After seven years in the cryptocurrency business, Bitpay, a Bitcoin payment service provider has processed over $1 billion payments. This makes it twice in a row which this result has been obtained. The company has also pointed out that despite the bear market, it has not deterred people from adopting these virtual currencies
BitPay’s Progress Made in 2018
Based on a media outlet’s report on January 16, the payments provider has recorded a 255% percent growth in its business in comparison to the previous year. This has been attributed to its partnership with reputable companies such as HackerOne, Dish Networks, and the State of Ohio.
In the same vein, the $1 billion transactions recorded, is reportedly due to the acceptance of Bitcoin by data centre providers, law firms, and IT vendors. These are companies that in one way or the other, allow their customers to pay for their services using digital assets. Therefore, the BitPay payment processing platform was taken advantage of.
Merchants Have Experienced a Big Difference
Sean Rolland, Head of Product of BitPay said merchants who had adopted the company’s Payment Protocol wallets had experienced a big difference. He adds that these merchants are now able to receive Bitcoin payments easily and without support issues. According to him, this was one of the major requests BitPay had received from merchants.
Stephen Pair, Co-founder, and CEO of BitPay also said the company had grown rapidly and its payment is faster and cheaper compared to bank wire transfer. Moreover, hitting $1 billion twice in succession shows that the Bitcoin is being used to solve real problems around the world.
1 Percent Error Rate in the Dollar Volume That is Lost
As per the report, Bitpay also recorded a 1 percent error rate in payment, which is a decrease from over 8 percent as of December 2017. This percentage accounts for the dollar volume that is usually lost to the errors in cryptocurrency transactions. Other than allowing Bitcoin payments, the company has also incorporated Bitcoin cash, Gemini, Circle, and Paxos.
BitPay can be said to be one of the companies who has recorded successes despite the dump in Bitcoin’s price. It is remarkable given that some companies have closed down, laid off staff, and put a hold on operations. An instance is the case of a Giga Watt, a U.S. based cryptocurrency mining firm which on January 15, announced that it had ceased its daily activities due to bankruptcy.