitcoin payment processor BitPay receives most of its revenue from Bitcoin (BTC), the largest and most popular virtual currency in the market. The information was released by the CEO of the company, Stephen Pair, during a recent panel. There, he discussed the latest hard fork that affected the Bitcoin Cash (BCH) network in November 2018.

According to StopAndDecrypt, Mr. Pair mentioned that 95% of their payments are done in Bitcoin. This is not surprising. There are thousands of virtual currencies in the market but Bitcoin remained the most dominant digital asset.

Just a few years ago, in May 2017, Pair suggested that they could be leaving Bitcoin in order to start offering support to other digital currencies in the market. At that time, Bitcoin Cash (BCH) was not yet launched to the market, but it was clear that it was going to be released.

He said that the Bitcoin blockchain stopped working for them and that the only solution was to start using a hard fork of Bitcoin. For him, there was no other option.

About the latest Bitcoin Cash hard fork, he commented:

“We try to look at it from a market demand & technology perspective… during the ABC/SV split both sides asked but we run Bitcoin ABC (BCH) and that’s not changing… but 95% of our payments are done in Bitcoin (BTC).”

Bitcoin’s transaction fees have been decreasing during the last year. Since December 2017, when Bitcoin was reaching its all-time high around $20,000, fees were also very high. However, this changed later. In 2018 the fees fell dramatically after the implementation of Segregated Witness (SegWit) and the Lightning Network (LN).

Pair has also mentioned that they will not be going to accept other virtual currencies such as Dogecoin or Litecoin. Even when supporters of these coins sent emails and feedback requesting their virtual currencies to be supported, BitPay is not changing its stance.

Back in January 2019, Calvin Ayre announced he was not using BitPay for conducting his business. Calvin Ayre is the owner of Coingeek.com. He has supported Bitcoin SV rather than Bitcoin Cash during the last hard fork.

Although 2018 was a very bad year for Bitcoin and virtual currencies in terms of price, the company registered a revenue of $1 billion. Thus, it seems that the bear market did not affect the company’s strategy and market.

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 20th)

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Coinbase and Circle Consortium's USDC Stablecoin is Now Integrated on Solana Blockchain

The Center announced today Solana blockchain as an official Chain for its USDC stablecoin. As an expansion of the “fully-reserved and regulated digital dollar stablecoin,”...

Ethereum Classic & IOHK Team Up to Find Solutions to Prevent 51% Attacks On The Blockchain

The Ethereum Classic Cooperative development team partners with Input Output Hong Kong (IOHK) to counter the numerous 51% attacks on the Ethereum Classic...

OKEx Exchange Resumes P2P Fiat Trading for Chinese Yuan, Indian Rupee, & Vietnamese Dong

Cryptocurrency exchange OKEx announced on Wednesday that it is resuming peer-to-peer (P2P) trading for CNY, INR, and VND fiat pairs from today at 12:00...

SEC Proposes $5 Million Settlement in Kik’s $100 Million Initial Coin Offering (ICO) for KIN

Kik Interactive, the embattled Canadian messaging startup, seems to have finally reached a settlement deal with the SEC regarding its illegal ICO back in...

First UK Public Listed Company, Mode Global Holdings, Converts 10% of Cash Reserves into Bitcoin

What started with public listed company MicroStrategy has now become a movement as more and more companies continue to join the ranks. This month, after...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today