BitPay accepts Bitcoin Cash in all invoices Guide, Cryptocurrency money tips, Mining device news
BitPay accepts Bitcoin Cash in all invoices
16 Aug 2021
As announced last year, the large payment service provider BitPay has started to accept Bitcoin Cash in all invoices as standard. For many who want to pay with cryptocurrencies, this should be good news – while for others it is one more reason to boycott BitPay.
Experience has shown that one post about Bitcoin Cash is enough to get me To assume bias. The fact that I am bringing the second post about Bitcoin Cash in a few days today is not because I want to take sides with a certain coin – but because the world’s largest payment service provider for Bitcoin is accepting a coin other than Bitcoin for the first time. Bitcoin Cash. This means that the cryptocurrency is accepted in more than 100,000 online shops worldwide. According to BD, bitcoin will be accepted in all industries and services, you can read more here for more details https://bitcoindata.org/the-world-of-crypto/.
The message was not announced by BitPay itself, but rather found out by the community by chance. After it worked on one site, it was quickly discovered that it would also work on all the others, such as Lieferando.de. It seems that BitPay accepts Bitcoin Cash as well as Bitcoin on all bills that are displayed, making BCH almost the same acceptance as BTC. It remains a mystery why BitPay didn’t distribute this great, unique leap in the company’s history itself. One could assume that the company fears to annoy the already angry Bitcoin (BTC) community even further.
Because while the BCH-loyal forums like r / btc celebrated the news up and down, the hate speech against BitPay started on BTC forums like r / bitcoin.The main reason for this is the display of the network fee in Bitpay’s bills, which is naturally significantly higher when paying with BTC than when paying with BCH. Especially for small amounts, for example for a pizza, the network fee for BTC can be 10 percent or more, while for BCH it is more or less consistently zero.
It has now been claimed that BitPay is also lying the network fee, as this is often higher than the actual miner fees. BitPay wants to harm Bitcoin, promote Bitcoin Cash, and so on. BitPay CEO Stephen Pair ventured into the lion’s den to explain how BitPay calculates the network fee. He also pointed out that BitPay paid two million in mining fees in December alone. Most of the responses were hate and anger. The anger of the BTC community over BitPay’s move is not entirely understandable. After all, there is a consensus that Bitcoin cannot be money for everyday payments until Lightning is completed. The fact that BitPay is now relieving Bitcoin of this burden by accepting Bitcoin Cash could be understood more as a help than an attack.
However, the demand of the Bitcoin community is much more understandable, instead of BitPay an open Source tool like BTCPay to use. This is like a copy of BitPays Invoice, just without a middleman like BitPay.Anyone who dares to integrate this into the online shop and who does not value the option of converting the bitcoins they have taken into fiat money should definitely give it a chance.
Such a tool also has the advantage that it accepts bitcoins in the normal, well-known way. BitPay, on the other hand, has switched to forcing payments through the Payment Protocol (BIP70) over the past few months. This means that you no longer pay to an address, as is known, but that the wallet interacts with a Payment Protocol URL. This “creates an SSL-secured connection to the recipient of the payment (in our case, BitPay). Instead of copying and pasting the address and then entering a BTC amount, customers simply click or copy the payment protocol URL. If your wallet understands this, the correct address and the correct amount will be used automatically. ”
For BitPay, this has the advantage that there are no errors due to incorrect entries and that the fees are correctly set in order to ensure quick confirmation. However, not every wallet supports the payment protocol or there are some compatibility errors. In case of doubt, the Copay / BitPay wallets developed by BitPay and are available for all systems will definitely work. After all, the Bitcoin Cash developers have released a tool with which you can convert a payment URL into a normal payment request. However, this is still considered experimental and should not be tried for larger payments.
The fact that BitPay is now accepting an alternative to Bitcoin, which is sometimes too expensive, could revive the declining use of Bitcoin as a means of payment. The MemPool, which was full to the brim for months in winter, not only made transactions extremely expensive – the fees sometimes cost more than 10 euros – but also unpredictable, as it was impossible to tell when you would receive a confirmation. For some merchants, this led to the decision to stop Bitcoin acceptance, while some users found that a small payment not only costs almost as many fees as the invoice amount, but can also lead to significantly higher change stuck in the network indefinitely.The setback that Bitcoin has experienced as a means of payment is probably enormous, and it will not be so easy to make up for by accepting Bitcoin Cash.
I noticed an example just yesterday. I was looking for an online shop where I can order green tea with Bitcoin. To my great joy, I came across Teasenz.com, a site that sends medium-quality varieties for only 5 euros directly from China and accepts bitcoins at relatively low prices. That goes perfectly with Bitcoin. Unfortunately, while paying, I noticed that you can no longer select Bitcoin. When asked, I was told that the site had temporarily disabled BitPay due to the fees and unreliable payments. But I hope it will be reactivated again.
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