BitPay Restores Merchant Payments From Any Bitcoin Wallet Or Exchange

Editorial & Review Staff

Editorial & Review Staff

Editorial & Review Staff articles have been checked and revised.

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Bitcoin Payment Processor BitPay reinstated merchant payments against BitPay invoices from any cryptocurrency wallet, app or exchange. This was discontinued after users complained of delays due to network congestion and related high transaction fees at around the time when Bitcoin hit its peak in 2017.

At that time, BitPay had in place a payment protocol called “BIP70” and limited the acceptance of payments from only a few Bitcoin, Bitcoin Cash (BCH) and Ether (ETH) wallets. In addition to the BIP70 protocol, the payment processor also added the JSON payment protocol in 2018.

As it begins to add support for all Bitcoin wallets starting February 4, BitPay will continue to use the BIP70 payment protocol and JSON payment protocol.

For merchants, this move by BitPay is expected to help boost their sales and help them to access a broader customer base of crypto holders.

BitPay also framed a message to be sent by merchants to their customers on the procedure to make payments. The users have to select the wallet or exchange and follow any payment tips provided by BitPay for a successful transaction. The user has to then scan the QR code or click the QR code to copy the amount due and the address the payment is to be sent and paste it into your wallet, app or exchange to complete the required payment.

Leave a Reply

Your email address will not be published. Required fields are marked *

Other News

Subscribe To Our Newsletter

Get updates and learn from the best

More To Explore

Press Release

PayBito adds Cardano’s ADA to Its Coin List

Cryptocurrency exchange PayBito has enlisted ADA, the native currency of decentralized public blockchain, and crypto project Cardano making it available for trading to its global users. Since

News

Top 10 Cryptocurrency Exchanges In India

India, the beautiful country, popularly addressed by the term “unity in diversity”, started stepping towards digitalization. Cryptocurrencies got banned in its initial state by many

Explained

A simple guide to Hyperion Economic Model 2.0

The new version of Economic Model 2.0 embeds both static and dynamic structure to encourage capable and influential community members and HYN holders to lead

Do You Want To Boost Your Business?

Send us a Press Release or article about your business