The bitcoin ecosystem has seen a lot of development since it was introduced in 2009. The world witnessed a surge in the number of bitcoin startups soon after 2012. Most of the startups that came up during that time were bitcoin exchanges, wallet services and few payment processors. However BitPay was one of the early movers in the bitcoin industry.
BitPay is a famous bitcoin payment processor started in the year 2011. The company is better known as the PayPal of bitcoin world inside bitcoin circles. The company also raised over $30 million in funding last year. BitPay’s bitcoin payments processing services is used by companies like Microsoft and Warner Bros. Records. In spite of having a positive outlook, the company is currently involved in implementing cost cutting strategies. The cost cutting move by BitPay is seen as a sign of a slowdown in the number of bitcoin transactions.
A recent article in MIT Technical Review attributes BitPay’s woes to falling bitcoin transactions. According to the article, bitcoin was never a viable payments option due to various reasons. In the current scenario, bitcoin is not being widely used by everyone because, not many people