What is BitPay? Full Payment Method Definition - Ikajo

What is BitPay?

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Bitpay is a payment institution that was established in 2011 with the headquarter in Atlanta, Georgia. It is a payment gateway that offers merchants the availability to accept funds using bitcoin.

Clients have the opportunity to directly transfer funds to the seller’s bank account using a bitcoin wallet. Bitpay is now available in over 38 countries and continues to expand.

BitPay is one of the oldest and most respected bitcoin companies in the world. Its reputation is associated with the provision of unique prepaid crypto cards, a processing service, and a bitcoin wallet.

The key advantages of the Bitpay:

  1. Multilingualism. Support for most popular languages, including Russian.
  2. Simple user interface.
  3. The platform is open-sourced. Thanks to it, the wallet is available for viewing, studying, and maintaining, which makes it possible to verify the absence of vulnerabilities and functionality unacceptable to the user. Also, each user of the BitPay wallet can take part in finalizing the program itself.
  4. Integration with hardware wallets Ledger and Trezor.
  5. Support for multi-signature.
  6. Processing bitcoins through an internal exchanger.
  7. Using a password as an additional method of protection.

Bitpay drawbacks:

  1. Only two cryptocurrencies are available – BTC and BCH. Nowadays, altcoins play a significant role, and multicurrency wallets are becoming almost the standard.
  2. There are situations when it is better not to leave traces of cryptocurrency software on the computer. This wallet can be downloaded to computers that are potentially vulnerable to malware. If you increase the security of your computer using a complex password, transfer most of your funds to offline storage or activate two-factor authentication, your bitcoins will be more difficult to steal.

Confidentiality of Bitpay wallet

  • Prevents payments from tracking.

This wallet makes it difficult to keep track of your balances and payments through rotation of the addresses used. You should use a new bitcoin address every time you request a payment.

  • Discloses information to third parties

This wallet uses central servers that can bind your payments together and remember your IP address.

  • Tor is not supported

This wallet does not allow you to use Tor to prevent intruders or Internet service providers from associating your payments with your IP address.

BitPay get started

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