The Reigning Wallet of Bitpay

BitPay is a world-known payment processor who has been enabling various merchants, central governments, private entities,etc to perform transactions involving bitcoins, a cryptocurrency. It is headquartered in Atlanta, United States and was founded in 2011 by Tony Gallippi and Stephen Pair. Recently they have partnered with the Blockchain Wallet. They currently have 1100 active merchants and 30,000 plus organizations as customers.

BitPay has processed around $2.8M worth payments from 2011 to date. It uses blockchain cryptography and processes the transaction at lightning speed. They only process payments involving bitcoins, bit cash, and fiat money, but lately, around September 2019 an announcement was floored that the second largest cryptocurrency being Ethereum will also be transacted by the end of the year. They also provide the BitPay card for their customers to enable smaller transactions.

Money made by BitPay

Initially, BitPay processed only 10000 transactions a year, but pressing times demanded them to process 30000+ transactions whichare around 200% increase. It thus makes 110M worth transactions, so on average, around $1M bitcoins are processed in a day. Intact 2018 was a record year for them as they had processed transactions worth $1B!

BitPay charges its customers with just 1% of the transaction value as a payment fee, as per their payment protocol. Moreover, miner fee (which is directly sent to the miners) is also charged along with the network cost fee and if the miner fee is more than 0.01 USD then the fee is covered under the network cost fee itself.

The volume of the transaction determines the turnover of BitPay, and they make a huge turnover as they process around 30k transactions in a year.