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.
How does @BitPay deal with altcoins that want support?@spair: "We try to look at it from a market demand & technology perspective…during the ABC/SV split both sides asked but we run BitcoinABC (BCH) and that's not changing…but 95% of our payments are done in Bitcoin (BTC)." pic.twitter.com/fUjPVlf241
— StopAndDecrypt💯 (@StopAndDecrypt) February 19, 2019
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.