Bitcoin Contributes 95% Of BitPay’s Business, CEO Confirms

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Bitcoin Contributes 95% Of BitPay’s Busines

 

BitPay Drops Bitcoin Bashing

Bitcoin payment processor BitPay performs nearly all its business utilizing Bitcoin (BTC), its CEO has exposed in a significant U-turn on previous claims.

Speaking during a recent panel, Stephen Pair talked about the recent hard fork activity around the Bitcoin blockchain as a result of the Bitcoin Cash (BCH) split last November.

“95 percent of our payments are carried out in Bitcoin,” he said estimated on social networks by commentator StopAndDecrypt.

While the figure itself is unsurprising, Pair’s advocacy contrasts considerably with remarks he made just 2 years earlier. As StopAndDecrypt noted submitting videos of 2 looks, at the Consensus conference in May 2017, BitPay appeared to want to abandon Bitcoin entirely.

At the time, the most likely alternative was currently on the horizon; Bitcoin Cash released 2 months later on.

“At BitPay, the Bitcoin blockchain has stopped working for us,” Pair said.

…We have a couple of options: one is we start using a fork of Bitcoin, the second option is we start using a fork of Bitcoin and the third option is we start using a fork of Bitcoin.

Easy Come, Easy Go?

Pair added that BitPay’s “support” two years back was payments in between $5000 and $20,000.

As Bitcoinist has actually reported, costs for the Bitcoin network have actually reduced considerably considering that the development of BCH, resulting in the suggestion from StopAndDecrypt that Pair’s aversion to the BTC network was due to its then greater transaction expense.

Fast forward to this year, nevertheless, and the company is actively preventing alternative cryptocurrencies from asking for its support.

Pair continued:

Over the years the Dogecoin fanatics… the Litecoin fanatics came after us; they all tried to bend social media to create this perception that their coin is the one and… is going to beat Bitcoin, and therefore you should accept it.

On the top of BCH, he stated BitPay would continue to support the tradition fork, Bitcoin ABC, over Bitcoin SV.

“That’s not changing,” he commented.

In January, major Bitcoin SV supporter Calvin Ayre openly said he had actually stopped his companies from utilizing BitPay.

BitPay has faced an increasing backlash over its business practices over the prior year, with competing developers intent on putting it out of business using open source options for organizations wanting to accept Bitcoin.

2018 became the company’s highest grossing year despite the Bitcoin rate market, with income reaching $1 billion.

 

 

The post Bitcoin Contributes 95% Of BitPay’s Business, CEO Confirms appeared first on Bitcoinist.com.

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