1/7/2023 0 Comments Bitpay visa card![]() The fee is less than the typical 3% charged by most credit card processors. BitPay gives them exactly what they charge in their own currency, minus a 1% transaction fee.” They don’t have to understand Bitcoin or be exposed to its price volatility. “There are no problems with credit card fraud or identity theft. “Merchants get all the benefits of their regular payment system,” James said. It’s a powerful example of how fast money can move”Ī look at how sharply Bitcoin transactions have spiked since 2009. “If you need to make a large purchase or pay your rent, you can wait two to three days for a bank account to transfer it to the person you’re paying,” James said, “or you can load your BitPay card and make the payment in less than a half hour. It also demonstrates the ability for Bitcoin to be a standard international form of payment that provides near-instant availability of funds in many currencies. “That’s a good illustration of the struggles that some currencies have and how Bitcoin can help them,” James said. The team of programmers in Argentina who maintain the wallet believe so strongly in the currency that it recently asked Bitpay to convert their salaries into Bitcoin instead of Argentine pesos. The digital storage program is available on most operating platforms and can be linked directly to a BitPay card for easy transfers and conversion. These include the ability to buy and sell Bitcoin directly through the interface. The company offers its own Bitcoin wallet with security features important to veteran coin users and new investors. This heat map shows areas where Bitcoin is accepted as payment in the US. We’re on track for $1 billion in payments this year.” “That includes payments sent to the card as well as payments sent to our merchants. “One of our key metrics is transaction volume - How much money are we processing daily, monthly, and yearly in Bitcoin payments?” James said. ![]() Less than a year later, more than 40,000 cards are active worldwide, aided by the introduction of an international version in May of 2017. Currently available through online order only, the company issued approximately 6,000 cards by the end of 2016. Skyrocketing values sparked an increase in card demand. “The card is an easy way for people to use Bitcoin in a world that’s not quite ready for Bitcoin,” James said. The card’s introduction is helping revolutionize an industry drowning in attention but lacking widespread acceptance. “You could be standing in line and swipe on your phone to convert Bitcoin to funds on your card and have confidence that the funds will be on your card by the time you reach the checkout stand.” “If you’re using a good, modern Bitcoin wallet, it’ll take seconds-to-minutes for the money to arrive on your card,” said James Walpole, Marketing & Communications Manager at BitPay. ![]() The BitPay Prepaid Debit Card allows users to convert Bitcoin into cash to use anywhere Visa® is accepted. Those funds can then be used immediately wherever Visa is accepted. That number hasn’t increased as rapidly as the price of the tokens, much to the frustration of early adopters.īitPay hopes to solve that problem with its reloadable prepaid debit card issued by Visa. By using Visa’s mobile interface, cardholders, in a matter of seconds, convert some or all of their Bitcoin holdings into dollars. More than 10,000 retailers and service providers currently accept Bitcoin. That same 10,000 BTC now could purchase 98,505 shares of Amazon stock, the most expensive home ever sold in Los Angeles, or 905,720 large pepperoni pizzas from Papa John’s. An overused joke during the currency’s 2017 value explosion reiterates how much that transaction is worth in today’s market ($119,585,800 if you’re keeping track). On May 22, 2010, Jacksonville, Florida, programmer Laszlo Hanyecz paid a fellow BitcoinTalk forum user 10,000 BTC for two Papa John’s pizzas. In addition to the card, BitPay also offers a highly secure Bitcoin wallet and merchant services that give retailers the ability to accept coin at a low 1% transaction fee. The card experienced nearly 700% growth in 2017. To combat that, BitPay developed a system that converts coins into dollars and instantly loads the value onto a prepaid debit card that can be used anywhere Visa is accepted. As prices surge past $10,00o per coin, the number of retailers accepting the currency as payment only moderately rises. In a Nutshell: Bitcoin’s value explosion is unlike anything seen in the financial market in several decades.
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