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BitPay Merchants Can Now Accept Bitcoin Cash Payments

Bitpay merchants can now accept bitcoin cash payments

BitPay Merchants Can Now Accept Bitcoin Cash Payments

Bitpay merchants can now accept bitcoin cash payments
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BitPay merchants can now accept a second cryptocurrency in addition to bitcoin — its offshoot bitcoin Cash.

The Atlanta-based company made the announcement in a Wednesday blog post, marking the first time in the company’s history that it has processed altcoin payments.

BitPay — which has processed bitcoin payments since its founding in 2011 — announced in December that it would begin supporting additional cryptocurrencies, beginning with Bitcoin Cash, which was created through an August 1 hard fork of the bitcoin blockchain.

“bitcoin Cash will give BitPay merchants another great way to receive blockchain payments from customers around the world, without the risk of credit card fraud or chargebacks,” the company said in a statement. “And since bitcoin Cash costs only pennies (or less) for customers to send, it’s great for BitPay merchants who want to accept blockchain micro-transactions for things like video games, food delivery, or app downloads.”

From now on, when users make payments through BitPay they will automatically have the option to pay with either bitcoin or bitcoin Cash.

Bitpay
Source: bitpay

The company said it is also working to integrate bitcoin Cash into its mass payouts product, which businesses can use to batch payments and save on transaction fees. It also intends to enable bitcoin Cash settlements, will allow merchants to get paid in the cryptocurrency, no matter what BitPay payment option their customers use.

The development is a significant boon for bitcoin Cash, which markets itself as a payments-friendly blockchain rather than just a store of value but faces competition from a variety of other altcoins as well as bitcoin’s burgeoning Lightning Network.

BitPay, meanwhile, has been making moves as it seeks to cement its role as a leading cryptocurrency payment processor. As CCN reported, the firm announced earlier this month that it had partnered with Bithumb — one of South Korea’s largest cryptocurrency exchanges — to facilitate international remittance payments more efficiently than through conventional payment channels.

Featured image from Shutterstock.

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Published at Fri, 30 Mar 2018 23:16:47 +0000

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Ethereum Price Tops $900 on CEX, Possible Haven for Investors

Almost every single crypto-currency has seen massive gains in the past few months, Ethereum included. But with the recent news about bitcoin Cash being listed on Coinbase, much uncertainty has been thrown into the market.

The Biggest Smart Contract Platform

Ethereum has more than tripled in the past three months, with the market price at $255 just three months ago to over $800 today. The rally appears to not be stopping, however, as some exchanges are posting numbers well above market price. On one exchange, CEX.io, the price broke through the $900 barrier. While it has dropped since, it’s clear that as people start researching bitcoin and digital currencies in general, altcoins are valid options for those looking to diversify.

Ethereum has been around since 2014 and its native currency is the “Ether.” It touts itself as a “Smart Contract Platform,” as opposed to bitcoin being a payment platform. A smart contract is simply a piece of software that executes an action, and once executed cannot be stopped/altered. Since it is all code, the contract can be audited and verified that it will do exactly what the developer says it will do.

Sample smart contract code

An example smart contract on Ethereum. Source: https://www.ethereum.org/token.

Here is a very simple example of a smart contract. Let’s say I’m a YouTuber, and you’re a company looking to advertise on my videos. I put a short ten-second ad at the beginning of each of my videos, and in return, you’ll pay me $1 for every 1000 views. Now I could trust you so that when I reach a view threshold, you’ll pay me. Or we could get a third party involved to ensure I get paid. But with a smart contract, it could automatically pay me. It could check the YouTube video statistics for views every so often, and pay me accordingly. All in a completely trustless way.

Ethereum and The Coinbase Effect

There is also something to be said about access to different coins for new investors. Ethereum might be experiencing what I’m going to call the “Coinbase Effect,” which is the fact that the currencies that are currently listed on Coinbase are pretty much the only ones the average-Joe investor knows about. Since these are the only ones available on Coinbase, which is a major on-ramp for non-technical users, they’ll tend to invest in these currencies over others.

The Coinbase Effect

With bitcoin and bitcoin Cash going head to head, and accusations of conspiracy flying every which way, many may be looking at ETH as a haven for their newly found gains from bitcoin. Because it’s listed on Coinbase, investors can easily convert their current holdings to Ethereum. Ethereum is not without problems of their own, however.

Earlier this month, CryptoKitties pressed the network against its limits. As a result, Ethereum users saw fees approaching $1 or higher, which is completely unheard of for most cryptos, especially Ethereum. We’ll see in the coming weeks whether this rally has any substance behind it, or if it is just a pump and dump.

Are you invested in Ethereum? How do you think the market will react to the Coinbase announcement long term? Let us know in the comments below!

Images courtesy of AdobeStock, Coinbase, Ethereum

The post Ethereum Price Tops $900 on CEX, Possible Haven for Investors appeared first on Bitcoinist.com.

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