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Bitpay announces BCH processing for merchant invoices and Debit Card Loads

Dec 16, 2017 Posted /  4918 Views

Bitpay announces BCH processing for merchant invoices and Debit Card Loads

On December 15, Bitpay, the leading bitcoin payment processor in the world made an announcement, which delighted the bitcoin cash (BCH) followers as the company declared BCH payment processing. This will essentially mean that as soon as the company finishes integration with Bitpay, bitcoin cash could be utilized to pay its merchant invoices and card load ups.

The company clarified that it acknowledged several requests over the years to support more than one digital asset. Bitpay considers that by allowing merchants to accept payments coming from other blockchains, will ajar the door for new customers. Another reason circulating in reports about Bitpay reckoning alternative blockchains is the clogging or congestion faced by bitcoin core network and charging of high transaction fees.

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Bitpay in an official announcement remarked that demand for Bitcoin transactions is over staggering, which has to lead to higher mining fees on the Bitcoin network. With several blockchain payment options, Bitpay believes that their merchants’ customers can choose the payment option that corresponds to their needs of features, confirmation times, and miner fee levels.

Bitcoin Cash is a hard fork of the Bitcoin which allows for processing of payments with considerably quicker network confirmations and drastically lower miner fee costs.

Faster Processing and Lower Fees

Bitpay has pronounced that they are not parting with the bitcoin core network and will persist with them to assist in building the chain. They are researching and creating new ideas to make the network transactions more reasonable and dependable. This comprises supporting the Lightning Network and Segregated Witness (Segwit) and indulging in continual efforts for its implementation. Bitpay explains that Segwit could help in dipping the fees and speeding up the processing time for the network but right now the situation is complicated.  

All Bitpay Invoices Will Default to Bitcoin Cash

Bitpay has disclosed its initial step for BCH integration. It says that it begins with Bitpay’s Visa card loads. Additionally, it is expected that in early 2018, all Bitpay invoices will default to a bitcoin cash invoice, but the company has also stressed that the customers can utilize bitcoin core invoices even after the integration. The firm has also stated that they will notify the public and its customary merchants well in advance of the implementation of bitcoin cash invoice.

Bitpay concluded in the statement by remarking that the customer will continue to only receive the settlement category that they have selected, with nil volatility risk from price fluctuations.

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Tags: Bitpay BCH BCH process

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