BitPay Merchants Can Now Receive Settlement In The Form Of Bitcoin Cash
BitPay, the Bitcoin payment services provider launches its much-awaited and much-demanded option of receiving settlement in the form of Bitcoin Cash. While the news hasn’t shown any positive movement in Bitcoin Cash’s price as the downslope continues towards the $500 line; the merchant of the platform has welcomed it well.
Founded in 2011, it is now that the company has added its second digital currency, Bitcoin Cash, settlement option for BitPay merchants. The announcement states:
“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.”
The news has been received with open hearts by the BitPay community on Reddit. Some noted that the payment services provider indeed worked really hard to include the altcoin option in response to merchant demand.
The demand for Bitcoin Cash network can be attributed to the network’s considerably lower transaction fee in comparison to the bitcoin network. According to BitInfoCharts.com, the average transaction fee for BCH on Thursday was 0.0157, while BTC cost 0.704.
In late 2017, the bitcoin fees jumped above 50% during the peak of the cryptocurrency fever. The event did not go unnoticed by Tony Gallipi, the CEO of Bitpay. He mentioned the same on his Twitter account in November 2017.
“How many #Bitcoin UTXOs are currently unspendable? I just received $45 and now it will cost me more than that to spend it.”
— Tony Gallippi (@TonyGallippi) November 17, 2017
The Bitcoin Cash option on Bitpay was first announced in March 2018. The option further offered that BCH tokens can be used 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.
Read more: List Of Top Bitcoin Debit Cards
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