In the following article, I will discuss BitPay – one of the prominent blockchain payment processors that helps businesses and individuals accept and manage cryptocurrencies.
Widely accepted across many cryptocurrencies and with a diverse range of means such as the BitPay Wallet, a prepaid debit card and more, the company also improves customers’ experience with its strong security and ease of use, which are crucial in today’s world.
About Bitpay
Bitpay can easily be classified as the world’s first company today. It was incorporated in 2011 when it only provided mobile payment systems to businesses that accepted cryptocurrencies.
The company started with only 100 merchants in November 2011, but within one year, in October 2012, 1100 merchants were in the books of the company, which later turned out to be impressive, with 10,000 by September 2013.
Now, it is clear that Bitpay is one of the leaders in processing crypto payments, bringing in 60,204 operations in the last month and 334,486 operations for the last half a year.
| Feature | Description |
|---|---|
| Founded | 2011 |
| Supported Cryptocurrencies | Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), and stablecoins like USDC, BUSD, DAI, and more. |
| Main Products | BitPay Wallet, BitPay Card, Payment Gateway for Businesses, Gift Card Purchases, BitPay Mobile App |
| Key Features | Multi-currency support, Two-Factor Authentication (2FA), Biometric Login, Multi-Signature Wallet, Real-Time Transaction Monitoring |
| Fees | Miner fees for transactions, network fees, 3% foreign transaction fee on BitPay Card, $2.50 ATM withdrawal fee, $5 dormancy fee for inactivity |
| Supported Countries | Most regions worldwide, excluding restricted countries (e.g., North Korea, Iran, Syria) |
| Customer Support | Help Center, Email Support, Live Chat, Community Forums, Social Media Assistance |
| Ideal for | Individuals and businesses seeking a secure, versatile platform to manage, spend, and accept cryptocurrency payments easily and efficiently. |
How To Open a Bitpay Account?
You need to complete the tasks given below in order to open a new Bitpay account:
The first step is to go to the Bitpay website, which is the official site of OpenBitpay, and click on Sign up.
Choose Account Type: You have two options: a Business Account for companies or a Personal Account for individuals.
Fill in the blanks: Enter his email address, create a password, and accept Bitpay’s T&Cs.
Validate Your Account: Go to your email, locate Bitpay’s verification email, and click on the provided link to verify your email.
Set up 2FA: As soon as possible, it is recommended to set up 2FA; the steps are quite easy and are located in account settings, under security.
Do identity verification: Bitpay might ask you to upload an acceptable government ID and other verification documents (if needed) based on the range of services you are going to use.
Setup Payment Options: In order to make payments or receive cryptocurrencies, you will need to connect your bank account or your crypto wallet.
Once these steps have been followed your Bitpay account will be active and you will be able to enjoy the benefits of the company, you will be able to use BitPay wallet apps, make and receiving payments if you have a business account.
How To Deposit/Withdraw on Bitpay?
Depositing funds (Adding Crypto to Your Bitpay Wallet)
Open Your Bitpay Wallet: Open the Bitpay app or go to the Bitpay website and log onto your account.
Select “Add Funds” or “Deposit”: In this scenario, you will need to choose the cryptocurrency that you want to deposit e.g. Bitcoin, or Ethereum.
Copy Your Wallet Address: Bitpay has now created a wallet address specific to your account. You may want to scan the code or copy the address.
Transfer Funds: This is the process of using an external crypto wallet to send the required amount to this Bitpay-addressed wallet. Once the transaction is confirmed, your crypto will be deposited in your Bitpay wallet.
Withdrawing funds (Sending Crypto from Bitpay)
Open Your Bitpay Wallet: Click on the Bitpay account that you have on the app or website.
Select “Smart Address” or “Withdraw” In this case, this is what you would like to do and select the type of currency that you wish to withdraw.
Enter Recipient’s Wallet Address: Specify the wallet address of the person to whom you are sending funds. It is important to re-confirm the address because once the transaction has been done, it cannot be reversed.
Enter Amount and Confirm: Delete the placeholder, enter the amount, review any applicable transaction fees, and click on withdrawal. Bitpay will complete the transaction after it has been confirmed on the blockchain.
Carrying Out A Withdrawal To A Bank (for the Business Accounts)
Bitpay, on the other hand, accepts settlements to bank accounts with business accounts. As such;
Log Into The Bitpay Dashboard: For business customers, log into the Bitpay dashboard.
Select Settlement Options: Indicate the currency and mode you wish to use for settlement, such as a bank payment.
Review And Confirm: Bitpay will translate the cryptocurrency into the one you have selected and commence the bank transfer.
By following these steps, you can make deposits and withdrawals in and out of the Bitpay system without any hitches.
Key Features of Bitpay
Crypto Payment Processing
Entrepreneurs can seamlessly transact using cryptocurrencies through Bitpay. In case of volatility, the crypto payment is transformed into fiat through Bitpay.
Bitpay Wallet
The simple and secure wallet enables its users to buy, send and spend various cryptocurrencies, including Bitcoin and Ethereum. In addition, Bitpay provides stablecoins for users with risk-averse attitudes.
Bitpay Debit Card
Using a prepaid debit card that is connected to the user’s crypto account is a great way to purchase items in any store that accepts MasterCard. There is no need to load dollars onto the card as it will switch the crypto automatically into dollars once the transaction occurs.
Multi-Currency Support
Numerous cryptocurrencies are available on Bitpay, including Bitcoin, Bitcoin Cash, Ethereum and stablecoins such as USDC. This versatility gives the users the ability to use several currencies on a single platform.
Two-factor authentication (2FA)
Users can rest easy knowing their investment is secure due to 2FA integrated within the Bitpay platform; every time a user wishes to log into their account or make a transaction, they will have to confirm their identity through a second step.
Instant Settlements
The service provided by Bitpay allows businesses to avoid the volatility associated with cryptocurrencies since they can accept payments in multiple currencies, including USD.
Invoice and Billing Integration
Bitpay offers numerous features to simplify invoicing processes as well as APIs that can be integrated into online stores to enable the easy and automatic generation of crypto bills.
Blockchain Analytics and Reporting
The dashboard offered by Bitpay includes an overview of transaction history, visualization of transactions in real-time, and several transaction reporting tools to facilitate crypto payment management for businesses.
Bitpay Fees
Since BitPay doesn’t engage in purchasing or selling cryptocurrencies, users are advised to use a third party if they wish to cash out.
There are mining fees collected by users on both the selling and buying of crypto through BitPay, these miners fees are payments to miners who validate and secure blockchain transactions.
You can find useful information regarding these fees in BitPay’s guide on crypto network fees.
BitPay Card Fees
There are a few fees to consider when using the BitPay card. A transaction fee is not levied within U.S. transactions.
Where payments are made outside of the U.S., a currency conversion fee of 3% is charged.
All ATM or cash-back withdrawals are charged $2.50 both in the domestic and international markets.
If your account remains unused for three months, a dormancy fee of 5 US dollars will be charged.
But this fee will not make your balance go negative as long as the account has 2 dollars;
This fee will be cut down to 2 dollars only. If an account is funded with additional values, the rest of the dormancy fee will not be applied.
Business Customer Fees
Business accounts have a differentiated fee structure based on the monthly turnover of the transactions.
An account with a volume turnover of less than five hundred thousand dollars per month attracts a fee of 2% and $0.25 per transaction.
The rate is 1.5% for account volumes of between $500,000 and $999,999, and other fees of 1% of transactions conducted a month of one million or more are chargeable. Certain industries considered high risk may attract extra fees.
BitPay Product
BitPay provides several products to help individuals and companies perform crypto transactions and management easily. They include:
BitPay Wallet
A fully anonymous, non-custodial wallet where users can store, manage, and transact in different coins. Features include multi-signature security, 2FA, and the ability to convert various cryptocurrencies to fiat with ease.
BitPay Card
With the paid card, users can spend cryptocurrency in USD at any location that accepts Mastercard because it converts currency instantly.
The card can be used through the BitPay app to make things easy when loading, managing, tracking, and withdrawing from ATMs.
For Accepting Crypto Payments:
Businesses, for example, can integrate APIs, e-commerce plugins, or invoicing using the BitPay tool, which accepts crypto payments. Companies can receive payments in different foreign currencies or exhaust all crypto possibilities but handle the settlement in the form of a daily settlement.
Gift Card Purchases
With the assistance of the BitPay app, users can use cryptocurrencies to buy gift cards from major retailers and spend them easily. There is no longer a need to convert fiats to purchase products and services.
BitPay Affiliate Program
The BitPay Affiliate Program gives partners the opportunity to earn commissions by advertising BitPay’s crypto payment solutions. Here is how it works:
Create an Affiliate Account
Go to BitPay’s affiliate website and apply for registration. After you are approved, you will receive a special referral link.
Advertise BitPay Services
Utilize the referral link provided to you by advertising through websites and blogs, social media or direct email solicitation where BitPay’s services, including payment processing, wallet, debit card and others, will be featured.
Get Paid
Once clients register with BitPay through your link and start transacting and using BitPay’s Services, you will get a commission relative to the volume of the transactions undertaken.
The commissions are not fixed and are dependent on the sales that the referred clients undertake or any other services that they access.
Measure Success
Affiliates have a personal performance that includes referrals, commissions and other related earnings, which registered affiliates can view through their accounts via a dashboard that shows the number of clicks, conversions and total earnings.
BitPay Mobile App
The BitPay app is a compact solution for cryptocurrency purposes that is different from a desktop computer.
Users can manage numerous cryptocurrency accounts, including but not limited to Bitcoin, Ethereum, and popular stablecoins, by receiving, sending, and storing them in the app.
Additionally, users can also buy gift cards with cryptocurrency, make payments, and administer their BitPay prepaid debit card for hassle-free purchases.
Its interface is intuitive, and at the same time, it provides a high level of security thanks to two-factor authentication and biometric login, giving users a chance to access crypto assets quickly and from any location.
BitPay: Pros and Cons
Pros of BitPay
Widespread Crypto Currency Support: Users and businesses have flexibility thanks to BitPay’s support for major cryptocurrencies like Bitcoin and Ethereum, as well as some stablecoins.
Safe Processing: BitPay guarantees safety due to measures such as two-step authentication (2FA) or biometric login.
Integration Easy with Business Processes: Accepting crypto payments becomes a breeze for businesses because of the tools available, such as invoicing and e-commerce plugins.
Cons of BitPay
Constrained Options for Withdrawal: As BitPay does not support cash out, users require a third-party service to convert their cryptocurrency into fiat currency.
Fees when Purchasing with the Card: The BitPay card proves highly favorable in terms of convenience, however it would charge a fee particularly on international transactions as well as when withdrawing from ATMs.
Lack of Availability in Some Regions: Not all countries permit the residence or use of BitPay, which can be inconvenient for some individuals.
BitPay Supported Currencies
There are several cryptocurrencies and stable coins available. In particular, users can handle transactions using the following:
- Cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Shiba Inu (SHIB).
- Stablecoins: USDC, BUSD, USDP, Dai (DAI), and GUSD.
BitPay also allows its users to receive payment in specific legal currencies, including the US Dollar, Euro, and British Pound, among others.
BitPay Supported Countries
BitPay can be used in many parts of the world, including but not limited to:
- North America: Most of the countries are supported with the provision of services to US citizens as the most extensive.
- Europe: There is widespread operations in the EU and some areas in the UK.
- Asia-Pacific: The markets that have adopted the services include Japan, Singapore, and Australia.
- Latin America: Available in Brazil, Mexico, Argentina, and several other countries.
- Africa: Some South African countries support the service.
Restricted Countries
However, those countries that lack availability include North Korea, Iran and Syria, regions with strict international sanctions.
The reachability of any service is influenced by the laws of the region and regions where services are offered, so it would be best to check with BitPay for clarification.
BitPay Security
BitPay takes security extremely seriously to allow its users and businesses to operate and deal with cryptocurrencies comfortably and without any diversion.
The following are the important features available to enhance the security of the users’ accounts:
Two-Factor Authentication (2FA): Users have the option to enable 2FA and add a layer of protection by requiring a keycode whenever logging in and making transactions.
Multi-Signature Wallets: Multi-signature technology can also be deployed to BitPay wallets, enhancing security managed by requiring more than one key to authorize a transaction, which is suitable for businesses and high-value accounts.
Encrypted Private Keys: Once the private keys are generated by the BitPay system, they are automatically encrypted, and the keys are subsequently stored on the users’ devices. This means that BitPay does not have access or control over user funds.
Biometric Login: For those who utilize mobile applications, BitPay uses biometric authentication (fingerprint or face recognition), which is both quick and secure.
Real-Time Transaction Monitoring: Users and merchants are protected as BitPay watches transactions to prevent suspicious action or fraudulent activity.
Such security measures ensure that users are secure and protected, which allows them to process and handle cryptocurrency transactions with BitPay.
BitPay Customer Support
Everyone makes mistakes and faces problems in the course of their dealings. Bitpay recognizes this and extends its help to clients via advanced customer support. Look at some of the ‘Help Desk’ alternatives which BitPay offers to the users:
Help Center: Articles, help guides, and an FAQs section with some guides on many different areas are also available at Bitpay when it comes to setting up a wallet and PayPal for her clients.
Email Support: In most cases, users are provided with swift responses from a support representative after an email is sent highlighting the issue. Optimum services are available to both individual and corporate clients regarding the possibility of resolving concerns.
Live Chat: This service will save clients a lot of time trying to reach out to BitPay support for issues that can easily be solved through guidance.
Community Forums: Bitpay also features a forum devoted to user interactions where users post concerns and tips and respond to problems posed by other users and staff of Bitpay.
Social Media Channels: Buspays has active Twitter and Facebook pages that accept queries and make announcements about the service’s operational state.
Conclusion
To summarize, BitPay remains a great option, especially for individuals and businesses wishing to transact in cryptocurrencies at any time.
There are plenty of features and services that make the use of crypto very simple.
BitPay has a variety of supported currencies while also being easy to navigate with reliable consumer services – both factors attracting crypto users and those new to the space.
For usage, firstly, as a payment instrument, as a means of receiving payments and for the mere management of cryptocurrency, bitpay.com is a great platform to tackle the problem of using digital assets easily.
