What is Bitpay.com? Should you ditch your current alternatives and start using it right away? This is what we shall be looking at in today’s review, with the aim of establishing whether Bitpay.com is reliable. The main highlights of this review are:
- What is Bitpay.com?
- How does one get started with BitPay?
- What is the CoPay wallet about?
- What can you expect from BitPay Wallet?
- What does the BitPay Visa Card have to offer?
- BitPay Fees
- Is BitPay Genuine or is it a scam?
- Pros and Cons
Name of the platform: Bitpay.com
Official website URL: https://bitpay.com/
Overall rating: (3.4 / 5)
What is Bitpay.com?
BitPay is a cryptocurrency payment platform that was created and launched in 2011 by a man known as Tony Gallippi. The company that owns this platform is based in Atlanta, Georgia, but it serves customers from all corners of the world.
BitPay offers vendors and merchants an easy mobile checkout process that enables their clients to pay for products and services easily and effectively. If you’re, therefore, a merchant or a vendor and you are thinking about accepting BTC, you can consider BitPay as your new payment processor.
Three years after its creation and launching, BitPay was already handling an estimated $1 million USD worth of payments, per day. There are some reports that show that this platform is indeed the largest BTC payment processor. In a bid to expand its clientele base, BitPay has formed partnerships with already established and widely-recognized firms such as:
In addition to that, the owners of this platform have launched a couple of open-sourced projects aimed at maximizing the benefits of Bitcoin such as CoPay and BitCore.
How does one get started with BitPay?
The creators of BitPay have made this platform in such a way that accessing and getting started with the platform is fast and easy. Whether one is an individual or a business owner who wants to make use of BitPay, all you need to do is to set up your account, and you can begin converting the dollars to BTC at your convenience. Business users rely on this platform to accept Bitcoin payments as merchants.
Once you create your business account, you will be granted the ability to accept bank deposits in your local currency. To do all this, you will be required to fill out a registration form in which you submit your personal or business information. Once you’ve done this, your account will be verified and you can get your very own BitPay Visa Card and wallet. You will then make use of the card to make payments or accept money from those purchasing your products or services.
What is the CoPay wallet about?
CoPay is a wallet owned by BitPay, which is a free solution for those who prefer to use Bitcoin and Bitcoin Cash. The users can store their digital currency in this wallet to see to it that it remains safe. CoPay is open-source and is typically a hierarchical deterministic (HD) wallet. A HD wallet generates keys for its users that are basically very hard to guess, even by the very sophisticated hacking systems.
The CoPay wallet is also multi-signature and is accessible across several platforms. You can access it on your Android, Linux, Windows, iOS, and Mac OS. This wallet is a standalone app that does not possess any of BitPay’s brand-specific functionalities.
What can you expect from BitPay Wallet?
BitPay wallet was released back in 2016. It rests on top of CoPay wallet. If you’ve used CoPay already, then you will not have a hard time with BitPay Wallet. BitPay wallet is however better in the way it allows for integration with BitPay.
With the BitPay Wallet, you can convert, or pay for products or services using BTC. It mainly offers you the functionality that you cannot, otherwise, access with the CoPay wallet. You can purchase Bitcoin directly via a platform such as Gildera. This is an awesome feature because you will not have to store Bitcoin in any type of exchange wallet.
With the BitPay Wallet, you can also manage your BitPay Visa Card. You can for instance load your Visa Card right from the app menu, within a very short time. If you are using BTC, this transaction will not cost you anything.
What does the BitPay Visa Card have to offer?
The BitPay Visa Card was released back in 2016. The card had the backing of Wave Crest, a well-recognized European card issuer. Unfortunately, due to the disruption of services by Visa, Wave Crest had to step down and was replaced by Metropolitan Commercial Bank.
With this Visa Card, you can complete transactions at Point of Sale register, or withdraw BTC from various ATMs to receive cash equivalents. Users are only expected to load their BitPay Visa Card using their BitPay wallet, before proceeding to carry out the various transactions.
BitPay’s transaction fees are relatively lower, in comparison to other payment platforms. This can mainly be attributed to the underlying currency (cryptos), which generally have very low fees. Merchants get charged a 1% transaction fee if they’re running a business that is categorized as ‘high risk”. With the fees you pay for such transactions, BitPay offers:
- Email support
- Basic billing
- Ecommerce tools
- Multi-user support
- Automatic payment exception handling
If you decide to cancel your account as a merchant who is using BitPay, you will not be required to pay an account termination fee.
The BitPay Visa Card attracts some fees, as follows:
- Withdrawals at ATMs- $2
- ACH debits- $5 per transaction
Is BitPay Genuine or is it a Scam?
I think BitPay is a genuine platform which is out to offer very genuine services in the market. Having a platform that enables people to make secure and fast transactions is definitely a service that many merchants appreciate. The platform also offers low transaction fees in a field that is flooded with other options that charge exorbitant fees. Anyone who is tired of getting charged ridiculous transaction and monthly fees can, therefore, take advantage of what BitPay has to offer.
Unfortunately, when we go to the nature of customer service offered by BitPay, I do not think it is a platform I would openly recommend to anyone. The complaints such as the ones I saw on Trust Pilot are quite wanting, in the way clients’ issues were not attended to by customer service. Regardless of having impressive services on their list of offerings, I would not strongly direct you to rely on this platform owing to the very open lack of care for the customers.
Pros and cons
- Low fees
- BitPay Wallet and CoPay Wallets availed
- Excellent for merchants
- Safe and secure
- Poor customer service
Final words and verdict:
Overall rating : (3.4 / 5)
BitPay is a platform that is offering valid services to merchants. Were it not for the negative customer reviews, I’d have proceeded to recommend it right away. Unfortunately, the support staff do not seem to be taking client matters quite seriously. As much as this platform has transacted more than $2.8Billion so far, it would be quite terrible if you ended up being of the exceptions whose issues were/are not attended to effectively.
That Said, I Think You Can Do Great with a metallic and beautifully crafted Crypto ATM Card (It is totally free!)
Thank you for making it to the end of my review about what BitPay.com is about. I hope you gained value from it. If you still have any question about it,then you can leave it in the comments section. Your insights are also highly appreciated. I wish you nothing but the very best.
Eric. Bitcoin investor and blogger at Start Make Stop Waste.