BitPay is a Bitcoin payment processor that helps merchants accept Bitcoin payments without having to worry about price swings: In early 2011, BitPay was founded in order to tackle Bitcoin’s volatility problem for merchants. A store would lose $10 if it receives $100 worth of bitcoin, and the Bitcoin price drops 10% before the store cashes out. BitPay’s Bitcore, API, and Insight are open source tools that are free for anyone to use.Īs a merchant, Bitcoin’s volatility makes it hard to accept payments. If a merchant chooses to retian 50% of income as Bitcoin, half of each payment will be converted to fiat, and half settled via wire transfer to the merchant’s bank account.
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