@AndrewKemendo@StephenPiment I would argue that e-commerce is actually one of the smallest applications of crypto, but I also don’t think the stat cited is right. Bitpay alone has done $1B+ in annual payments volume for a while now. https://t.co/7mJQt5lt59
I used BitPay as an alternative to credit card to avoid fx fees, which ranged from 1.5-2.5% depending on the card I used. But then I got myself a prepaid Mastercard 0% fx fees and never needed to use BitPay again.
If I have $1000 in my bank account and I send you $1, how many dollars were transacted?
Now, lets move to the wonderful world of Bitcoin blockchain.....
Say I have "3.2 trillion $" worth of bitcoin in an address (work with me...) and I send you $1 worth.
How many dollars were transacted?
However, BitPay still remains laser focused on Bitcoin.
“Bitcoin has the network effect around the world and we are still extremely bullish on Bitcoin and the Bitcoin ecosystem,” added Rolland.
It's strange that Bitpay still hasn't learned that Bitcoin Cash is the legitimate Bitcoin variant that has the currency properties that Satoshi always intended. Remaining "laser focused" on the intentionally retarded Bitcoin variant BTC can quickly prove to be a very costly mistake. Time will tell whether Bitpay will be able to point their laser focus to BCH quickly enough after BCH has gotten a higher market cap than BTC. They support both BTC and BCH already so I suppose they'll be able to adjust in time to remain profitable.
It's good to hear that Bitpay's 2018 was as good as their 2017 in terms of revenue at least. They're very useful to BCH despite advocating BTC politically because BCH people can use Bitpay just as much as BTC people can use them.
Yeah, I feel they’re pushing Bitcoin while subverting it by providing BCH completely working behind he scenes 100x better for basically zero transaction fees.
Circa BitPay supporting card loads with BCH, I never used BTC again on the platform. I don’t think I’m the only one. I couldn’t even get my BTC out for less than a $50 fee in Dec. 2017.
After that, I was done forever with BTC.
Would be interesting to know the list of who accepts bitpay so that we can shop only there and give them more business.
Alas it's some kind of state secret so we can never find out who takes bitpay / BCH until we hit the checkout button. Ain't nobody got time for that.
give me access to the ultimate directory of everyone who accepts BCH and I will confine my spending to the list! Without knowing this information I just simply spend less.
bannercoinCrypto God | QC: CC 132, ETH 316 months ago
So Bitpay only had $10 million in net revenue - 1% of $1 billion? Maybe they make a good amount more on arbitration (spread between the initial transactions and what they require as payment from customer). Either way, it's still a paltry sum. The reality is that BTC and crypto in general is still more fascinating as a speculative vehicle.
> The reality is that BTC and crypto in general is still more fascinating as a speculative vehicle.
its certainly currently more *popular* as a speculative vehicle, but i wouldnt call that usecase fascinating...
giorgarisCrypto God | QC: CC 71, BTC 31, BCH 306 months ago
its more because they get paid for setting up their clients
KevkillerkeCrypto God | QC: ICX 67, CC 48, BTC 236 months ago
1% * 1,000,000,000 = 10,000,000
bannercoinCrypto God | QC: CC 132, ETH 316 months ago
Edited. I meant 10 million (forgot to type the "million").
Easy money for Steam.
Throw x millions into BCH, reimplement payments via BCH and ONLY BCH.
Gain all the continuing benefits of a functional bitcoin payment option and multiply your initial investment many times over.
> Gain all the continuing benefits of a functional bitcoin payment option and multiply your initial investment many times over.
Well, I hope they can see it the same way.
Getting at least their official stance on cryptocurrency payment support could be called progress.
Before steam accepted crypto, I only bought humble bundles.
Then I got lazy and started buying full-price games in steam.
Since the break with crypto though, I've only bought like 2-3 games, and always when on 80%+ discount.
I would easily **10x** my purhase count / time if they supported crypto again. (though not sure if 20-30 non-expensive games a year really is that relevant for them xD)
Maybe, I tried to find it on their website, they say "150 currencies". Maybe they mean fiat.
Either way, it's a convenient service, no need to run your own node, no need to manage your wallet addresses, no need to secure the private keys (which is very hard).
> Fuck BitPay, they close accounts for political reasons.
Still, their service is better than no service. Common people are not ready to take crypto directly for everything and deal with the risk - this is where BitPay comes in.
> As cancerous as PayPal.
Oh boy, I have last used PayPal for a long time before Bitcoin and I can tell you out of personal experience: **you are way off with your estimate**.
**PayPal is at least 10000x more cancerous than BitPay**, I don't think any payment company can even get close to the cancer of cancers that PayPal is.
PayPal is a total abomination and it should just die with slow, agonizing death it deserves.
>I don't know of any company that is able to skirt government rules, do you?
Nowadays they don't even need to be formal rules. Just pressure from regulators. Either you do what they tell you to, or they'll sink you in audits and no matter what.