BitPay to follow the chain with the greatest difficulty

BitPay makes a statement on SegWit2x claiming it is to follow the chain with the most accumulated difficulty
01 November 2017   437

The largest Bitcoin payment processor in the world, BitPay, issues a statement confirming that in case of the SegWit2x hardfork the "services will follow the chain with the most accumulated difficulty".

The company argues that it does its best to continue to provide service on the Bitcoin blockchain. However, absent any further developments, BitPay recommends users' stopping using Bitcoin prior to block 494,784 and until the uncertainty is resolved.

As detailed, the services will suspend payment acceptance, payment disbursement and debit card reloads approximately 24 hours prior to activation of Segwit2x. 

In the event of a prolonged or permanent chain split, if the minority chain has significant market value, we will provide instructions to Copay and BitPay wallet users on how to safely access those coins. We will refer to the minority chain as BC1 (if Segwit2x is the majority) or BC2 (if Segwit2x is the minority). Beyond that, we have no plans to offer our services on the minority chain.
 

BitPay team

The company claims it will resume full support for the Bitcoin blockchain as soon as possible after the event.

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   101

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.