Since the inception of Bitcoin, there have been a number of vehicles that have emerged and gained market share. One of those is Bitpay, a payment service provider that is meant to become the largest Bitcoin payment processor on the planet.
The major question is, “Does Amazon accept Bitpay?” Though the technical answer is “No,” it does not mean that it is impossible to use your cryptocurrency earnings to make purchases from the globe’s largest retailer.
What is Bitpay?
Launched in 2011, Bitpay is a Bitcoin payment service provider. It is based in Atlanta and was created when Bitcoin was still somewhat in its infancy. That said, a lot of people saw the goal and potential of Bitpay, and it has grown exponentially since.
The goal was to revolutionize the financial industry alongside the growing juggernaut that Bitcoin would become, all to create a more secure, faster, and much less expensive payment system that would work on a global scale.
Right now, Bitpay is the biggest Bitcoin payment processor on the planet. It works to help businesses of all sizes all across six continents. It has since created both a secure and seamless payment service that is used by thousands of Bitcoin customers as well as businesses to enhance the overall experience in every way.
The question is worth asking: “Does Amazon accept Bitpay?” Unfortunately, Amazon, one of the global juggernauts of retail, does not accept Bitcoin, Bitpay, or any other form of cryptocurrency directly. That’s not to say it is impossible to buy items from Amazon using crypto funds, it is just a bit more difficult than it would be with other payment methods.
How Does Bitpay Work?
One of the other major questions is just how Bitpay works. As a payment service, it lets businesses accept payments in both Bitcoin and Bitcoin Cash. Not only that, it allows those businesses to send funding directly into their bank account.
On top of all of that, the payment service allows payments in as many as 38 countries, which can be settled in dollars, euros, and a plethora of other currencies.
The way it works is that it allows customers to pay using their Bitcoin balance during the process of checking out. They are then directed to Bitpay all at an exchange rate that is locked in. From there, Bitpay uses modern technology to convert that Bitcoin into a flat rate while it shields the customer from any potential risks in volatility. The last step is that the business gets a direct deposit that goes right into its bank.
The goal is not only to make it possible for businesses everywhere to accept the ever-popular cryptocurrency as a form of payment but to do so quickly and safely. It has shown that capability by becoming the largest Bitcoin payment processing system in the world.
Is Bitpay Safe?
The Bitpay wallet is considered to be one of the safest around. Most wallets out there will only have a single private key that can both sign and authorize transactions. Should that key be stolen or become lost, then you won’t be the person able to spend the funds in that wallet.
Because of this, Bitpay uses a multi-sig authorization to allow users to secure their wallets. That multi-sig utilizes several private keys to authorize a transaction. This allows users to split up their private keys across either multiple devices or even people. You get to choose how many people or devices share that wallet, and you choose how many co-payers you require in order to make a transaction happen.
There is also a feature where users can back up their wallets using what is known as a seed phrase. The phrase is a much more convenient way in which to secure your cryptocurrency funds. It is one of the safest wallets around, though it is definitely not perfect. That said, you are hard-pressed to do better than this.
Why Use Bitpay?
If you are wondering whether Bitpay is for you, the first consideration is that using Bitpay, while paying with Bitcoin, can allow users to keep more of their money. Credit cards have a 3% processing fee for every single transaction that is processed. By accepting Bitcoin as well as Bitcoin cash, businesses can cut that to a single flat rate of 1%.
There is also a major benefit when it comes to identity theft and ending chargeback fraud. With other payment methods, both businesses and customers have to shoulder a certain amount of risk when it comes to payment fraud. But using Bitpay means that customers can pay without having to give over their personal information. Any refunds will be made through the merchant, which means that there is no need for the chargeback to occur.
But perhaps the most beneficial aspect of using Bitpay and accepting Bitcoin payments is the payment advantages. For starters, businesses are able to take payments from online customers at checkout as well as accept bill payments across not only towns but borders. Both customers and businesses are able to connect to borderless payment networks, allowing them to receive payments of any kind from both computers as well as mobile devices from all over the world. It is truly a global payment system.
Though Bitpay is not available to be used through Amazon, it is available through a number of other retailers. Amazon does not accept cryptocurrency in general, though that can change given the prevalence of cryptocurrency in general.
As times change and more and more major names within the retail industry accept Bitcoin and other cryptocurrencies, it will likely just be a matter of time before Bitpay is available for use through Amazon and other major retailers.