Thursday, August 11, 2011

Bit-Pay: Solving The Bitcoin Merchant Problem

Bit-Pay is a unique new Bitcoin merchant services provider that has come forth with their methods of solving a couple key Bitcoin merchant problems:

  • How can a merchant account for the fluctuation of Bitcoin's exchange value?
  • How can a merchant avoid the security risk of having a 3rd party act as a wallet?

Bit-Pay accomplishes these ends by cutting out the middle storage. It provides the option of instantly converting any payments received in Bitcoin to a supported currency of the merchant's choice. When a customer is routed through Bit-Pay for Bitcoin payment, the request is made in the merchant's currency, the Bitcoins are then sent and exchange, then the merchant's account is debited with the exchanged amount.

Watch the video for a more detailed explanation.

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