The BitPay card is a great way to pay for almost anything with your Crypto.
As a cryptocurrency investor and enthusiast, I couldn’t help but be intrigued by the service that BitPay offers its customers. BitPay was one of the first financial technology companies to offer clients the ability to convert their cryptocurrencies into a spendable useable asset. There are many Financial technologies, aka Fin-Tech, companies available now, however, BitPay was one of the first. BitPay makes spending your cryptocurrencies seamless. A feat that many new companies have expressed an interest in, yet few have actually succeeded in developing a working product. If you are interested in using some of that crypto that you have been stocking up on, BitPay makes it easier than ever before to buy products or services almost anywhere from online stores, to brick and mortar business right around the corner. BitPay makes spending crypto not only possible but easy and affordable.
Who is BitPay?
BitPay was founded in 2011 by current chairperson Tony Gallippi and current CEO Stephen Pair. Based in Atlanta GA, BitPay’s original goal was to offer Bitcoin payment processor services to companies interested in accepting Bitcoin as payment. BitPay got ahold of its first major partnership in 2012 when the self-hosted website giant WordPress partnered with BitPay as its official Bitcoin merchant.
BitPay moved from its original location in Orlando Florida to its new Atlanta Georgia home in 2013 because of the large base of FinTech companies located in the area. BitPay helped facilitate one of the first vehicle purchases, a Tesla Model S, that same year.
BitPay Grows. Fast.
2014 brought BitPay to the global economic scene. BitPay opened offices in Amsterdam, South America, and three more in major American cities. BitPay was chosen as the preferred merchant in Las Vegas, and the first American Bitcoin processor for a large sports franchise, the NBA’s Sacramento Kings. Zynga the social gaming company partnered with BitPay, as well as rapper 50 Cent for his new album Animal Ambition. Homes, precious metals, and through a partnership with PayPal, BitPay grew amazingly in the year 2014. By 2016, BitPay had introduced the BitPay Visa Debit Card. The first prepaid Visa card allowing customers in any state to load their cryptocurrencies onto a reusable Visa card. This opened up the door for cryptocurrency enthusiasts to spend their crypto anywhere in the world that a Visa card is accepted.
So, How does BitPay work?
The BitPay platform is extremely easy to use. As a consumer, anyone can sign up with BitPay, open a cardholder account and start paying with Bitcoin. The signup process was super easy and the card arrived at my mailing address in just under 10 business days. Anytime that I want to spend my Bitcoin, I simply move the crypto into the BitPay wallet using the iOS app on my phone. If I want to spend a crypto other than Bitcoin or Bitcoin Cash, I use my Jaxx wallets Shapeshift feature to convert the Litecoin, Dash, or other currency into Bitcoin. I start the transfer, and depending on the Bitcoin networks transaction speed, the coins are received within the hour. After 2 blockchain confirmations, the BitPay app allows me to “load” the Bitcoin onto the BitPay card. Depending on the current exchange rate, the Bitcoins are converted into USD and immediately available on my BitPay prepaid Visa Debit Card. I have had success with using the BitPay card locally to buy groceries, gas, and many other items at nine out of ten local businesses. The process is super simple and only cost pennies, usually. I did run into a problem at one point when the Bitcoin network was extremely congested. On this day it cost me a large amount to facilitate the transfer because the network was full of congestion. It has only happened once, and the fee was roughly $5 instead of the normal cents on the dollar. I am extremely happy with my BitPay card and would highly recommend it to any cryptocurrency HODLer.
Does BitPay help local Businesses accept Cryptocurrencies?
BityPay does more for the cryptocurrency industry than just help consumers spend Bitcoin or Bitcoin Cash around the world. BitPay offers online and offline businesses the ability to accept one of two available cryptocurrencies with the help of their unique POS mobile cryptocurrency app. Available on the Google Play store, this app allows any business to accept Bitcoin/Bitcoin Cash with ease at any time, anywhere. Merchants who elect to use the BitPay integration service have the ability to keep the Bitcoins earned through their businesses sales or have the crypto converted into their Fiat native currency on any business day for a tiny .99% fee. BitPay offers services to businesses, consumers, and even non-profit entities can open a BitPay merchant account to accept charitable donations which BitPay will host on their servers for completely free. BitPay is truly leading the way in the mass cryptocurrency adoption movement.
Unfortunately ALL Bitcoin transactions are still legally under obligation to report whether gains or losses to the IRS Under Capital Gains taxes.
Please consult an accountant with your tax liability questions related to cryptocurrencies.