BitPay is an online payment service provider that enables users to accept bitcoin payments and direct deposits in their bank accounts. BitPay offers a payment processing result that vendors and merchants can integrate to accept cryptocurrency payments for goods and services. This app provides payment buttons, a hosted checkout, and embeddable invoices for your website. It works with countless plugins and integrations. Also, BitPay shields you from the price volatility of Bitcoin and other cryptocurrencies. You get every dollar or euro of what you charge, minus one percent.
Furthermore, BitPay supports settlement in eight currencies and direct bank deposits in 38 countries. Also, it supports payment in Ethereum, Bitcoin, Bitcoin Cash, Ripple, Circle USD Coin, and Paxos Standard and other cryptocurrencies. BitPay receives and deposits all payments processed from the previous business day straight to your bank or cryptocurrency wallet, according to your settlement likings. With a BitPay wallet, you can spend your bitcoin and turn bitcoin into dollars with BitPay prepaid Mastercard.
How BitPay works
With BitPay wallet, online sellers and traders can sell anything and everything and receive bitcoin as payment. Also, it speeds up transactions as it comes with an easy and fast setup designed for online payments. Most credit cards charge up to three percent in processing fees per transaction. This app works by allowing customers to pay with Bitcoin during their checkout process. Which allows them to pay the invoice to BitPay at a locked-in exchange rate. After this, BitPay uses modern technology to change the Bitcoin into fiat whilst shielding the customer from any volatility risks. Here are some of its features;
- Direct bank deposit.
- Hosted integrations.
- Web-based checkout.
- Shopping cart plugins.
- Custom transaction.
- Billing Plugins.
- Cryptographically Secure API.
- Direct POS Integrations.
- Email, Mobile, and Server Payment Notifications.
- Invoicing in 40 Languages.
- Two-factor Authentication.
- Scheduled billing.
- Multiple user capability.
- Ledger payment tracking.
- Mobile point of sale App.
- Email invoicing.
Is BitPay Wallet Safe?
Of course, the BitPay wallet is safe and secure. It supports various personal and shared wallets and the full Payment Protocol. A private BWS node can be used for improved security and privacy. Hence, these are some of the benefits of having a BitPay wallet.
- This wallet gives you complete control over your bitcoins. In other words, no third party can freeze or lose your funds. However, you are still responsible for securing and backing up your wallet.
- Its wallet relies on a centralized service by default. This means a third party must be trusted to not hide or simulate payments.
- This wallet is loaded on mobiles where apps are usually isolated. It provides good protection against viruses, even though mobiles are usually easier to steal or lose. Encoding your mobile and backing up your wallet can reduce that risk.
- The makers of the wallet publish the source code for the client. That is to say, any developer in the world can audit the code. You still however need to trust developers of this wallet when installing or updating the final software because it was not built deterministically like Bitcoin Core.
- BitPay wallet will help you choose a suitable fee so that your transactions are confirmed in a timely manner without paying more than you have to but totally gives you authority if you want to override the idea.
How to Create a Wallet on The BitPay App
To get the best from this platform, you’re best off using it with the official BitPay wallet. The BitPay wallet is available for Android, Linux, Windows, and iOS. To create a wallet on BitPay, follow the steps below;
- Open the BitPay app.
- Click the ‘Get Started’ button.
- Allow the currencies (BTC, etc.) you want to create wallets for. Note that, to be able to create ERC20 token wallets, you need to create an Ethereum wallet for gas.
- At the bottom, click ‘Create’.
- When prompted to secure the wallet with a password, choose the desired option. But If you decide not to use a password, you can set up a password later in the wallet’s settings. If you choose to set a password, you must remember that password.
In conclusion, it gives the opportunity to create many wallets that use the same recovery phrase. Users may also create more than one within the app. In other words, you can have multiple sets of wallets.