CheapAir to Switch Bitcoin Payment Processor

Popular travel booking website leaves Coinbase for Bitpay
23 April 2018   1774

CheapAir began Bitcoin acceptation back in 2013. It was a first global travel industry player to accept cryptocurrency.

We were recently informed by our processing partner, Coinbase, that they will no longer support 'custodial' solutions for merchants, and are removing a number of the tools and features that we rely on to accept bitcoin from CheapAir.com shoppers. These changes are scheduled to occur in a matter of weeks.
 

CheapAir Team

As company says, covertation of crypto to fiat is a key to companies ability to accept crypto.  Traditional airlines and hotel services accept only fiat currencies as payment.

It is also noted that it will accept other cryptocurrency, such as Bitcoin Cash, Dash and Litecoin as potentiotial options.

Our one giant concern is that Bitpay does not support 'non-payment protocol wallets' (wallets that aren't BIP-70 compliant). So if you do not have a compatible wallet, you would have to get one and use it as an intermediate stage for your Bitcoin payment.
 

CheapAir Team

However, while CheapAir said the integration with Bitpay has already completed, it foresees the adoption may not be smooth.

Coinbase to Appear in San Francisco District Court

Exchange representatives must appear in court due to issues related to BCH trading launch in 2017
07 August 2019   137

San Francisco District Court judge Vince Chhabria ruled that the latter showed negligence and “clear incompetence generated by haste” when it started trading in Bitcoin Cash (BCH) on Coinbase. Now Coinbase, apparently, will be forced to stand trial, Bloomberg reports.

So, at the end of 2017, the exchange opened BCH trading, but was forced to suspend operations after 2 minutes due to high volatility and suspicious price increases - the coin began to grow rapidly several hours before the announcement of Coinbase.

Then the company was accused of insider trading, later crypto enthusiasts even began to find confirmation of this.

According to the judge, the users who bought VSN at inflated prices were primarily affected. He noted that the suspension of trading was too hasty and disrupted the normal functioning of the market.

BCH buyers claim that Coinbase could have announced a bid in advance to prevent a price spike, but it did not. The judge agreed with this opinion and noted that shortly before the launch of BCH trading on Coinbase, the Chicago Mercantile Exchange opened trading in bitcoin futures, which could become a factor of too much market participants' recovery.

According to the publication, Coinbase has not yet commented on the court decision.

Recall that in March 2018, a class action lawsuit was filed against the company, in which Coinbase was accused of “artificially overpricing” Bitcoin Cash through trading based on insider data.