BTC.com is integrating the popular Bitcoin Payment Protocol (BIP-70) into its wallets, enabling transactions between users and compatible merchants. With over a million wallet users on the BTC.com platform, BIP-70 ensures that their wallets are now compatible with the “hundreds of thousands of merchants who only accept BIP-70 compliant wallets” on the BitPay network, which supports over $1 billion in merchants.
Streamlining Crypto Transactions
Revealed via a press release, this upgrade streamlines the process of purchasing products with Bitcoin (BTC) and Bitcoin Cash (BCH) while pushing forward cryptocurrency adoption as a mainstream form of payment.
Alejandro de la Torre, VP of Business Operations at BTC.com, describes the importance of this step forward:
“We’re always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with BitPay is an important step towards transacting with retailers and merchants. Cryptocurrencies can begin to compete with credit card and mobile transactions by capitalizing on current inefficiencies in traditional payment processing services and extend the boundaries of commerce.”
Currently, credit and debit cards charge merchants two to three percent per transaction. BitPay, however, only charges one percent.
Suggested Reading : Learn more about Bitcoin and Bitcoin Cash here.
A Long Time Coming
BIP-70 offers “secure end-to-end communication between customers and merchants anywhere in the world.” With the protocol, merchants can safely accept payment requests on the blockchain while also offering receipts and even refunds. These features, combined with BTC.com’s “state of the art HD multi-signature web and mobile wallets”, make a solid case for any storefront to begin accepting digital assets.
Companies like Destinia, an online travel agency, have been accepting Bitcoin since 2014, long before the world was aware of cryptocurrencies. Destinia describes a 121% growth in 2017 Bitcoin bookings over 2016, equivalent to over €1 million. In fact, the average Bitcoin user spent €675 on a ticket, doubling the credit card average of €326.
“This shows us that we are attracting higher value customers, as well as tapping into the passionate bitcoin community eager to utilize bitcoin as a form of payment,” says Amaia Arteta, Director of Communications at Destinia.
BitPay offers all sorts of different services for both users and merchants, including direct bank deposits to avoid crypto price volatility. Director of Product at BitPay, Sean Rolland, states that BIP-70 offers a “0.27% payment error rate”, which is an admirable rate to showcase as the platform pushes crypto awareness.
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