Bitpay has announced its processing payments will be on more blockchain to meet growing demand. As an initiation, it will support payment with Bitcoin Cash(BCH).
It means that it will allow merchant invoices and debit card loads to be paid in Bitcoin Cash. Bitpay invoices will default to Bitcoin Cash from early 2018. Although customers will still be able to use Bitcoin core invoices.
They will also start BCH integration with Bitpay’s Visa card loads. At the moment, BitPay wallet users can use Bitcoin Cash support and load their BitPay Card. Else pay a BitPay merchants using Bitcoin Cash through the BitPay or Copay wallet.
The announcement unveiled that, they will continue to build for and use innovations to allow Bitcoin users to pay for things in a reliable and affordable way. This includes using the new Lightning Network and SegWit innovation.
Bitpay say they have been receiving requests from customers to support additional blockchain payment methods. Thus, the new move will open up new customer bases to their merchants as well as other benefits.
“Merchants can already reach the hundreds of billions of dollars currently moved in the Bitcoin ecosystem,” reads the announcement. “As BitPay adds support for additional blockchains, our merchants will be able to serve new customers using other emerging currencies for payments.”
Another reason for this new move is the rising demand for Bitcoin beyond the capacity. As a result of rising adoption and blockchain’s success, this is causing miner fees to rise – says Bitpay
“With multiple blockchain payment options, our merchants’ customers will be able to choose one with features, confirmation times, and miner fee levels that work for them.”
The current average transaction fees is around $20 according to the company, and they say it means Bitcoin alone cannot handle demand for blockchain payments at the moment.
Also Read: Bitstamp Announced Trading Of Bitcoin Cash
Segwit can reduce the bitcoin miner fee cost for transactions by over 40% on average.
Customers can choose Bitcoin Cash or another blockchain payment method when integration is done. They will be working with other cryprocurrencies to integrate them into the system.
“We will be looking closely at network hashing power, security, usefulness for payments, adoption, and market value as key factors in our decisions on which blockchain payments our platform will support.”