BitPay is an online payment institution that facilitates the exchange of bitcoins, XRP. LTC, or ETH to fiat currency, can be transferred to the card and used for offline or online payments worldwide (where Mastercards are accepted). The payment institution was launched in 2011, with its headquarters in Atlanta, Georgia, and is available in 38 countries.
Useful for multi purposes, it allows individuals to buy, swap or store cryptocurrency and exchange bitcoin into dollars or for cash instantly. For businesses, it will enable customers to send or receive payments globally, in crypto and other 100+ wallets. The platform also offers software solutions for accounting, invoicing and billing and is effective for filing tax returns.
BitPay is a licensed payment processing platform which is regulated by government authorities in the US. BitPay allows direct bank deposits in Euros, US Dollars, GBP and others and possess a cheaper transaction fee. It is an ideal web-based platform for SMEs and provides email support and additional information in their knowledge base and FAQs.
BitPay products include debit cards and e-commerce payment solutions with 22+ plug-ins. The following are the requirements for a BitPay card –
- Age above 18 years,
- A clear selfie,
- Immigrant Visa,
- Residence Permit,
- State ID,
- Driver’s License.
BitPay card has a limit of three daily withdrawal transactions for at most $2000.
Advantages of Using BitPay
- BitPay supports multiple languages, including English, Russian and many others.
- It provides simple and easy to use interface.
- BitPay is an open-source portal, and the wallet option allows one to study, view, or maintain transactions.
- BitPay payment solution eliminates all the chances of fraud, as all crypto payments are irreversible.
- Users can pay directly to platforms accepting master cards using BitPay cards.
- BitPay is also integrated with other hardware wallets like Ledger or Trezor.
- It also provides support for multi-signature.
- BitPay platform is entirely secured and uses additional password protection for security purposes.
- The portal allows exchanging bitcoins from an internal exchanger.
How to Use BitPay?
To transfer, receive or exchange bitcoins for fiat currency, businesses or individuals must register to wallets and have funds. The below-mentioned steps are followed to load the wallet –
- Create a new wallet or import.
- Transfer or load funds to the wallet to proceed with BitPay card transactions.
After you have a BitPay wallet, you must ensure you have funds. Users have the option to purchase cryptocurrency directly from the BitPay app, or if you buy it through an exchange, a few steps need to be followed –
- Open a new account or log in with existing credentials in the exchange.
- Register the preferable payment method, and purchase cryptocurrency.
- Once done, transfer the funds to the BitPay wallet.
Following are the steps to be followed to transfer BitPay funds to another wallet –
- Select the trusted wallet and the currency option you wish to transfer.
- Provide the recipient’s address and the amount you want to share.
- Cross-check the payment details and tap on send to move the funds.