BitPay to eliminate Bitcoin payments errors

BitPay payment processor announced that BitPay invoices will soon require Payment Protocol for Bitcoin transactions
29 November 2017   1009

On November 28, BitPay, one of the world’s leaders in Bitcoin payments, made an announcement on the official blog concerning Payment Protocol which is designed to eliminate user error in bitcoin payments. 

When a Payment Protocol wallet interacts with a Payment Protocol URL, it creates an SSL-secured connection to the true owner of the receiving bitcoin address (in this case, BitPay) and instead of copying and pasting a bitcoin address and entering any BTC amount, customers simply click or copy/paste a payment protocol URL on a BitPay invoice. If their wallet also "speaks" Payment Protocol, the correct receiving bitcoin address and the correct sending amount are locked in automatically.

BitPay Team

The servers of BitPay will not make a transaction if the user tries to send the incorrect amount of payment, and the transactions will be analyzed in order to ensure that correct Bitcoin fee is included. Mistaken payments will not reach the Bitcoin network and if the fee is not adequate for the transaction to be allowed on the Bitcoin network on time, BitPay service will let the user know about it by returning a helpful message back to the wallet.

Previously, on October 31, BitPay issued a statement confirming that in case of the SegWit2x hardfork the “services will follow the chain with the most accumulated difficulty”, but the hardfork was temporarily cancelled.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   578

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.