BitPay Reported New Requirements for Bitcoin Payments 0 336

BitPay Reported New Requirements for Bitcoin Payments

Processing BitPay reported new requirements for bitcoin payments through sales outlets and replenishment of the balance of prepaid service cards.

Now the minimum amount of payment must be at least $100. If you try to make a payment for a smaller sum, the BitPay API displays an error message: „Invoice price must be at least $100“. However, this innovation does not extend to payments between BitPay client accounts.

As the company’s representatives explain, this decision occurs due to the growth of commissions in the bitcoin network. At the same time, sending and processing payments below the amount of $100 is unprofitable for both users and the company itself. The company reinforced its arguments with data on the average value of commissions from the site Bitcoin fees.

This problem can be solved

Also, representatives of the company reminded that the work on the integration of the cryptocurrency Bitcoin Cash (BCH) continues. According to the administration of BitPay, the addition of BCH will allow making payments of even $1.

Also, at BitPay said that they would continue to monitor the amount of commission in the network of bitcoins. If charges continue to grow, then shortly the company can again raise limits for payments.

Finally, representatives of BitPay assured users that they are continuing to work on adding support for the Segregated Witness (SegWit) solution. According to them, in the future, SegWit will able to reduce the number of commissions in the bitcoin network by 40 percent.

We recall that recently, Bitpay attracted $30 millions of investment during the round of funding for the Series B.

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