As it has been announced, cryptocurrency payment service provider BitPay has added Bitcoin Cash (BCH) support which will open an opportunity for brick-and-mortar businesses to use Bitcoin Cash for payments. Bitcoin payments are already available for BitPay users and now its customers will have a chance to choose between conducting payments in BTC or BCH.
Since 2014, BitPay Checkout can be used by shops, restaurants and other retail businesses. Now this service is already available in Toronto, Atalnata St. Petersburg, Madeira Beach and Paris. Crypto payments are gaining popularity, that’s why BitPay has taken a decision to provide more options for its customers.
Thanks to this new move, BitPay customers who want to pay in cryptocurrency will no longer be forced to convert their BCH to BTC coins before paying for their purchases. Now they will be enabled to pay directly in BCH. For paying, it is necessary to scan BitPay Checkout QR code from a screen of a mobile phone or tablet. After the payment is done, the retailer can receive local currency bank settlement within one day.
As it is written in the official BitPay blog post, in addition to Bitcoin Cash support in their new version of the app users will enjoy not only enhanced design and performance but also some changes and updates to Payment Protocol which will help to avoid errors in payments and minimize the impact of cryptocurrencies price volatility for merchants. In the blog post it is written that “merchants get every dollar or euro they charge, minus BitPay’s 1% processing fee”.
For 7 years BitPay has been supporting only Bitcoin payments. The decision to add another cryptocurrency to their platform was taken by BitPay given a skyrocketing growth of BCH price that has led to significantly increased interest to this altcoin.
Last week, Bitcoin Cash price exceeded a mark of $1,000 and at press time this altcoin is traded at $1,529.62, as it is informed by CoinMarketCap. Within 24 hours the coin has added 10%. Currently, it is the fourth-largest cryptocurrency. And now its market cap is over $26 billion which means that within one week it has grown more than twice.
At the same time, Bitcoin price is also growing, though the growth rates are not so high. According to CoinMarketCap, Bitcoin price is $9,282.80, having added 4% within 24 hours.
In this context BCH is accused of boosting its price artificially. One of the largest mining groups Antpool is said to regularly burn some percentage of the coins received as an award for solving the mathematical algorithms that create a backbone of the network. It is said that reduction of BCH supply leads to growth of its value. Nevertheless, some experts doubt that the burning can really make a digital currency more valuable.
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