WEBSITE: https://bitpay.com/
About company:
Crypto wallet Bitpay is one of the largest providers of payment services related to bitcoin. Bitpay allows you to store and exchange BTC, as well as pay for services and goods. According to the developers, the transfer to fiat currency is subject to a low commission.
bitpay
Bitpay has been operating for over ten years. It was founded by T. Gallippi and S. Parom in 2011. Two years later, Bitpay added $2 million to the Founders Fund, reaching the level of 10,000 merchants. In 2014, the company launched representative offices in Atlanta, New York, San Francisco and other parts of the world. Now Bitpay is a well-known multi-currency wallet.
List of supported coins
The main cryptocurrency of this platform is bitcoin, but Bitpay also takes into account:
Ethereum;
Ripple
Bitcoin Cash
usdc.
How to use the Bitpay wallet
The crypto wallet is installed on the following platforms:
android;
Windows;
Mas;
Linux;
iOS.
If you want to put Bitpay on a mobile device, you will have to download the app from the App Store (iOS) or Google Play Store (Android). To install on a laptop or PC, it is proposed to use the official website bitpay.com. The application is installed according to the standard algorithm.
To create a wallet you need:
Open the program and click on the wallet icon at the bottom left.
Select “Get Started”.
Connect those currencies for which wallets are needed. Press the “Create” button.
Read the hints and confirm the information by clicking “I understand”.
Think up and enter a password. It is important to write down the combination and keep it in a safe place. When registering, the program offers to create a backup copy of the wallet. This is necessary in order to make it easier to restore it if some kind of failure occurs or the user forgets the password.
Further, all operations take place directly in your personal account. To transfer money or request payment, you need to click on the selected currency, copy the generated code for the sender, or fill in the fields for sending money yourself.
There are two formats for using Bitpay:
For online transactions, transfers, exchange, buying and selling, storage.
To pay for goods / services in the store. The seller generates a unique code, provides it to the buyer, and he pays the required amount in BTC. The seller is charged a commission of 1% of the transaction.
Therefore, the platform website has two sections: for clients and for business.
Bitpay limits and fees
The limit for withdrawing money through an ATM is $ 2,000 per withdrawal, no more than three withdrawals can be made per day. On replenishment and withdrawal of money from an online account, the limit is 10,000 dollars per day. The maximum balance that can be on the card reaches $25,000.
For using Bitpay, customers pay a small commission:
3% for currency conversion;
$2.95 per card issue;
$10 when replacing a card;
$5 per month for inactivity (accrued after 90 days without transactions);
2-3 dollars for withdrawing money from an ATM (depending on the country).
At the same time, there is no monthly commission for using the platform.
Conclusion
Bitpay names its advantages:
multicurrency;
simple interface, the ability to fully use the platform both from a PC and from mobile devices using different software;
integration with various hardware wallets (in particular, with Ledger and Trezor);
the presence of an internal exchanger for the sale and purchase of bitcoins;
several stages of protection, the use of a password and two-factor authentication;
multilingual application, support in Russian.
First, you try to buy something from a vendor who uses Bitpay. After triple-checking the amount, you send your payment. The payment does not complete. You get an email from Bitpay saying you “underpaid” and have to open an account with them to get your money back. You have to provide ID info to open said account. That way, they steal both your money and your biometrics. Meanwhile, the merchant never received your payment and is apparently unable to help resolve the issue. It appears I just lost almost $3000 to these crooks.
This is the second time I tried using Bitpay and again my coins got stuck and the webshop never received any coins even though Bitpay confirmed that payment has been made.
Simply stay away from using Bitpay as a payment solution. The website looks very pretty and modern but on the inside it is ugly and the support is non existent.
I would actually describe this as a scam.
I do not use BitPay. I have been using CoinBase. First BitPay took £7 for an underpayment on a £32 transaction. Now they are saying CoinBase Wallet pay a low miner fee so my transaction is delayed and might ne returned. I paid like £17.21 for a £15 transactoin. Crooks should be arrested.
They used to be good service for Bitcoin payments when merchants wanted accept bitcoin payments but not take Bitcoin to their posession. Now they are lagging behind technology and instead of upgrading, now they are putting costs on customers. They take some verry strange network fee (absurdly high), and not support SegWit. They take payments to adresses like 1K2F2SXb**** (legacy address format). They also reuse adresses (LOL).
Update: although with some delay but they provided full amount perfectly with higher Bitcoin rate.
This is the four the time that I receive “we will keep you informed shortly”. Please do the transfer as soon as possible as this waste of time and blockage of money is illegal. Unfortunately, Crypto account been limited due to sudden decisions of Wavecrest. Wavecrest is almost an illusion in Gibraltar. Some other legal parts make Bitpay directly responsible for compensation. I have to start a legal case against the company the BBB and other entities and asking other customers to join.