BitPay
BitPay Key Points
- BitPay is a global bitcoin payment service provider.
- It allows businesses to accept bitcoin as a form of payment.
- BitPay also offers bitcoin wallet services and bitcoin payment processing tools for merchants.
- Founded in 2011, BitPay is one of the oldest and most well-established companies in the bitcoin space.
- It has processed millions of dollars in bitcoin transactions since its inception.
BitPay Definition
BitPay is a digital currency service provider that offers businesses a means to accept bitcoin as a form of payment. It also provides a suite of services for merchants to process bitcoin payments, and for consumers to store, manage, and spend their bitcoin.
What is BitPay?
BitPay is a payment service provider (PSP) specializing in the peer-to-peer virtual currency, bitcoin. It provides tools and services for businesses to accept bitcoin payments, and for consumers to manage and spend their bitcoin. BitPay’s services include a bitcoin wallet, a bitcoin payment processing system for e-commerce, and a bitcoin payment gateway for point-of-sale (POS) systems.
Who Created BitPay?
BitPay was founded in May 2011 by Tony Gallippi and Stephen Pair. Both founders have backgrounds in computer science and have been involved in the software and technology industry for many years. They saw the potential of bitcoin as a decentralized digital currency and created BitPay to provide businesses with the means to accept bitcoin payments.
When Was BitPay Established?
BitPay was established in May 2011, making it one of the first companies to offer bitcoin payment processing services. Since its establishment, it has processed millions of dollars in bitcoin transactions and has become a leading PSP in the bitcoin space.
Where is BitPay Based?
BitPay is based in Atlanta, Georgia, United States. However, as a digital currency service provider, it offers its services to businesses and consumers globally.
Why Use BitPay?
Businesses may choose to use BitPay to accept bitcoin payments due to the potential advantages that digital currencies offer. These include lower transaction fees compared to traditional payment methods, the ability to accept payments from anywhere in the world, and faster transaction processing times. Consumers may choose to use BitPay’s wallet service for its user-friendly interface and security features.
How Does BitPay Work?
BitPay works by providing businesses with the tools and services needed to accept bitcoin payments. When a customer chooses to pay with bitcoin, the business uses BitPay’s services to process the payment. The bitcoin amount is converted into the business’s local currency at the point of sale, eliminating the risk of bitcoin price volatility for the business. The funds are then transferred to the business’s bank account. For consumers, BitPay offers a bitcoin wallet that allows them to store, manage, and spend their bitcoin.