What is BitPay?

BitPay is a software company headquartered in Atlanta, U.S., which was founded in 2011. Their specialization is in crypto payment processing, and they support various coins like Bitcoin, ETH, XRP, and LTC. With over 100k clients and processing over $1 billion in crypto payments, BitPay offers software solutions for billing, invoicing, and accounting. Clients can set their prices in fiat currencies like USD, Euro, or GBP, and when a user pays in crypto, BitPay automatically converts it to fiat and deposits funds to the merchant’s account. Furthermore, BitPay is also an effective compliance tool, especially when filing tax returns. The application automatically records all crypto transactions, and the aggregated data is used to file taxes.

How Does BitPay Work?

BitPay’s core software is called the “API Platform” that allows adopting merchants and businesses to create their custom apps whenever they want to accept cryptocurrency payments. Thus far, there are over 60 integrations with the platform’s accounting software which goes on to further simplify business operations and accelerate the adoption of crypto as a medium of exchange.

Notably, there are a number of benefits for users who use BitPay’s API Platform. One of the biggest is the ability to easily and conveniently accept crypto payments, from all users regardless of their geographic location. It is a timely and practical solution because many businesses currently struggle with crypto because of technical know-how of setting up systems for receiving crypto and due to high price volatility.  BitPay goes the extra step to provide technical and customer support guidance for businesses that are unsure on whether they should accept crypto payments. The platform’s API system accepts various crypto assets on top of traditional payment means like credit cards, debit cards, and electronic payments.

A differentiating feature with the API platform is that it automatically shields merchants against wild volatility notorious in the crypto sphere. This is because the system liquidates deposited crypto on deposit. 

What is the difference between BitPay and Coinbase?

BitPay is a payment processing company that specializes in Bitcoin and cryptocurrency payments. Coinbase is a digital currency exchange that allows users to buy, sell, and store cryptocurrencies. While both companies allow users to transact in cryptocurrencies, are regulated, and were among the first platforms to realize the potential of cryptocurrencies, they have different business models. BitPay enables businesses to accept Bitcoin payments, while Coinbase allows individuals to buy, sell, and store digital assets.

Is BitPay Trustworthy?

There is no easy answer when it comes to whether or not BitPay is trustworthy. On one hand, the company has been in operation since 2011 and has processed billions of dollars worth of bitcoin transactions. On the other hand, there have been a number of high-profile incidents involving BitPay that have called into question its security and transparency. Ultimately, it is up to each individual to decide whether or not they believe BitPay is trustworthy. We would recommend doing your own research and reading reviews from other users before making any decisions.

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