Atlanta-based crypto payment service provider BitPay on August 29, 2018, announced to its members the much-awaited inclusion of Bitcoin Cash (BCH) settlement option. BitPay merchants will now be able to accept the decentralized cryptocurrency besides being able to split their money into a fraction of BCH and FIAT currency.
BitPay’s BCH Push
The company was founded in 2011 to give merchants tools for accepting blockchain payments and reliable bank settlements for their customers in their fiat currencies like EUR, USD. BitPay diminishes the risks associated with Bitcoin’s volatile prices by converting it into the local currency immediately.
BitPay appreciates that businesses are still using local currencies even though there is a slow but sure shift towards cryptocurrencies. It’s because of this that the company is excited to add Bitcoin Cash into its stable. Part of the statement read:
“Since our springtime launch of Bitcoin Cash payment processing, BitPay merchants have been able to accept Bitcoin Cash payments from customers alongside Bitcoin payments. Now they can get their settlement payments in Bitcoin Cash, too. We’ve been hard at work to deliver this new settlement option and close the payments loop for merchants serving Bitcoin Cash customers.”
BitPay’s plans to include the Bitcoin Cash option was announced in March 2018 and included the ability to use its tokens to buy gift cards in App from Brazil’s leading online marketplace Mercado Livre and Amazon. Customers have since been able to use Bitcoin Cash using the BitPay Visa Debit card.
Bitcoin’s High Fees Lead to Decision
BitPay first announced the decision to add the Bitcoin Cash option in March 2018, including the ability to use BCH tokens to purchase gift cards in-app from Amazon and Mercado Livre, a leading Brazilian online marketplace. Since then, it was possible to use BCH with the BitPay Visa debit card with no fees. The payment platform incorporated BCH support with most of their partner merchants a few weeks before the official announcement.
BitPay has since December 2017 been processing payment obligations for several blockchains including Bitcoin Cash. Their decision has resulted from a growing demand to strengthen Bitcoin Cash due to system congestion and the high transaction fees charged by Bitcoin Core (BTC).
BitPay boasts an open-source copay pocket they say is more user-friendly allowing users to save their BCH alongside BTC, therefore, giving customers the freedom of choice. BitPay CEO Stephen Pair has previously stated:
“Offering the same service for the Bitcoin Cash blockchain is likely to make it simpler for businesses and consumers to utilize BCH for major trades.”