BitPay Expands Payment Options: Now Accepting Ether (ETH)

BitPay Welcomes Ether to Its Platform

In a recent move that has the crypto world buzzing, BitPay, a major player in cryptocurrency payment services, announced on September 16 that it now supports Ether (ETH), the second-largest cryptocurrency by market cap. This addition means businesses using BitPay for payment processing can now accept ETH for a variety of purchases without any complicated upgrades or setups.

Users Can Now Store and Spend Ether

Not only can businesses accept Ether, but users can also store and use ETH directly in their BitPay wallets. Imagine the convenience: you can now pay for your morning coffee with Ether just as easily as you would with Bitcoin or cash! Furthermore, holders of the BitPay Prepaid Visa Card can top up their cards with Ether, turning their digital currency into real-world spending power with just a few clicks.

A Look Back at BitPay’s Journey

Launched back in 2011, BitPay started as a Bitcoin payment processor and has expanded its offerings to include Bitcoin Cash (BCH). Since its inception, the company has processed nearly a staggering $3 billion in payments, demonstrating its pivotal role in the cryptocurrency landscape. With Ether entering the mix, BitPay is further solidifying its position as a key player in digital currency transactions.

Feedback from Ethereum’s Co-Founder

Vitalik Buterin, the co-founder of Ethereum, expressed excitement about BitPay’s new integration with Ethereum. “It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. […] This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies,” he remarked. His words capture the optimism surrounding this venture.

Enhanced Security Measures to Protect Users

With the welcome addition of Ether comes an increased focus on security from BitPay. Recently, the company ramped up its security measures by introducing new identity verification protocols for high-value transactions, refunds, and payouts. Users will now need to verify their identity with personal information like their Social Security number or passport details along with a photo ID.

Interestingly, BitPay has made headlines not just for expanding payment options but also for some controversial decisions. In a recent instance, the company blocked a $100,000 donation to a charity aimed at protecting the Amazon rainforest because the payment limit for Amazon Watch was set below that amount. To make matters more complicated, BitPay advised staff to resolve this payment cap, only to find that it could not be adjusted automatically.

Challenges with Donations and Local Payments

Moreover, in September, Tom Grundy, founder of the crowdfunded media outlet Hong Kong Free Press, shared his frustrations with BitPay blocking donations to Hong Kong for several weeks. These instances highlight the challenges faced by the company, particularly regarding its payment restrictions and user experience.

As BitPay continues to innovate and expand, users and businesses can expect an evolving landscape of cryptocurrency payments. With Ether now part of their offerings, one thing’s for sure: the future of digital currency just got a little brighter.